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URA releases four sites for sale

Artist’s impression of the first sale site at Holland Village Extension. (Photo: URA)

The Urban Redevelopment Authority (URA) has released four sites – which can potentially yield around 1,720 residential units – for sale on Thursday (30 November) under the second half 2017 Government Land Sales (GLS) programme.

The sites at Handy Road and Holland Road are launched for sale under the confirmed list while the sites at Canberra Drive and Mattar Road are made available for application under the reserve list.

Envisioned to reinforce the continued success of Holland Village, the 22,967 sq m site at Holland Road is for a mixed use and pedestrian-oriented development.

The URA will adopt a concept and price revenue tender for the site “to shortlist compelling development concepts that are attractive and will complement the adjacent low rise and street-oriented character of Holland Village”.

The tender for the Holland Road site will close on 20 March 2018, while that for the 4,796.2 sq m residential site at Handy Road will close on 30 January 2018.

Meanwhile, the Mattar Road residential site has an area of 6,230.2 sq m and a gross floor area of 18,691 sq m. Measuring 40,881.4 sq m, the residential site at Canberra Drive, on the other hand, has a gross floor area of 57,234 sq m.

All the released sites have a lease tenure of 99 years.

 

This article was edited by Keshia Faculin.

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Developers to acquire more residential sites

At least 13 housing site tenders are expected to close for the remainder of the year, reported Singapore Business Review, citing a report from Maybank Kim Eng.

These land plots are projected to yield an additional 3,600 dwellings, with most located in the central part of the city-state, said the research house.

“With a resurgent en bloc market providing many options to acquire fresh sites, we believe developers will be more selective and rational in their bids. We believe winners of accretive land deals could be re-rated on the back of Realisable Net Asset Value (RNAV) upgrades,” said its analyst Derrick Heng.

However, investors remain cautious on the residential sector as vacancy level remain high at 8.4 percent as of Q3 2017. Nevertheless, this could fall next year amid fewer completions and the demolition of projects sold en bloc.

Overall, Maybank Kim Eng estimates that around 7,900 private houses will be available next year.

Assuming 3,000 will be redeveloped, this will equal to a net supply of only 4,900 units, down from about 13,200 units per annum that were absorbed by the market over the past five years on average.

“If the historical rate of absorption is maintained, vacancy rates could potentially improve to 6.5 percent by end-2018,” noted Heng.

Even though rents of residential properties remain constrained due to high vacancy level, it could rebound if occupancy rate improves, said Maybank Kim Eng.

“Recall that during the previous en bloc cycle of 2005, vacancy rates fell from 8.4 percent at end-2005 to 6.5 percent by mid-2006 as households displaced in the en bloc process sought out new homes. A corresponding three percent uptick in rents then sparked the start of an upcycle.”

“We think an improving economy and accelerated demolitions from the current en bloc fever could provide further upside to rents in the next two years,” it added.

 

This article was edited by Keshia Faculin.

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Chong Kuo and Cuscaden Road sites released for sale

Aerial view of the residential site at Chong Kuo Road off Sembawang Road. (Photo: URA)

Two residential sites at Chong Kuo Road and Cuscaden Road have been released for sale under the second half 2017 Government Land Sales (GLS) programme, the Urban Redevelopment Authority (URA) said on Tuesday (31 October).

Both are 99-year leasehold sites that could generate up to 250 housing units.

The 46,101 sq ft confirmed list site at Chong Kuo Road off Sembawang Road has a maximum gross floor area (GFA) of 64,551 sq ft. It could be developed into a five-storey project comprising 80 homes.

Nearby amenities include eateries, country clubs and schools such as Chung Cheng High School (Yishun) and Yishun Junior College.

Edmund Tie & Co. head of research Dr Lee Nai Jia feels that the site’s location will attract buyers who like the rustic lifestyle.

“Residents would enjoy the eateries and greenery in the area, and being away from the hustle and bustle of the city,” he said.

Measuring 61,598 sq ft, the Cuscaden Road site is available for application under the reserve list. With a maximum GFA of 172,481 sq ft, it is expected to yield 170 units.

The land parcel is close to the Orchard Road shopping belt and offers easy access to the future Orchard Boulevard MRT station on the Thomson-East Coast Line.  

Said Lee: “The future development will attract affluent buyers who like accessibility to the shopping belt and Central Business District, and are intending to get a weekend home.

“Buyers who are looking to invest will also be interested as they can rent to expatriates, medical professionals and affluent families that have members seeking medical services at Gleneagles Hospital and Camden Medical Centre.” 

He expects the site at Chong Kuo Road to attract between eight to 12 bids, with a winning bid of around $ 585 psf per plot ratio (psf ppr) or $ 37.8 million, while a winning bid of around $ 1,650 psf ppr ($ 284.6 million) is anticipated for the Cuscaden site.

The tender for the Chong Kuo site will close on 30 January 2018, said the URA.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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Developers must now study traffic impact, propose car-lite measures for en bloc sites

The government is worried that building more housing units could cause traffic problems in future.

Residential en bloc redevelopment proposals must now include a pre-application feasibility study (PAFS) to assess traffic impact and recommend car-lite measures, the Land Transport Authority (LTA) and Urban Redevelopment Authority (URA) said in a circular published on Monday (13 November).

This follows an increase in applications from developers for more housing units to be built on such sites, which could cause traffic problems in future.

Effective immediately, developers or property agencies acting on behalf of collective sales committees must submit a PAFS to LTA for evaluation and approval before submitting an outline application or development application to URA.

The study, which is applicable to sites zoned residential, residential with commercial at 1st storey and commercial & residential, is not required for proposals approved before 13 November.

Interested parties will need to engage an experienced traffic consultant to assess the estimated number of units that can be built, impact of traffic on nearby junctions, and propose car-lite initiatives, traffic demand management measures and/or feasible transport improvement plans, such as setting aside land for road widening.

“From a planning and transport perspective, the significant increase in dwelling units may cause a strain on the existing road network of an area, and may lead to congestion and disamenities for residents,” said LTA and URA.

“There will be the need to consider how the redevelopment can bring changes to our physical environment in a manner that is more sustainable and aligned with our vision for a more liveable and car-lite city.”

The study will also reduce the need to revise development plans and expedite the approval process.

LTA and URA will continue to monitor and assess if there is a need to extend the PAFS to other types of developments in future.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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