Time to watch this site public tender which closes on 2 June 2010.

URA launches tenders for residential sites at Hougang Avenue 2 and Upper Serangoon Road / Pheng Geck Avenue

The Urban Redevelopment Authority (URA) launched the residential sites at Hougang Avenue 2 and Upper Serangoon Road / Pheng Geck Avenue for sale by public tender today.

The land parcel at Hougang Avenue 2 was made available for sale through the Reserve List system of the first half 2010 Government Land Sales (GLS) Programme on 25 February 2010. On 7 April 2010, URA announced that it had received an application from a developer and would put up the land parcel for tender in about two weeks’ time. The developer has committed to bid at least S$109.9 million for the land parcel in the public tender.

The residential site at Upper Serangoon Road / Pheng Geck Avenue is released for sale via the Confirmed List in line with the schedule earlier announced under the first half 2010 Government GLS Programme.

Tender for the Reserve List site at Hougang Avenue 2 will close at 12 noon on 20 May 2010 and the tender for the Confirmed List site at Upper Serangoon Road / Pheng Geck Avenue will close at 12 noon on 2 June 2010. Selection of the successful tenderer will be based on the tendered land price only.

Qing Dao puts in top bid for Upper Serangoon residential site
By Janice Teo | Posted: 02 June 2010 1946 hrs

SINGAPORE : Developer Qing Dao Construction has put in a top bid of S$113.7 million for a residential land parcel in Upper Serangoon. That works out to about S$607 per square foot.

Consultants Colliers International said this is also the second highest price recorded for a 99-year leasehold land parcel sold by the government for non-landed housing in the city fringe area.

The tender by the Urban Redevelopment Authority received 15 bids in all.

The site at Upper Serangoon Road and Pheng Geck Avenue has a lease term of 99 years and is meant for residential development.

The second highest bid came from SP Setia International, which put in a bid of S$110.6 million.

Realty Consortium rounded off the top three bids with an offer of S$95.3 million.

The minimum offer price for the site was S$60 million.

Property consultancy CB Richard Ellis said based on the top bid, units in this new project could possibly sell above S$1,000 per square foot.

The consultancy also noted that the bullish bids showed that developers are confident of sites that are located close to MRT stations.

In the first quarter of this year, units at nearby developments like 8 @ Woodleigh and Woodsville 28 were transacted in the sub-sale market at between S$880 and S$1,130 per square foot.

- CNA/al