A residential site at the junction of Upper Serangoon Crescent and Upper Serangoon Road has been launched for sale.

Proposed for condominium housing, the land site has a total area of 24,620 sq m, with a maximum gross floor area (GFA) of 86,170 sq m and a gross plot ratio of 3.5. It can yield up to 860 housing units.

The site’s strategic location enjoys the best of the Hougang and Sengkang New Towns, with the sprawling Punggol Park and the scenic Serangoon Reservoir in close proximity.

According to The Business Times, some market analysts have noted that the site could attract moderate demand from potential bidders.

“As this is a mediocre site and market uncertainties have increased, bidders are expected to be more cautious in the tender,” said Ong Teck Hui, Executive Director of Credo Real Estate.

Ong believes there could be three to five bidders for the site, with the top bid coming in at between S$300 psf ppr and S$350 psf ppr.

Ong Kah Seng, Senior Manager of Asia Pacific Research at Cushman & Wakefield, also expects that the site could see up to five bids and that the winning bid would achieve S$380 psf ppr to S$450 psf ppr.

He noted that the sight might attract “average interest” from developers, as interest in acquiring homes in the country may be affected by global uncertainties, concerns on more property measures and a possible slowdown in economic growth.

Meanwhile, the HDB said it will be releasing 17 sites on the confirmed list and 13 sites on the reserved list for the 2H2011 Government Land Sales (GLS) Programme.

“Together, these 30 sites can potentially generate about 14,200 private residential units,” it said.

The tender for the site will close on 7 September 2011.

To contact the journalist, you may send your message to editor@propertyguru.com.sg

POST COMMENT