More property cooling measures: 8 mass market sites
The government will be force feeding the mass market private property segment with at least 6 residential and 2 Executive Condominium (EC) sites to cool down the market.
With mass market condos leading a bull charge since early 2009 and HDB prices skyrocketing to record highs, the government has made good its promise made on 14th September. All 8 sites are clearly located in the suburbs sending a clear signal that they will not tolerate irrational exuberance.
The sites on the confirmed list are:
1. Choa Chu Kang Road / Woodlands Road (above Bukit Panjang LRT Depot) ~200 units
2. Tampines Avenue 1/ Tampines Avenue 10 ~605 units
3. Boon Lay Way / Lakeside Drive ~525 units
4. Simei Street 3 ~ 250 units
5. Upper Serangoon Road / Pheng Geck Avenue ~150 units
6. Sembawang Road / Canberra Drive ~290 units
7. Buangkok Drive/Compassvale Bow (Executive Condo) ~520 units
8. Yishun Avenue 11 (Executive Condo) ~385 units
It is estimated that 2,925 units are expected to be yielded from this confirmed list. There are also a long list of other sites that have been put on the reserve list here which in could flood the market with up to another 7,625 residential units. In total, 10,550 residential units could be built on all these land...so the next time someone tries to sell you something with "Singapore is short of land...price sure go up...", give him/her a dirty look okay?
Here are snapshots of the site locations taken from URA:
1. Choa Chu Kang Road / Woodlands Road (above Bukit Panjang LRT Depot) ~200 units
Are we reading this right? A condo is to be built over an existing LRT Depot (Ten Mile Junction)?
2. Tampines Avenue 1/ Tampines Avenue 10 ~605 units
If you love views, this could be it! Reservoir/Greenery view (on two sides!) anyone? This is on the northern shores of Bedok Reservoir, beside The Tropica and Temasek Polytechnic in District 18.
3. Boon Lay Way / Lakeside Drive ~525 units
We find out today what is going to happen to the site between Lakeside MRT and the Caspian - its going to be another massive mass market condo with around 525 units! Now...what will they do with that empty piece of land directly south of the MRT?
4. Simei Street 3 ~ 250 units
As if this place is not crowded enough with 5 mass market condominiums and 1 DBSS (Parc Lumiere) around the corner. Located beside Eastpoint Mall and Simei MRT, this site is likely one of the most attractive plots of residential land in the area. We expect a hotly contested war between developers for this considering the response Double Bay got earlier in the year.
5. Upper Serangoon Road / Pheng Geck Avenue ~150 units
It's weird. The designation is Upper Serangoon Road and the planning area is Toa Payoh...but hardly any of it refers to its "actual" location: Potong Pasir. Beside Potong Pasir MRT and with its back facing a huge landed estate with unblocked view, this site will give 8@Woodleigh a run for its money!
6. Sembawang Road / Canberra Drive ~290 units
Well this isn't exactly the best location at first glance, but it does have its charm. This area is mostly landed and pretty quiet! Close to Sembawang Shopping Centre.
7. Buangkok Drive/Compassvale Bow (Executive Condo) ~520 units
This site was watched by many couples waiting for a BTO launch in the area. Although it doesn't take up the whole stretch of empty fields, we expect more EC's to come. The Quartz, which was recently completed can be seen across the road and Buangkok MRT station is just a short walk away.
8. Yishun Avenue 11 (Executive Condo) ~385 units
It is interesting to note that the Yishun Avenue 11 site (~385 units) designated for Executive Condominium use is in the same estate as the unlaunched The Estaury at Yishun Avenue 2 and might give MCL a hard time. Executive Condominium purchases have the advantage of a usually lower price point and even a $30,000 HDB first-timer grant in a very price sensitive market segment. Perhaps MCL should buy this up as well and corner the market?
Now the big question though, is whether all this land being injected into the system will translate to what we all want: lower prices! Developers can buy low...but will they sell low?
Another question is if the bidding war between developers heats up and the winner takes the plot at a crazy price, will the government reject a ridiculously high bid for the land?
High land price? No problem! Just make every unit a Studio or 2BR and magic! Singaporeans buy. Strange right?
Do you like these plots of land? Or are you doubtful this will help the market? Your thoughts here.
[UPDATE: More on this via Channel News Asia. Hear also what Mah Bow Tan has to say. Experts think there will be "keen competition" on these 8 sites.]
