The Urban Redevelopment Authority (URA) has launched three residential sites for sale, which can yield up to 1,175 housing units.
Of the three 99-year leasehold land parcels, two sites — Flora Drive and Woodlands Avenue 2 / Rosewood Drive — were put up for sale under the confirmed list of the 1H2011 Government Land Sales (GLS) Programme, while the other site at Hillview Avenue was under the reserve list.
The site at Flora Drive, which can yield up to 380 units, has a total site area of 26,817.6 sq m and a maximum gross floor area (GFA) of 37,545 sq m.
“The site at Flora Drive is surrounded by several condominiums, such as The Gale (under construction), Ferraria Park, Edelweiss Park, Dahlia Park and the recently launched Hedges Park condominium,” said Mr. Li Hiaw Ho, Executive Director of CB Richard Ellis (CBRE).
Mr. Li expects the site to fetch between S$165 million and S$182 million, or around S$410 psf ppr to S$450 psf ppr, assuming that the average selling price of each unit is similar to those at Hedges Park, which has an average price of S$850 psf to S$900 psf per unit.
The second land site is located between Woodlands Avenue 2 and Rosewood Drive, adjacent to Rosewood Suites. It has a total area of 27,380.3 sq m, with a maximum GFA of 38,333 sq m, and can yield up to 390 units.
“The site is about 15 minutes’ walk to Woodlands MRT station and Causeway Point, a mega shopping mall. A new five-storey condominium of around 390 units can be developed on the site,” said Mr. Li.
“Other private residential estates in the neighbourhood include Casablanca and Rosewood condominiums and the landed homes of Woodgrove estate. The Singapore American School is a short drive away. Presently, there is a fairly big cluster of expatriates living in this area.”
The tender for the residential site at Woodlands Avenue 2 / Rosewood Drive and Flora Drive will close on 7 and 16 June respectively.
Meanwhile, the third site, located at Hillview Avenue, was placed under the reserve list for application for sale. It could yield around 405 housing units and has a total site area of 12,648.5 sq m, with a maximum GFA of 35,416 sq m. It is situated within an established residential estate in the west region of Singapore, as well as located near the upcoming Cashew and Hillview MRT Stations.
Ong Kah Seng, Senior Manager for Asia Pacific Research at Cushman & Wakefield, said he believed the site could be launched for sale because the completion of MRT stations on Downtown Line 2 will improve the accessibility of the Hillview area.
However, SLP International Research Head Nicholas Mak noted the site may not be launched for sale this year because “there is an ample supply of residential (government land sales) sites for sale”.