Three residential sites that together could yield more than 1,500 housing units have been put on the confirmed list for tender. The first site, at Jalan Loyang Besar/Pasir Ris Drive 4, measures 2.7ha, with a maximum gross floor area (GFA) of 610,028 sq ft, and could yield 580 units. Units at NV Residences, a condominium project by City Developments (CDL) at nearby Pasir Ris Drive 1, have sold at $820 to $840 psf. Based on this price, Li Hiaw Ho, executive director of CB Richard Ellis (CBRE) Research, expects the site to fetch a land price of $205 million to $230 million, or $336 to $377 psf per plot ratio (ppr). The tender closes at noon on May 10.
At Sembawang Road/Jalan Sendudok, a 2.8ha plot with maximum GFA of 418,451 sq ft offers a yield of some 390 units. Canberra Residences, an earlier project in the estate but nearer to the Sembawang MRT station, was awarded at $387 psf ppr, says Li. He expects this new site to see bids of $154 million to $165 million, or $370 to $396 psf ppr. The tender closes at noon on May 26.
The third site at Buangkok Drive/ Sengkang East Drive covers 210,428 sq ft, with GFA of 631,283 sq ft, which could house a 550-unit development. H20 Residences, now being marketed at Sengkang West and has fetched an average of $920 psf, was bought by developer CDL for $365 psf ppr, or $200.5 million. Li believes the new site could fetch $250 million to $280 million, or $396 to $444 psf ppr. The tender closes at noon on June 2.