Images: URA
With mass market condos leading a bull charge since early 2009 and HDB prices skyrocketing to record highs, the government has made good its promise made on 14th September. All 8 sites are clearly located in the suburbs sending a clear signal that they will not tolerate irrational exuberance.
The sites on the confirmed list are:
1. Choa Chu Kang Road / Woodlands Road (above Bukit Panjang LRT Depot) ~200 units
2. Tampines Avenue 1/ Tampines Avenue 10 ~605 units
3. Boon Lay Way / Lakeside Drive ~525 units
4. Simei Street 3 ~ 250 units
5. Upper Serangoon Road / Pheng Geck Avenue ~150 units
6. Sembawang Road / Canberra Drive ~290 units
7. Buangkok Drive/Compassvale Bow (Executive Condo) ~520 units
8. Yishun Avenue 11 (Executive Condo) ~385 units
It is estimated that 2,925 units are expected to be yielded from this confirmed list. There are also a long list of other sites that have been put on the reserve list here which in could flood the market with up to another 7,625 residential units. In total, 10,550 residential units could be built on all these land...so the next time someone tries to sell you something with "Singapore is short of land...price sure go up...", give him/her a dirty look okay?
Here are snapshots of the site locations taken from URA:
1. Choa Chu Kang Road / Woodlands Road (above Bukit Panjang LRT Depot) ~200 units
Are we reading this right? A condo is to be built over an existing LRT Depot (Ten Mile Junction)?
2. Tampines Avenue 1/ Tampines Avenue 10 ~605 units
If you love views, this could be it! Reservoir/Greenery view (on two sides!) anyone? This is on the northern shores of Bedok Reservoir, beside The Tropica and Temasek Polytechnic in District 18.
3. Boon Lay Way / Lakeside Drive ~525 units
We find out today what is going to happen to the site between Lakeside MRT and the Caspian - its going to be another massive mass market condo with around 525 units! Now...what will they do with that empty piece of land directly south of the MRT?
4. Simei Street 3 ~ 250 units
As if this place is not crowded enough with 5 mass market condominiums and 1 DBSS (Parc Lumiere) around the corner. Located beside Eastpoint Mall and Simei MRT, this site is likely one of the most attractive plots of residential land in the area. We expect a hotly contested war between developers for this considering the response Double Bay got earlier in the year.
5. Upper Serangoon Road / Pheng Geck Avenue ~150 units
It's weird. The designation is Upper Serangoon Road and the planning area is Toa Payoh...but hardly any of it refers to its "actual" location: Potong Pasir. Beside Potong Pasir MRT and with its back facing a huge landed estate with unblocked view, this site will give 8@Woodleigh a run for its money!
6. Sembawang Road / Canberra Drive ~290 units
Well this isn't exactly the best location at first glance, but it does have its charm. This area is mostly landed and pretty quiet! Close to Sembawang Shopping Centre.
7. Buangkok Drive/Compassvale Bow (Executive Condo) ~520 units
This site was watched by many couples waiting for a BTO launch in the area. Although it doesn't take up the whole stretch of empty fields, we expect more EC's to come. The Quartz, which was recently completed can be seen across the road and Buangkok MRT station is just a short walk away.
8. Yishun Avenue 11 (Executive Condo) ~385 units
It is interesting to note that the Yishun Avenue 11 site (~385 units) designated for Executive Condominium use is in the same estate as the unlaunched The Estaury at Yishun Avenue 2 and might give MCL a hard time. Executive Condominium purchases have the advantage of a usually lower price point and even a $30,000 HDB first-timer grant in a very price sensitive market segment. Perhaps MCL should buy this up as well and corner the market?
Now the big question though, is whether all this land being injected into the system will translate to what we all want: lower prices! Developers can buy low...but will they sell low?
Another question is if the bidding war between developers heats up and the winner takes the plot at a crazy price, will the government reject a ridiculously high bid for the land?
High land price? No problem! Just make every unit a Studio or 2BR and magic! Singaporeans buy. Strange right?
Do you like these plots of land? Or are you doubtful this will help the market? Your thoughts here.
[UPDATE: More on this via Channel News Asia. Hear also what Mah Bow Tan has to say. Experts think there will be "keen competition" on these 8 sites.]
Images: URA
Posted on 07-11-2009 11:41 | By Francis
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