URA releases three sites that can yield 1,955 homes _Today 31.05.2017

SINGAPORE — The Urban Redevelopment Authority (URA) yesterday released three residential sites under the first half 2017 Government Land Sales (GLS) programme that can potentially be developed into a total of 1,955 homes.

All the land parcels come with a 99-year lease. The sites at Woodleigh Lane and Serangoon North Avenue 1 are launched for sale under the Confirmed List, while the site at Yishun Avenue 9 is available for application under the Reserve List.

Under the GLS, Confirmed List sites are put up for sale regardless of market interest, while those on the Reserve List are triggered for tender only if a developer commits to bid at a price acceptable to the land sale authorities.

The site at Woodleigh Lane sits on 210,402 sq ft with a maximum allowable gross floor area of 631,206 sq ft that can yield an estimated 735 homes, URA said. The site at Serangoon North Avenue 1 sits on 185,022 sq ft with a maximum allowable gross floor area of 462,557 sq ft that can yield an estimated 505 homes, it added.

Both these land parcels are expected to draw healthy interest from developers, analysts said.

Among the positive attributes of the Woodleigh Lane site are its location next to Woodleigh MRT Station and proximity to the upcoming Bidadari housing estate, as well as its fairly large and not-too-irregular shape, said Mr Nicholas Mak, executive director, Research & Consultancy Department at SLP International Property Consultants.

“This tender could draw about 10 to 16 bids. The top bid in the tender for this site could range from S$473 million to S$524 million (S$750 to S$830 per sq ft per plot ratio),” he said.

The Serangoon North Avenue 1 site is within the established Serangoon Garden landed housing estate with a limited supply of new condominiums in the area, making it attractive to developers. However, it is not within comfortable walking distance to an MRT station. “This tender could draw about nine to 15 bids. The top bid in the tender for this site could range from S$300 million to S$350 million (S$650 to S$757 psfppr),” Mr Mak said.

The Yishun Avenue 9 site sits on 231,364 sq ft with a maximum allowable gross floor area of 647,825 sq ft that can yield an estimated 715 homes, URA said. Mr Mak said it is unlikely for this site to be triggered for tender in the next six months as it is close to large factories and relatively far from an MRT station, making it less attractive than other sites on the Reserve List.