Tampines housing site for sale

PHOTO: Tampines housing site for sale

A RESIDENTIAL site in Tampines that can yield 530 units was put up for sale by the Government yesterday.

The 17,103 sq m plot is part of the confirmed list of the Government Land Sales (GLS) programme, and has a lease of 99 years.

Four other plots - in Toa Payoh Lorong 6, Prince Charles Crescent, Siglap Road and Geylang East Avenue 1 - were also released for application on the reserve list.

Together, the five plots can yield 2,725 units, and were released as part of the GLS programme for the first half of the year.

Analysts say interest in the Tampines site (Parcel B) at Tampines Avenue 10 is expected to be moderate because of its distance - 2.2km - from the Tampines MRT station, and the neighbourhood already has an ample supply of land.

"On top of Q Bay Residences, with 153 units unsold as of last month, there are at least another six land sites not yet launched in the same cluster," said Knight Frank associate director and research head Alice Tan.

The six sites include Parcels C and D, which are also along Tampines Avenue 10 and are already available for sale on the reserve list.

The Tampines site put up for sale yesterday is expected to draw a top bid of $226 million to $243 million, or $440 psf ppr to $470 psf ppr, said SLP International head of research Nicholas Mak. However, bidding interest is expected to be stronger for the other sites released on the reserve list.

"There is a lack of new residential condominium launches in three of these sites, namely the ones in Toa Payoh, Siglap Road and Geylang East Avenue 1," said Mr Mak.

R'ST research director Ong Kah Seng said the Toa Payoh land parcel is located in a mature, prime, public housing estate with few private residential developments. This offers developers an opportunity to build modern private homes among the older public flats. Mr Ong expects the site to be triggered in the second half of this year, with intense bidding interest from developers looking to scale down their projects from the high-end residential market to well-located projects in the suburbs.

Analysts said the land parcel in Siglap is a plum site, as developers have a rare opportunity to stock up land in the East Coast area without going through the lengthier collective sale process. The site is near the popular Victoria School and East Coast Park, which will draw strong buying interest in any residential project developed there, said Ms Tan.

The tender for Parcel B at Tampines Avenue 10 will close at noon on July 2.


Get a copy of The Straits Times or go to straitstimes.com for more stories.