Developers to shore up land banks

SINGAPORE -The Urban Redevelopment Authority (URA) launched on Tuesday a condominium site at Fernvale Road in Sengkang for sale by tender.

The 99-year leasehold site can potentially yield about 605 units. It spans 17,196.4 square metres and has a maximum gross floor area of 51,590 sqm. Recent executive condo launches include Treasure Crest and Northwave while existing ones include Terrace EC, Brownstone, The Visionaire, Parc Life , Waterwoods EC, Signature at Yishun, Skypark Residences, Wandervale EC, The Vales EC, The Criterion EC, The Amore EC,  Bellewaters EC, Bellewoods EC.

Tender for the parcel will close at 12 noon on Sept 27.

Its tender comes under under the confirmed list for the secoond-half of 2016 Government Land Sales (GLS) Programme. Two other residential plots – at Perumal Road and West Coast Vale – and one mixed-use site at Upper Serangoon Road are also confirmed for sale by year-end. Together, the four sites can generate about 2,170 homes – nearly 40 per cent more than the corresponding 1,560 units for the first half-year.

“The launch of this tender is timely as it provides a window of opportunity for developers to shore up their land banks… Competition will be keen, especially from developers who have not been awarded any residential sites for the past few tenders,” said Mr Desmond Sim, head of CBRE Research for Singapore and South-east Asia.

There are also seven residential sites, including one executive condo parcel, on the reserve list whose sale will be triggered only if a developer offers a minimum price which is acceptable to the Government.

URA figures out on Monday showed that sales of new private homes hit a one-year high last month and more than doubled June’s sales.

The 1,091 new units moved in July were still down 34 per cent on July last year, which saw sales bolstered by the 1,169 units sold at High Park Residences in Fernvale.

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