A private residential site at Serangoon North Avenue 1 that could potentially yield up to 505 units has been released by the Urban Redevelopment Authority (URA) on Thursday for application.
It is under the Reserve List of the second half 2016 government land sales (GLS) programme. Sites on the Reserve List are triggered for tender only when there is a minimum acceptable bid. Recent executive condo launches include Treasure Crest and Northwave EC while existing ones include Terrace EC, Brownstone EC, The Vales EC, Parc Life EC , Sol Acres EC, The Visionaire, Bellewoods EC, Signature at Yishun, The Criterion EC, Waterwoods EC, Skypark Residences, Wandervale EC, The Amore EC, Bellewaters EC.
The 99-year 1.7 ha leasehold site is located near Chomp Chomp Food Centre and Serangoon Garden Market. It has a maximum gross floor area of 42,973 sq m given its maximum building height of two storeys within the low-rise zone.
Mr Ku Swee Yong, CEO of International Property Advisor, said: “This is a unique site given that it is going to house an estimated 505 apartment units in a two-storey low-rise development.
“Each apartment will average about 900sqf to 1,000sqf. With the recent strong response to Forest Woods, I believe that this property should be very attractive to owner-occupiers, especially the low-rise, sprawled-out concept.”