POSTED: 30 Sep 2013 13:10 | CNA

SINGAPORE

Two private residential sites at Upper Serangoon View have been released for sale on Monday under the government land sales programme for the second half of 2013.

In a statement, the Urban Redevelopment Authority (URA) said tenders for the two adjacent land parcels will close at 12pm on November 28.

This is the first pair of adjacent sites to be put up for sale under the batch tender closing system, which is part of the government’s initiative to try to “encourage more prudent bidding by developers.”

The two 99-year lease plots can yield a total of 920 residential units. The first land parcel has a site area of 15,342 square metres and is expected to yield 510 private home units; while the second plot has a site area of 11,953 square metres, which can offer 410 units.

Nicholas Mak, executive director for research and consultancy SLP International, said the two sites are the last vacant residential land parcels at this section of Sungei Serangoon available for sale, and will offer views of the river.

He believed some developers may bid aggressively for both sites to avoid the situation where they acquire one of the sites and their competitor acquires the adjacent site.

A consortium comprising Far East Orgainzation, Frasers Centrepoint and Sekisui House, could also participate in this latest tender, given that its project. Boathouse Residences, is opposite one of the new sites.

He estimated that the top bids in the tenders for these two sites could range between S$470 and S$530 per square foot per plot ratio. About 5 to 10 bidders could be attracted to each of the tenders.

URA said the batch tender closing system will also apply to another pair of executive condominium (EC) sites at Choa Chu Kang Grove to be released for sale in December.

Earlier this year, URA had set the same tender closing date, July 30, for three land parcels in different locations. Two Punggol EC sites subsequently fetched higher prices than earlier EC sites nearby, while the site in Yuan Ching Road in Jurong drew a record bid for executive condominiums.

– CNA

http://www.channelnewsasia.com/news/business/singapore/two-private-residential/831016.html