HDB offers for sale 2 sites for private homes

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Business Times - 22 Sep 2010

HDB offers for sale 2 sites for private homes

One in Hougang, the other in Woodlands; 2 BTO projects also launched

A NEW supply of HDB flats and land for private homes has been released by the government to continue meeting housing demand.

The Housing & Development Board (HDB) released for sale another two land parcels - one at Woodlands and the other at Hougang - on which a total of 805 private homes can be built.

It also launched two new build-to-order (BTO) HDB projects in Woodlands yesterday.

The two 99-year leasehold sites for private homes are being launched for sale under the confirmed list of the Government's land sales programme for the second half of 2010.

The site at the junction of Woodlands Avenue 1 and Woodgrove Avenue can yield 265 homes. The second site, at Upper Serangoon View, can yield 540 apartments.

Analysts expect a 'reasonable' level of interest in the two land parcels from developers.

CB Richard Ellis executive director Joseph Tan said that if the recent tender for a residential site at Hougang Avenue 7 is used as a guide, the two new sites should draw around four to six bids each. The tender for the 99-year-leasehold residential site at Hougang Avenue 7, which closed on Sept 17, drew six bids.

Land bids are likely to be in the range of $300-$350 per square foot per plot ratio (psf ppr), said DTZ's head of South-east Asia research Chua Chor Hoon.

'The two sites will cater to the mass market segment, mainly HDB upgraders, as they are within HDB estates and are not near MRT stations,' she added.

Interest from homebuyers is also expected to be strong for the two HDB projects, analysts said.

The prices of the HDB flats are very attractive, noted PropNex corporate communications manager Adam Tan.

'Compared to HDB's Q2 2010 median resale prices for similar flats in Woodlands, the median indicated pricing for these units is between 23 per cent (for four-room flats at Woodlands Meadow) and a generous 39 per cent (for three-room flats at Woodlands Meadow) cheaper,' Mr Tan said.

'This will appeal to young couples who have just started their careers and are looking to start a family in the next few years.'

The two new BTO projects - Woodlands Dew and Woodlands Meadow - are diagonally across from each other. Woodlands Dew is bounded by Woodlands Avenue 9 and Woodlands Crescent while Woodlands Meadow is along Woodlands Crescent.

A total of 1,329 units will be offered in the two projects, comprising 330 units of two-room, 220 units of three-room, 569 units of four-room and 210 units of five-room flats. With yesterday's launch, HDB would have offered a total of 14,200 new flats for sale under the BTO and Sale of Balance Flat exercises since the start of 2010.

HDB said it intends to launch more BTO projects for the rest of the year in areas such as Bukit Panjang, Punggol, Sengkang and Yishun. The next launch in October 2010 will offer about 1,320 flats in Bukit Panjang and Sengkang.

The land sales for another two sites under the design, build and sell scheme (DBSS) as well as two executive condominium (EC) sites are also in the pipeline.

The DBSS sites, located in Upper Serangoon and Corporation Drive, are expected to yield about 1,200 units. The EC sites located in Bukit Panjang and Tampines are expected to yield about 1,100 units.

HDB is prepared to launch more sites for development if there is sustained demand, the agency reiterated.

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