Two govt land

Two govt land offered for sale sites draw keen interest from bidders

Govt land offered for sale

The tenders for two confirmed-list residential sites under the government land sales (GLS) program for the first half of the year closed yesterday.

The two 99-year leasehold land packages – in Tanah Merah Kechil Link and Yishun Avenue 9 – offered for sale by the Urban Redevelopment Authority and the Housing Board (HDB), separately, are the first GLS tenders to close since the pandemic started.

A choice on the honor of the tenders will be made after the offers for the two sites have been assessed.

In the midst of the downturn, the offers were commonly above desires, investigators state.

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The 8,880 sq m site in Tanah Merah Kechil Link, close to Tanah Merah MRT station, pulled in 15 offers, with the most elevated by MCC Land (Singapore) at $248.99 million. This means a land pace of about $930 per sq ft per plot proportion (psf ppr), experts said.

This speaks to the most noteworthy number of offers since the Holland Road business and residential site delicate in May 2018, which drew 15 offers from 10 consortiums, Colliers International’s head of exploration for Singapore Tricia Song noted.

It is likewise a lot higher than the four to nine offers seen for private residential government land sale sites in the course of recent months, she said.

The 21,514 sq m chief apartment suite (EC) site in Yishun Avenue 9 drew the most noteworthy offer from Sing Holdings at $373.5 million (or a land pace of $576 psf ppr), out of a sum of seven offers got by the HDB.

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Govt land offered for sale – Yishun Avenue 9 (EC)

Yishun Ave 9

Mr. Karamjit Singh, CEO of Showsuite Consultancy, noticed that the two sites are focused at the mass market, where the interest for homes remains the most grounded.

“The top offer for the Tanah Merah site would require the designer to sell the new condos for $1,700 psf to $1,800 psf, which is bullish as new units around there are exchanging between $1,500 psf and $1,600 psf,” he said.

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Mr. Ong Teck Hui, ranking executive of exploration and consultancy at JLL, said the site’s key attractions are its vicinity to Tanah Merah MRT station and its moderately little plot size, requiring less capital expense.

“The residential advancement at Tanah Merah Kechil Link is probably going to be dispatched in late 2021 when purchasing request could improve close by a normal financial recuperation,” he added.

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Govt land offered for sale: Tanah Merah Kechil link

Tanah Merah Kechil Link

The Tanah Merah Kechil Link site, which is scheduled for residential with business use on the first story, can possibly yield around 265 units and 2,000 sq m of business space.

The arrangement for business space is appealing as close by civilities are restricted, said Ms. Wong Siew Ying, PropNex head of examination and substance.

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The Yishun EC site was given an all-encompassing public delicate time of a half year because of the pandemic. Delicate spans for residential sites under the GLS program are commonly six to about two months.

The EC site could yield around 600 homes, and is close to Junction 9, another shopping center.

Period Realty’s head of examination and consultancy Nicholas Mak noticed that the top offer for the Yishun EC site “shows that the engineer is very certain as the land rate is higher than the two EC sites dispatched for sale in 2019”.

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“At the land pace of $576 psf ppr, the assessed equal the initial investment cost is about $1,000 psf to $1,050 psf. The engineer most likely designs to dispatch new units at costs above $1,100 psf,” he added.

Certainty could likewise have been supported by consistent sales at the Piermont Grand leader townhouse – which is 76 percent sold at middle costs of over $1,100 psf – just as an absence of ECs in the region in the course of recent years, Ms. Melody noted.

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The Yishun Avenue 9 site is situated at the edge of Yishun town, some 2km from Yishun MRT station.

“It is the most current EC site in the region to be offered on the GLS program since 2014… so there could be some repressed interest,” Ms Song said.

Straitsimes Singapore


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