The Housing & Development Board (HDB) released two residential sites at Sembawang Road/Canberra Drive and Sengkang East Avenue/Buangkok Drive for sale on 14 Apr 2010.

Additionally, HDB will also put up another two residential sites on the Reserve List, located at Punggol Field/Punggol Road and Yishun Avenue 2/Avenue 7/Canberra Drive, for public tender in early May 2010.

In total, these 4 residential sites can potentially yield about 1,970 dwelling units, of which about 1,080 are Executive Condominium (EC) units.

The Sembawang Road/Canberra Drive land parcel can be developed as landed housing, a condominium project or simply as flats.

Li Hiaw Ho, Executive Director, CBRE Research ventured, “HDB has allowed the site to be developed into a low-rise condominium up to five storeys or three-storey landed homes. Assuming a low-rise condominium of around 300-350 units will be built on-site, the subject site is likely to fetch a land price of $95 - $105 million ($280 psf/plot ratio-$310 psf/plot ratio). Alternatively, at about the same land price, around 120-150 units of cluster houses can be considered for strata landed housing development.”

“Recent new apartment projects launched in the vicinity include The Estuary (806 units) which was launched at around $757 psf. This is also a 99-year leasehold project,” he added.

The Sengkang East Avenue/Buangkok Drive land parcel was successfully triggered under the Reserve List on 1 Apr 2010, with a minimum offer price of $103,800,000. It is slated to be an Executive Condominium (EC) development and is expected to yield some 465 units.

The Punggol Field/Punggol Road site was made available for application under the Reserve List on 4 Dec 2008. A developer has committed to bid at a price of not less than $147,700,000 for the site. Also slated to be an EC development, it is expected to yield some 615 units.

The last site is the Yishun Avenue 2/ Yishun Avenue 7/ Canberra Drive land parcel which was made available for application under the Reserve List on 27 Aug 2008. A developer has committed to bid at a price of not less than $137,900,000 for this land parcel. It will be developed as a condominium project and some 600 units are expected to be built there.