2 adjoining sites in Upper Serangoon View

The government has released two adjoining private housing sites in Upper Serangoon View fronting Sungei Serangoon for tender, the first under the second-half 2013 confirmed list.

Located about one kilometre from the Hougang MRT Station, the 99-year leasehold sites are estimated to generate a total of 920 homes.

Tenders for both sites will close on the same day on Nov 28, as "part of the Government's initiative to encourage more prudent bidding", Urban Redevelopment Authority said. Another pair of adjacent sites - in Choa Chua Kang Grove for executive condo development - are slated for release in December.

While some property consultants expect land-hungry developers to drive up interest and winning bids for the Upper Serangoon View sites, others suggest developers may be cautious and weigh demand first in this micromarket given the slew of launches in recent years.

Parcel A along Upper Serangoon View, with a land area of nearly 165,141 sq ft next to the Rio Vista condo, is estimated to yield about 510 homes. The 128,663 sq ft Parcel B next door could yield about 410 units. Both have a 3.0 plot ratio (ratio of maximum gross floor area to land area).

Property consultants' forecasts of top bids for the two sites range from $450-530 per square foot per plot ratio (psf ppr).

Market watchers note that the two Upper Serangoon View sites were released on the last day of the scheduled month of launch in September. The sites are the first private housing sites on the government's confirmed list to be launched on the H2 2013 slate. The rest will be launched mostly in November and December.

The authorities could be hoping that timing the site launches closer towards year-end, when more private housing completions are expected, could have a moderating impact on the property market. 

Source: Business Times –1 October 2013