The festive season usually corresponds to a decline in real estate activity. But this year in contrary, the land sales market seems to be revving up instead.
Collective sales and land sales going strong
Sales of land both directly from the government and in the private sector are going strong. The authorities have just launched an executive condominium (EC) site in Punggol under the Government Land Sales (GLS). Property analysts expect the site to welcome intense bidding with more than 12 developers gunning for it.
The EC market has been quiet for the most part of the year with only 1 more project yet to be launched – the Rivercove Residences in Anchorvale Lane. As the number of unsold ECs have been on the decline, interest in this segment is expected to rise as supply dwindles. The 99-year leasehold site in Sumang Walk is the only EC site released under the GLS programme this year. According to the Housing Board (HDB), it could potentially yield 820 homes.
Up to 18 bids expected for EC site
Property experts estimate this 27,056.4 sq m site to receive bids ranging between $358 to $385 million or $410 to $440 psf ppr. The Urban Redevelopment Authority (URA) recently launched 2 sites under the GLS programme were residential sites in Chong Kuo Road and Handy Road. All 3 tenders close at noon on Jan 30.