Four New Sites Released for Development

By PEARL LIM

On 15 November 2012, the Government announced the sale, under the Confirmed List, of two land parcels at Jurong West Street 41 (Parcel A) and Ang Mo Kio Avenue 2. The second land plot at Jurong West Street 41 (Parcel B), adjacent to Parcel A, is made available on the Reserve List. It is estimated to be able to accommodate 545 housing units on its 18,507.1 sq m land. All three sites are for private residential development.

Sites on confirmed-list are put up for bidding independent of interest shown, while land on reserve-list go on sale only if the offer(s) meet an acceptable amount. If there is only one offer, this offered amount must be at least 85% of the Chief Valuer’s (CV) Estimated Market Value (EMV), which will only be made after an offer is given. For multiple offers, they must be made by unrelated parties within a reasonable time-frame, and the amounts have to be close to EMV.

The fourth site is a mixed commercial and residential site at Yishun Ring Road. It will only be launched for sale by public tender on 27 November 2012.

In total, the four land parcels are estimated to add 2,045 housing units to the supply of homes. The parcels at Ang Mo Kio Avenue 2 (18,477.5 sq m), Jurong West Street 41 (Parcel A) (22,358.2 sq m) and Yishun Ring Road (8,858 sq m) will yield 680, 545 and 160 units, respectively. Tenders for these sites will close at 12 noon on 8 January 2013, 15 January 2013 and 24 January 2013, respectively.

The main draw for the plot at Ang Mo Kio Avenue 2 is its proximity to the upcoming Mayflower MRT station at Ang Mo Kio Avenue 4. In addition, many good schools are in its vicinity, including CHIJ St Nicholas Girls’ School.

On the other hand, the two land parcels at Jurong West Street 41 will likely draw interest because of the Government’s plans to transform the area into a waterfront district for commercial, recreational and residential activities, with major development already taking place. At Jurong Gateway stands a key commercial hub that is still growing. Close by, too, are transport links, like Lakeside MRT Station.

In contrast, the land plot at Yishun Ring Road is situated at an area with limited redevelopment plans. Nevertheless, its plus points include having Yishun Town Centre and Yishun MRT station close by, and being a mixed commercial and residential site among predominantly HDB flats.

For advice on a new home loan.

For refinancing advice.

Download this article here.

References

1. Chay, Felda, “Sale of 4 Suburban Sites to Yield 2,045 Private Homes”, The Business Times 16 Nov 2012, Web

<http://www.businesstimes.com.sg/premium/singapore/sale-4-suburban-sites-yield-2045-private-homes-20121116>

2. URA, “Government to Release Four Sites Estimated to Yield 2,045 Housing Units in November 2012 ”, 15 Nov 2012, Web

<http://www.ura.gov.sg/pr/text/2012/pr12-125.html>

3. URA, “Procedure for Reserve List System”, Web

<http://www.ura.gov.sg/sales/reservelist/procedurerl.html>