Ravi Chandran
The Urban Redevelopment Authority (URA) has launched a residential site at Jalan Bunga Rampai for sale by public tender today under the Confirmed List of the second half 2019 (2H2019) Government Land Sales (GLS) Programme.
This site can potentially yield about 115 residential units.
The Jalan Bunga Rampai site is the smallest residential site on the Government Land Sales (GLS) programme for the second half of 2019 (2H2019) – with the potential to build just 115 units of around 85 sq m each. The Jalan Bunga Rampai plot is trapezoid-shaped next to a cul-de-sac small park and the Bartley Viaduct.
Ms Tricia Song, Head of Research for Singapore for Colliers International said, “nearby comparable 99-year-leasehold private residential projects: Bartley Ridge (completed in 2016), Botanique at Bartley (2019), and Bartley Residences (2015), all built on previous GLS sites, transacted on the secondary market year-to-August 2019 at an average of SGD1,350-1,515 psf. Meanwhile, 0.8 km towards its north-west, freehold The Gazania and The Lilium at How Sun area recently launched at about SGD2,000-2,100 psf.”
She added: “We expect the top bid for this Bartley Road/Jalan Bunga Rampai site to come in at SGD900-950 psf per plot ratio or SGD95-100 million, with a potential average selling price of SGD1,550 psf. Taking into consideration the response to suburban sites post-measures and the palatable quantum of the site, we expect it to attract 5 to 8 bidders.”
Attractions of this site include its 400 metres walking distance to the Bartley MRT station (Circle Line) and partial unblocked view overlooking a low-rise landed estate. It is also within 1-2km from Maris Stella High School and Paya Lebar Methodist Girls’ School. Investors could also consider the potential rental catchment of the nearby Paya Lebar Industrial Park and Tai Seng Industrial Estate.
The tender for this site will close at 12 noon on 9 January 2020. The tender closing for this site will be batched with the other residential site at Irwell Bank Road which will be launched for sale in October 2019 under the 2H2019 GLS Programme.
Jalan Bunga Rampai is located in District 19. It is accessible through the nearest train stations such as Tai Seng (CC11), Bartley (CC12), and Mattar MRT (DT25). The nearest primary schools are Maris Stella High School, Methodist Girls’ School (primary), and Paya Lebar Methodist Girls’ School (primary).
This property is close to amenities like NTUC Fairprice at 77 Circuit Road and Hyper Nex, and Giant at Kovan Centre. The closest shopping malls are Upper Serangoon Shopping Centre, ICB Shopping Centre and Nex.
Mr Paul Ho, chief mortgage officer at iCompareLoan said, “the property cooling measures introduced by the Government in July last year has cooled the demand by property developers. In recognising this, the Government has lowered its land supply for private housing since the first half of 2019 (1H2019).”
Mr Ho added,”but for the Jalan Bunga Rampai site, competition for the tender could be stiff considering the fact that absolute land price will be affordable as it is a small site of 0.47 ha, which could generate about 115 units.”
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The URA said the decision to moderate the total supply of private residential units since 1H2019 was driven by declining transaction volumes and lower demand for land from developers due to property cooling measures. The land supply for the GLS programme since 1H2019 is a slight decrease from the previous two exercises in 2018, which had 15 sites (six on the Confirmed List and nine on the Reserve List) for each six-month period.
Ministry of National Development explained that the private housing supply pipeline as at the close of 2H2018 stands at 45,000 units where 31,000 are unsold units from GLS and en-bloc sale sites with planning approval whilst 14,000 units are from sites that have pending planning approval. Moreover, the ministry revealed that around 28,000 existing private housing units remain vacant.
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