PDF version[Singapore] – The Housing & Development Board (HDB) is inviting tender for the sale of an Executive Condominium housing site at Punggol Field/ Punggol Road today.
The subject site has an estimated land area of about 22,500 square metres (about 242,000 square feet) and permissible Gross Floor Area (GFA) of 67,500 square metres (about 726,000 square feet) respectively. This is one of the four executive condominium sites to be made available in the Government Land Sale Programme in the first half of 2008.
Although Punggol is one of the newer suburbs in the North-eastern part of Singapore that is relatively far from the city centre, the location of this site is attractive as it is located within 5 to 10 minutes walk to the Punggol MRT station. Besides, the subject site enjoys some facilities within walking distance such as Edgefield Primary School, Punggol Secondary School, shops and common green. However, there may be a lack of certain amenities that is found in more matured housing estates. According to the HDB, additional amenities will come on stream as more residents set up homes in Punggol. As such, the EC site at Punggol appears to have a better location than another EC site at Sengkang East Avenue, which was made available for application under the Reserve List on 30 April 2008.
Amidst the most recent blow in the financial markets in the US, the sentiments in the Singapore
residential market might be further dampened towards the end of this year. Therefore, the subject site
is expected to attract rather lukewarm response with less than 5 bids.
Based on recent transaction of Executive Condominium units in the North-eastern part of Singapore
(e.g. Park Green) at an average price of S$480 – S$500 psf in 3Q 2008., we estimate that the
potential new EC units at this Punggol site could be launched at the selling price of S$500 to S$550
psf, the land price of the EC site at Punggol Field will be in the region of S$73 million to S$87 million
(equivalent to S$100 to S$120 psf ppr). The proposed executive condominium can yield up to 600 to
620 units.
Nicholas Mak, Director of Consultancy & Research Department, Knight Frank, +65 6228 6821
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank and its New York-based global partner, Newmark Knight Frank, operate from 196 offices, in 38 countries, across six continents. More than 6,770 professionals handle in excess of US$700 billion (almost £355 billion) worth of commercial, agricultural and residential real estate annually, advising clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Companyplease visit, please visit www.knightfrank.com