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Healthy demand for new homes

Healthy demand for new homes

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SINGAPORE — A private residential site along Tampines Avenue 10 attracted nine bids from developers, with a City Developments (CDL) unit submitting the top bid of S$370.1 million, Urban Redevelopment Authority data showed after the close of tender on Tuesday (April 25).

The 99-year leasehold site, released from the Confirmed List of the first-half 2017 Government Land Sales programme, sits on 21,717.7 square metres, or about 233,767 sq ft, of land. With a plot ratio of 2.8, the site can yield a maximum permissible gross floor area of 60,810 sq m (or 654,553 sq ft), on which CDL plans to build about 800 homes. Upcoming 
executive condo  launches include Hundred Palms Residences EC, Yio Chu Kang EC, Inz Residence EC, Anchorvale Lane EC,  while existing ones include The Terrace EC, Brownstone EC, The Vales EC, Parc Life  EC , Sol Acres EC EC, The Visionaire, Bellewoods EC, Signature at Yishun, The Criterion EC and Northwave EC. Hundred Palms Residences details and Hundred Palms EC show flat will be available shortly.

The site, marked as Tampines Ave 10 Parcel C, is located between condominium projects The Alps Residences and The Santorini, which are under construction. It is linked to the city and the rest of the island via major arterial roads and expressways, such as the Tampines Expressway and the Pan Island Expressway. However, it is not within comfortable walking distance to an MRT station.

The top bid from Bellevue Properties, a wholly-owned subsidiary of listed property developer CDL, translates to S$565.42 per sq ft per plot ratio, or 5.7 per cent above the second-highest bid from Kingsford Development.

“The top bid today can be considered quite bullish as it is 17.2 per cent higher than the price of the land parcel on which The Alps Residences site was acquired by MCC Land in May 2015 at S$482.60 psfppr,” said Mr Nicholas Mak, Executive Director and Head of Research & Consultancy Department at SLP International Property Consultants.

“The relatively brisk sales at recent launches - Grandeur Park Residences in Tanah Merah and Seaside Residences at Siglap Road - also indicated healthy demand for new homes. This has resulted in the decline of the unsold residential property inventories of some developers. Hence, it leads to the healthy demand for land by developers,” he added.

A CDL spokesperson said after the preliminary tender result: “In the event that we are awarded the site, CDL will explore a condominium development of about 15 storeys with about 800 units. All units are expected to enjoy a north-south orientation and the development will also include a childcare centre on site.”
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