Six sites up for sale this month

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On April 17, 2012
Last modified:April 17, 2012

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Straits Times: Tue, Apr 17
   SIX sites that can yield about 2,380 private homes will be put up for sale this month. The move to release more land comes as residential sales figures continue to defy gravity and a welter of recent cooling measures.   Three parcels, in Sengkang …

SIX sites that can yield about 2,380 private homes will be put up for sale this month. The move to release more land comes as residential sales figures continue to defy gravity and a welter of recent cooling measures.

Three parcels, in Sengkang Square, Buangkok Drive and Pasir Ris Drive 3, that can accommodate about 1,780 units were launched yesterday under the confirmed list.

A site in Alexandra View next to Redhill MRT station and one in Farrer Drive were also open for application on the reserve list. Another plot in Farrer Road, also on the reserve list, will be released for sale on April 30.

Confirmed list sites go on sale regardless of interest, while those on the reserve list are put up for tender only if developers make an acceptable initial offer.

Experts say the three confirmed list sites are in fairly attractive suburban locations and should be able to generate good interest among developers.

The Sengkang Square site is expected to attract more bidders and the highest price, said Credo Real Estate executive director Ong Teck Hui. Its main attractions are its proximity to Sengkang MRT station and Compass Point mall.

He expects the top bid to come in between $500 and $550 per sq ft (psf) per plot ratio (ppr) with eight to 12 parties contesting. This translates to an overall price of between $360 million and $400 million.

Experts say six to 12 bidders are expected to jostle for the other two sites with bids expected in the $400 to $500 psf ppr range.

The three reserve list sites also have attractive locations, with the ones in Farrer Road and Farrer Drive in prime district 10.

R’ST Research director Ong Kah Seng said that since suburban condo sales are getting the most attention now, some developers might sense an opportunity in acquiring these centrally located sites, as the next wave of sales might be in projects closer to the city areas.

ESTHER TEO

Source: The Straits Times © Singapore Press Holdings Ltd.

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