The launch of new residential and commercial site near the Upper Serangoon road was scheduled for tender in 2017. The launch of this mixed-use plot left all the property observers excited. It is estimated that the area will produce total 825 residences. For commercial space, 15,000 square meters is allocated. According to the National Development Ministry, the commercial area will offer services to the residents of the area. It is expected that the land will received bidding price ranging from S$750 psf ppr to S$920 psf ppr.
In Q4 2016, in another area, a 0.4 hectare land at the intersection of Racecourse road and Perumal road was sold at $174 million. This Perumal site is nearby the Farrer Park MRT station. Under this development, almost 200 homes and a 500 square meter gross floor area (GFA) for commercial space is allotted. At an aggressive purchase price of S$174 million, this land is sold at approximately $1000 psf ppr and is $200 psf ppr more than the land bid price of nearby development, Sturdee Residences.
Both the Perumal road and Woodleigh site belong to the confirm list areas. This means that whether there is any indication of interest by developer in the site or not, URA will still release them for sale. While the reserved-list areas are offered when there is an interested developer.
There are a few reserve list sites that have already been sold end of last year. One of them is the land parcel of the future Margaret drive Condo. This land was released in November and sold in December 2016. Margaret Drive development has the total land space of 0.48 hectare. Along with this, it is estimated that there will be 275 private residences. Its tender was awarded to MCL land S$238.89 million. This will be the latest residential development by MCL Land. Their last housing development was Lake Grande which was situated in Jurong, the second CBD of Singapore.
On the other hand, the other development site is in the area of Upper Bukit Timah. This is near the Toh Tuck road and it is appointed for private Singapore condos. The total number of condos that can be generated are 325. This site is near the Beauty World MRT station, approximately 500 meters. The total land space is 1.87 hectares. The Toh Tuck Site was sold to SP Setia International at a tender price of S$265 million
Another unsold reserve-list site is a 2.81-hectare plot near Serangoon North Avenue 1. The close by areas are the public flats and Serangoon Garden housing estate. The Serangoon North Avenue site can accommodate up to 825 private homes and the bid forecasted for this site is $770 to $820 psf ppr. This site is large and at a distance from the MRT stations. Forest Woods is the latest new launch condo in Serangoon area. Due to its proximity to the MRT station and Shopping Mall, to date, 81% of the units in Forest Woods were already sold.
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