The two adjacent sites can yield a total of 675 housing units.
Two residential sites (Parcels A and B) at Canberra Drive have been put up for sale via public tender under the confirmed list of the government land sales (GLS) programme for the second half of 2019, announced the Urban Redevelopment Authority (URA) on Thursday (28 November).
With an area of 13,315.3 sq m, Parcel A has a maximum gross floor area (GFA) of 18,642 sq m. Parcel B, on the other hand, measures 27,566.1 sq m, with a maximum GFA of 38,593 sq m.
URA expects the two adjacent sites, both of which come with 99-year leases, to yield a total of 675 housing units. Parcel A can hold up to 220 units, while Parcel B can potentially yield 455 housing units.
Situated within an established residential enclave in Sembawang, the sites are well connected to Seletar Expressway and Sembawang Road, and are within walking distance from the new Canberra MRT station on the North-South Line.
The sites are also near various amenities including Sun Plaza, Sembawang Shopping Centre as well as Sembawang Primary School.
Land parcels catered for different developers
Colliers International expects Parcel A to attract four to six bids from smaller developers, while Parcel B could see fewer bids at three to five, but likely from medium-sized to bigger developers owing to the site’s large size, reported Singapore Business Review.
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“While Parcel B is larger and odd-shaped, with an elongated thin tail, the developer can build single loading units which offer unblocked views over the low-rise landed housing. A larger site also has potentially better economies of scale and can offer more facilities,” said Colliers International head of research for Singapore Tricia Song.
She expects Parcel A to receive a top bid of $135 million and $280 million for Parcel B.
View the locations of Parcel A and Parcel B on URA SPACE
Song added that splitting the large site into two smaller plots of land would make them more attractive and palatable to a wider range of developers.
“However, it would be interesting to see how the two tenders pan out seeing that both sites are launched for sale at the same time,” she said, noting if this would see developers bid for both sites to better defend prices.
The tenders for both sites will close on 3 March 2020.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
