New site will likely be triggered for tender

SINGAPORE — A 1.7ha private housing site near Chomp Chomp food centre in Serangoon Gardens has been made available for application from the Reserve List of the Government Land Sales programme for the second half of 2016, with analysts saying the tender will likely be triggered in the coming months.

The 99-year leasehold site at Serangoon North Avenue 1 sits on 17,189sqm and has a gross plot ratio of 2.5, translating into a maximum permissible gross floor area (GFA) of 42,973sqm, said the Urban Redevelopment Authority (URA) in a statement yesterday. Upcoming executive condo launches include Yio Chu Kang EC, Choa Chu Kang EC, Anchorvale Lane 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, Treasure Crest, Northwave EC Waterwoods EC, Skypark Residences, Wandervale EC, The Amore EC,  Bellewaters EC.

This is equivalent to about 462,557sqf, which the URA said can yield an estimated 505 homes.

The development, located within a designated low-rise zone, is subject to a maximum building height of two storeys.

In addition to enjoying a wide range of amenities at Chomp Chomp, Serangoon Garden Market and nex shopping mall, residents with school-going children will find a variety of established local and international schools within easy reach, including Serangoon Garden Secondary School, Rosyth School, Nanyang Junior College and Lycee Francais De Singapour.

The site is also well-connected to other parts of Singapore via the Central Expressway, said the URA.

Given its location in the established Serangoon Gardens landed housing estate, property analysts said the site will likely be triggered for tender, with the major developers expected to show up.

A parcel on the GLS Reserve List will only be launched for sale if there is sufficient interest or when a developer places a bid that is deemed acceptable to the Government.

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.”

However, he noted that for commuters using public transport, traffic connectivity is not ideal.

“The estimated selling price of the apartments could be about S$1,100psf. Therefore, the bid prices should be about S$650psf per plot ratio, or about S$300 million. At this quantum, I think we can easily see 10 to 12 bidders,” he added.

Mr Nicholas Mak, executive director, Research & Consultancy Department at SLP International Property Consultants, said the limited supply of new housing units in the area will also make the site attractive, but he noted disadvantages, including the site’s irregular shape and distance from the MRT stations.

His estimates were more conservative than Mr Ku’s.

“If this site were launched for sale by tender today, the estimated land price would range from S$254 million to S$287 million (or S$550 to S$600psf ppr),” he said.

“The tender would attract between five and 10 bidders.”

signature at yishun ec executive condo site pic 1