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On 26 November 2020, 2 land sites were launched under the Government Land Sales (GLS) programme for the second half of the year 2020. The 2 sites are an executive condominium (EC) site at Tengah and a new private condo site at Ang Mo Kio.
According to the Urban Redevelopment Authority (URA) and the Housing Development Board (HDB) on Thursday, the land sites are about to build around 985 residential units.
The Tengah site will be located at Tengah Garden Walk and will have a land size of around 22,020 square meters and a maximum Gross Floor Area (GFA) of 61,659 square meters. This EC site is the first EC housing type in the “forest town” of Tengah and is expected to have around 615 residential units.
According to Mr. Ong Tech Hui, JLL senior director of research and consultancy, Tengah Garden Walk EC is likely to have a favorable market because there are only four EC developments along the pipeline. He also mentioned that demand will increase with a better market sentiment in 2021.
Currently, there are only three ECs launches, namely Ola which is located at Sengkang, Parc Canberra which is around 400 meters from Canberra MRT Station, and Piermont Grand at Punggol. There is also another upcoming EC, namely Parc Central Residences in Tampines Avenue 10 and Provence Residence that is located just next to Parc Canberra in Sembawang.
Mr. Nicholas Mak from ERA Realty’s head of research and consultancy predicted that Tengah Garden Walk EC could draw six to nine interested developers with the highest estimated bid from $331.8 million to $352 million or $500 to $530 per square feet per plot ratio (psf ppr)
The second land parcel which is located at Ang Mo Kio Avenue 1, has a land size of 12,679 square meters and a maximum GFA of 31,699 square meters. A total of around 370 residential units are expected for this new development.
According to Ms. Wong Siew Ying from PropNex’s head of research and content, this Ang Mo Kio land parcel is the latest GLS site in six years. Besides located in a mature estate, the site is also located near to the future Mayflower MRT Station along the Thomson-East Coast Line. She expects that there will be more than 10 developers that are interested in this site. She estimated the highest bid will range from $273 million to $290 Million which translates to $800 to $850 psf ppr.
Given the COVID-19 pandemic situation, developers are given a longer tender period of six months to evaluate their assessment by the URA and HDB. The tender will close at noon 25 May 221 for the two sites.
Source : https://www.straitstimes.com/business/property/ec-site-at-tengah-garden-walk-condo-parcel-at-ang-mo-kio-launched-for-sale?&utm_source=facebook&utm_medium=social-media&utm_campaign=addtoany