Despite the fiasco of the first batched tender land sale in July, the Government is undeterred in continuing with the experiment. In a bid to bring down property prices, the Urban Redevelopment Authority (URA) came up with the scheme of having land sites that share similar characteristics to have the same tender closing date. The rational was that developers will not place bids for all sites simultaneously, this will lead to reduced competition, and, hence, lower bid prices.
However, as it panned out in the first batched tender, bid prices made new records. The executive condominium (EC) site in Yuan Ching Road attracted a top bid of $418 per sq ft (psf) per plot ratio (ppr) – smashing all previous record bids for EC sites.
The other two EC sites in Punggol also saw new heights scaled. While not clinching the honour of having the highest EC bids, they still drew higher bids than for former Punggol EC sites.
In contrast, for this second batched tender sale on 30 September, the two sites on offer are adjacent sites for private homes. Located along Upper Serangoon View, the sites plus points include their favourable facing along Sungei Serangoon. The pair of 99-year leasehold sites measures 15,342.1 sq m and 11,953.2 sq m, and can yield about 510 and 410 housing units respectively.
A third batched tender land sale is scheduled in December in which a pair of EC sites at Choa Chu Kang Grove will be released for sale.
Bidding for the Upper Serangoon View sites will close at 12pm on 28 November 2013.
Property hunters can look forward to even more homes, speak to a professional mortgage broker today for a FREE Home Loan Report ™ and advice in comparing Singapore home loans.
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