Aerial view of the plum site at Woodleigh Lane, which is expected to attract bullish bidding. Image source: URA
Out of the three 99-year leasehold sites launched for sale yesterday under the first half 2017 Government Land Sales programme, the 1.9ha plot at Woodleigh Lane is the most attractive, said Dr Lee Nai Jia, Head of Research at property consultancy Edmund Tie & Co.
“There should be at least 12 bids for the site,” he said. “While the indicative land price varies from $750 to $850 psf per plot ratio (psf/pr), we anticipate the winning bid to be in the range of $950 to $1,100 psf/pr given recent aggressive land bidding behaviour.”
The site is close to Woodleigh MRT station, while the other two land parcels at Serangoon North Avenue 1 and Yishun Avenue 9 are not near MRT stations. The future project will also offer unblocked views on one side as it faces low-rise landed homes.
“New projects in the area include The Poiz Residences, averaging at about $1,505 psf based on the April Developers Survey,” said Lee.
Despite the lack of an MRT station near the 1.7ha Serangoon North Avenue 1 site, Lee still thinks it is an “interesting site”. Formerly a school, the site also offers unblocked views.
He reckons it will attract different types of buyers, including young families whose parents live in Serangoon Gardens, mature families seeking to downsize from landed homes, and HDB upgraders living nearby.
Although the 2.1ha Yishun Avenue 9 site is relatively far from Yishun MRT station, Lee feels that potential upgraders may be attracted to the future project given its affordability compared to other more accessible projects.
“The winning bid is likely to range from $480 to $540 psf/pr,” he said.
Together, these three sites are expected to yield an estimated 1,955 homes, said the Urban Redevelopment Authority.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
