SINGAPORE – The Urban Redevelopment Authority (URA) launched on Tuesday (March 14) the tender of a condominium site along Tampines Avenue 10.
The 21,718 sq me site can potentially yield about 715 residential units. It has a maximum gross floor are of 60,810 sq m.
Even thought its location may not be attractive, however analysts expect the 99-year leasehold plot to attract good interest, given developers’ hunger for land and the recent easing of the seller’s stamp duty is expected to improve market sentiments further.
Relatively brisk sales at recent launches, The Clement Canopy in Clementi and Grandeur Park Residences in Tanah Merah, also flagged healthy demand for new homes.
Mr Ong Teck Hui, national director of research and consultancy at JLL, said: “The site is in a mediocre location barely off from Tampines MRT Station and facilities within the town centre but could though be in demand via upgraders into entry-level private housing.”
The site sandwiches between two condo projects that are under development: The Santorini, launched in March 2014, and The Alps Residences, put on the market in November.
The Santorini had sold 394 out of 597 units as of Sunday, while The Alps Residences has shift 382 of the 626 units available, an MCC Land spokesman told The Straits Times yesterday.
Mr Wong estimates that eight to 14 bids could be lodged for the site, with a top bid in the range of $314.2 million to $340.4 million ($480 to $520 psf per plot ratio).
“With the recent tweaks to the cooling measures, there could be an expectation of the market bottoming sooner and this could lift confidence among bidders for sale sites,” said Mr Ong.
The tender closes at noon on April 25.
The next upcoming new launch in the east; Seaside Residences by Fraser Centre Point Pte Ltd, Sekisui House Ltd. and KH Capital Pte. Ltd.
Source: http://www.straitstimes.com/business/property/tampines-avenue-10-site-put-up-for-sale
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