URA launches 3 residential sites, Latest Business News - The New Paper

URA launches 3 residential sites

This article is more than 12 months old

Three sites that could yield 1,955 homes in total were put on the market yesterday.

Analysts expect one of the sites, a plot in Woodleigh Lane, to draw the strongest interest from developers.

The land is next to Woodleigh MRT station, adjacent to the Bidadari New Town and near amenities such as Nex shopping mall.

Schools in the area include St Andrew's Secondary, Cedar Girls' Secondary and Maris Stella High.

The 19,547 sq m site has a maximum gross floor area of 58,641 sq m, according to the Urban Redevelopment Authority (URA).

This tender could draw about 10 to 16 bids, said SLP International research head Nicholas Mak, with a top offer in the $473 million to $524 million range, or $750 to $830 per sq ft per plot ratio.

The second site launched yesterday is at Serangoon North Avenue 1 and near Chomp Chomp Food Centre, Serangoon Garden Market as well as the Nex mall.

Rosyth School, Nanyang Junior College and Lycee Francais de Singapour are also nearby.

While not close to an MRT station, the 21,494.4 sq m site is near the French International School, noted Dr Lee Nai Jia, the head of research at Edmund Tie & Company.

The sites at Woodleigh Lane and Serangoon North Avenue 1 are on the confirmed list.

The third plot, in Yishun Avenue 9, is on the reserve list so it goes to tender only when a developer submits an acceptable minimum bid. The 21,514.8 sq m site is within an established HDB town and near Northpoint Shopping Centre and Junction Nine.

It is also close to several schools such as Chongfu and Northland Secondary but relatively far from Yishun MRT station, said Mr Mak.

The sites launched yesterday are all on 99-year leases.