View of the residential site in Clementi Avenue 1. (Photo: URA)
UPDATED: The Urban Redevelopment Authority (URA) and the Housing and Development Board (HDB) on Thursday (28 June) launched two confirmed list sites for sale under the first half 2018 Government Land Sales (GLS) programme.
One is a 153,223.19 sq ft private residential plot in Jalan Jurong Kechil with a gross floor area (GFA) of 214,513.97 sq ft that could yield about 280 units.
The other is a 194,187.4 sq ft plot in Canberra Link intended for an executive condominium (EC). It has a GFA of 485,468.51 sq ft and could generate some 450 units.
The tender exercises for both 99-year leasehold sites will close on 4 September.
Meanwhile, two reserve list sites with the same leasehold tenures have been made available for application. These can be triggered for sale if a bidder commits to pay an acceptable amount to the government.
One is a 178,074.9 sq ft private residential plot in Clementi Avenue 1 with a GFA of 623,262.7 sq ft. The winning developer buyer can develop up to 640 units on the site.
The other is a 184,461.13 sq ft EC site in Anchorvale Crescent with a GFA of 553,383.4 sq ft that can provide up to 550 homes.
Of these four sites, the Canberra Link and Clementi Avenue sites are expected to be more attractive to developers, said Huttons Asia.
The first is a short walk from the upcoming Canberra MRT station – a key selling point as there are not many EC sites within walking distance to such public transport.
“Furthermore, there is strong demand for ECs. The estimated number of unsold EC units as of 28 June 2018 is around 40. The one and only EC launch in 2018, Rivercove Residences is almost sold-out. With no new launch of EC projects this year, interested buyers will either have to make their choice among the unsold units or wait for the Sumang Walk EC in 2019,” noted Huttons.
Given the low supply of EC units and the robust demand for these properties, the top bid could reach between $450 and $500 psf per plot ratio (psf ppr).
As for the Clementi site, the property agency thinks it could be triggered for sale within the next few months, attracting top bids of $950 to $1,050 psf ppr.
This is because the plot is strategically located in a mature estate close to many amenities and good schools. In fact, The Clement Canopy condominium in the vicinity is nearly sold out since it launched in February 2017, Huttons added.