No change in land supply for private homes in first-half 2018

SINGAPORE – The Government has decided to keep the total supply of land for private residential development for the first half of next year at about the same level as that for the current second half 2017 slate, citing among other factors, sufficient supply from the redevelopment of collective sale sites being generated from the private sector.

The Ministry of National Development (MND) said on Wednesday (Dec 13) morning that under its first half 2018 Government Land Sales (GLS) Programme, it will be offering land that can potentially yield about 8,045 private homes (including executive condominium or EC units) and 63,960 sq m gross floor area (GFA) of commercial space.

This is compared with the 8,125 private residential units (including EC units) and 83,590 sq m GFA of commercial space on both confirmed and reserve lists in the current second half 2017 slate. Continue reading

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Fierce bidding expected for EC site in Punggol

A fierce bidding war is expected for an executive condominium (EC) site in Punggol that was released for sale yesterday.

A dozen or more developers could enter the race for the 99-year leasehold plot in Sumang Walk, which was released for sale under the second-half 2017 Government Land Sales (GLS) programme.

The site could yield 820 homes, the Housing Board said. Continue reading

URA releases residential sites at Cuscaden Road, Chong Kuo Road

SINGAPORE – The Urban Redevelopment Authority (URA) released two residential sites for sale on Tuesday (Oct 31), one of which is a reserve list parcel, that can together yield another 250 new homes.

A 4,282.9 square metre site at Chong Kuo Road, off Sembawang Road, comes from the confirmed list of the Government Land Sales (GLS) Programme for the second half of 2017. It can accommodate 80 units in a 5-storey development with a maximum gross floor area (GFA) of 5,997 sq m.

A plum 5,722.6 sq m site at Cuscaden Road is available for application under the reserve list, which means its tender will be triggered when a developer submits an indicative bid which is acceptable. Continue reading

$689m bid triggers sale of prime former Zouk site on URA’s reserve list

SINGAPORE – The Urban Redevelopment Authority (URA) announced on Friday (Sept 29) morning that it has accepted an application from a developer to put up for sale by tender a prime private housing land parcel, which was the site of the former Zouk at Jiak Kim Street.

The sale was triggered after a developer committed to bid at a price of not less than S$689.4 million for the 13,482 sq m site. It can accommodate 525 apartments in a development up to 36 storeys, with ground floor commercial use.

URA said it will launch the tender for the 99-year leasehold site in about two to three weeks. The tender period for the land parcel will be about six weeks. Continue reading

Beach Road commercial site nets top bid of $1.62b

Developers were ready to pay big bucks for a prime Beach Road commercial site, with the top offer coming in at a bumper $1.622 billion, it was announced yesterday.

All five offers were well above the initial trigger price for the 99-year leasehold site. The top $1.622 billion bid was lodged by GuocoLand units GLL Prosper and GLL Thrive, the Urban Redevelopment Authority said yesterday.

It works out to around $1,706 per sq ft (psf) per plot ratio (ppr) for the 2ha site, which has a maximum permissible gross floor area of 950,593 sq ft, of which 70 per cent or more must go to office use. Continue reading

Singapore developers seek to top up their landbank

THE recent pick-up in residential sites acquired by Singapore developers suggests that they have finally come around to the prospect of a more decisive recovery in Singapore’s residential market, and the downside of a depleting landbank.

Despite earlier concerns of gung-ho foreign developers crowding out local developers for residential sites sold by the government, Singapore developers are coming out in force in the collective-sale market and other private land deals.

So far, local developers make up seven of the top 10 developers with the largest residential landbank and leftover unsold units in launched projects, based on The Business Times’ compilation across developers. Two of the top 10 developers – MCL Land and GuocoLand – are technically foreign developers by virtue of controlling shareholding, but have operated in Singapore for a long time. More than half of all residential inventory is in the hands of the top 10 developers. Continue reading