// Rare waterfront government lands for sales // URA releases two sites at Upper Serangoon View for sale Two residential sites at Upper Serangoon View (pictured) were launched for sale on Monday by the Urban Redevelopment Authority (URA). The plots were released under the confirmed list of the 2H2013 Government Land Sales (GLS) Programme and will provide developers and buyers with more private housing options. Located along the Sungei Serangoon waterfront, Parcels A and B have land areas of 165,140 sq ft and 128,663 sq ft respectively and could generate up to 920 units. Offered on 99 year leases, both sites are close to Hougang MRT station, shopping malls and Punggol Park. Joseph Tan, Executive Director, Residential for CBRE said: "We expect a healthy response to the sites, fuelled largely by developers’ depleting suburban land bank. Each site should be able to attract six bids or more, going by the recent response to the previous suburban plot at Tampines Ave 10, which received 10 bids." "Recent transactions for the neighbouing projects were around S$900 - S$950 psf. As the plot faces Sungei Serangoon, it has waterfront aspects which most of the past developments do not offer. We expect bids to range between S$450 - S$500 psf/plot ratio," he added. The tender exercise will close on 28 November. Image source: URA
Posted on: Mon, 30 Sep 2013 09:49:14 +0000
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