The Urban Redevelopment Authority (URA) and Housing and Development Board (HDB) continue to ramp up housing supply with the release of four 99-year leasehold sites that are expected to yield 2,045 units.
Two sites at Jurong West Street 41 (Parcel A) and Ang Mo Kio Avenue 2 have already been launched under the confirmed list while Parcel B in Jurong West Street 41 was released under the reserve list.
The Ang Mo Kio site has a land area of 18,477.5 sq m and is expected to yield some 680 units. Knight Frank expects the site to receive three to five bids with the winning offer ranging between S$630 to S$680 psf ppr.
“Although this site is located some distance away from Ang Mo Kio MRT station, there are many good schools within 2-kilometre radius of the site,” said Alice Tan, Senior Manager for Research at Knight Frank Singapore.
“However, we foresee that developers may not be overly bullish in their land bid prices, arising from the recent cooling measures and ample supply of homes in the pipeline for both public and private sectors.”
Meanwhile, both sites in Jurong are expected to record healthy interest with about five to seven bidders due to its ideal location and proximity to transport links and amenities, according to Knight Frank.
The winning bids will likely be within the region of S$550 to S$600 psf ppr while the selling price of new units could be in the range of S$1,200 and S$1,250 psf.
“The waterfront living and growing attractiveness of the park are appealing to both upgraders and investors, who are looking for convenience and lifestyle living within close proximity to the up and coming Jurong Gateway district,” Tan said.
In addition, the land bid results for Parcel A are expected to serve as an indication of future bids for Parcel B.
The last site at Yishun Ring Road is slated for mixed commercial and residential use. It will be launched for public tender on 27 November. URA said that the site could generate 160 homes.
The tender for the sites at Ang Mo Kio, Jurong and Yishun will close on 8 January, 15 January and 24 January respectively.
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