POSTED: 18 Nov 2013 12:36 | UPDATED: 18 Nov 2013 21:46 | CNA

SINGAPORE

Four residential sites have been released for sale under the Government Land Sales Programme for the second half of this year.

In a joint statement, the Housing & Development Board (HDB) and Urban Redevelopment Authority (URA) said the four plots are estimated to yield 2,350 units and will provide developers and home-buyers with more choices for public housing.

The first land parcel at Upper Paya Lebar Road is expected to offer 670 private home units.

Two sites at Canberra Drive and Anchorvale Crescent are earmarked for executive condominium (EC) developments, and are projected to yield some 1,145 units.

All three land parcels are launched for sale on Monday under the Confirmed List.

Meanwhile, the fourth site at Choa Chu Kang Drive, which is also slated for EC development, is for sale under the Reserve List. It is expected to yield 535 private home units.

Property consultants expect interest in the EC sites to be healthy among developers, with each site estimated to attract about four to 10 bids.

CBRE Research associate director Desmond Sim said some developers may set up joint-ventures to bid for some of these EC sites to mitigate the risks, as well as shore up financial strength.

But a cautious market outlook and upcoming supply from some sites are likely to affect bids.

Several consultants expect the Choa Chu Kang EC site on the reserve list to test developers’ confidence in the EC market, given that there are two other EC land tenders at the same time.

Meanwhile, property consultants expect the Upper Paya Lebar Road site near Bartley MRT station to garner some interest from developers trying to build up their land bank.

CBRE is anticipating about six to eight bids for the site, with the top bid reflecting the winning developer’s outlook on the market.

– CNA/al/gn

http://www.channelnewsasia.com/news/singapore/four-residential-sites/890490.html