Govt launches Seletar site for public tender
URA has announced that they have accepted a bid from a developer to
place a plot of land along Yio Chu Kang Road and Seletar Road up for
tender under the reserve list system. The land, slated for commerical
and residential use, will be launched for public tender in a fortnight.
This is the third time in three weeks that a government plot is triggered after developers bid for parcels in Chestnut Avenue and Dakota Crescent.
The total land area is around 226,042 sqft, and a gross plot ratio of 1.4, computes to a maximum permissible gross floor area of 316,460 sqft. The bid received was S$40.5 million which works out to about S$128 psf ppr.
There will also be some commercial space - about 48,438 sqft - that will give the residents around Seletar Hills some new and much needed places to eat and shop, especially after the wet market on that site was torn down.
According to some analysts, in a BT article,
‘Based on this land price, as well as the current resale prices of some of the newer condominium units in the Yio Chu Kang area which are between $600 psf and $700 psf, new apartments at this site should fetch prices of between $700 and $750 psf,’ he said.
However, Colliers International’s research and advisory director Tay Huey Ying expects just a handful of bids for the site, citing the lack of amenities in the vicinity and the fact that the site is not in close proximity to an MRT station. She also noted that older condos in the vicinity, such as Seletar Springs Condo, Serenity Park, Sunrise Gardens and Nim Gardens, fetched median prices of $480 psf to $520 psf in the first half of this year.
Also note that the land is very close to the Seletar Aerospace Hub and the future Rolls Royce plant. Those with $40m in spare change can find out more via the URA website.
Image: Google Maps
Via URA and Business Times - "Project may add to charms of Seletar Hills"
[UPDATE 20 AUG 2009: The tender has been launched and will close on 17 September 2009. Source: URA.]
Posted on 08-08-2009 23:28 | By John
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