PDF versionSingapore, - The Urban Redevelopment Authority (URA) launched a residential site at New Upper Changi Road / Tanah Merah Kechil Avenue for sale by public tender today. This land parcel at New Upper Changi Road / Tanah Merah Kechil Avenue is one of the four residential sites to be sold through the Confirmed List under the Government Land Sales Programme for the second half of 2008.
The land parcel at New Upper Changi Road has a site area of about 9,875.5 square metres (106,299 square
feet) and maximum permissible GFA of 27,652 sqm (297,643 sq ft). The subject site is located within an
established residential estate with various condominiums such as East Meadows, D’Manor, Palmwoods and
adjacent to Tanah Merah MRT Station. Besides, it also enjoys various amenities located nearly, such as Bedok
Swimming Complex, Bedok Sports Hall and Bedok Shopping Complex.
We noticed that in July 2008, sales activities in mass-market segment picked up with certain residential project launched at affordable prices. This slight pent-up demand in this segment due to the lack of major mass-market project launches and the steady rise in HDB resale prices. However, homebuyers in the mass to middle-tier markets are very price sensitive and there is a price limit that they are willing to pay.
As such, we estimated that new units in this development can likely fetch average price of S$700 to S$750 psf and the land price for this site should be in the region of S$74 million to S$89 million (S$250 to S$300 psf ppr). This site could potentially be developed into a 10 to 12-storey condominium with about 230 to 270 units.
Nicholas Mak, Director of Consultancy & Research Department, Knight Frank, +65 6228 6821
Knight Frank and its New York-based partner, Newmark Knight Frank, operate over 140 offices in established and emerging property markets on five continents. Last year, the companies handled transactions valued at over $41billion with annual revenues of over $545 million.
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