{"id":114700,"date":"2020-03-04T12:12:13","date_gmt":"2020-03-04T05:12:13","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-closes-tender-for-canberra-drive-and-fernvale-lane-sites\/"},"modified":"2020-03-04T13:11:59","modified_gmt":"2020-03-04T06:11:59","slug":"ura-closes-tender-for-canberra-drive-and-fernvale-lane-sites","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-closes-tender-for-canberra-drive-and-fernvale-lane-sites\/","title":{"rendered":"URA closes tender for Canberra Drive and Fernvale Lane sites"},"content":{"rendered":"


\nParcels A and B received five and four bids respectively, while the EC site at Ferndale Lane was hotly-contested, with seven bids.
\nThe tender for two private residential sites in Canberra Drive (Parcels A and B) and an executive condominium (EC) site in Fernvale Lane closed on Tuesday (3 March), with the land bids generally within market expectations.
\n\u201cWe believe developers probably took some comfort from the decent home sales in recent months and healthy buying interest in certain upcoming projects,\u201d said Tricia Song, Head of Research for Singapore at Colliers International.
\nCanberra Drive\u2019s Parcel A attracted five bids, with Oasis Development submitting the top bid of $129.2 million or $644 per sq ft per plot ratio (psf ppr).
\nThe second highest offer of $124.9 million came from MCC Land (Singapore) and Greatview Group, while CSC Land Group (Singapore) submitted the lowest bid of $114 million.
\n\u00a0
\nParcel B fetched four bids, with UOL-controlled United Venture Development (2020) placing the highest bid of $270.2 million or $650 psf ppr.
\nView details of the Canberra Drive sites here.
\nMCC Land (Singapore) and Greatview Group once again submitted the second-highest bid at $257.9 million. The lowest bid also came from CSC Land Group (Singapore) at $240 million.
\nLaunched for sale under the Confirmed List of the Government Land Sale (GLS) programme for the second half of 2019, the two sites were initially listed as a single plot under the first half of the 2019 GLS programme. They are split into two plots on the Confirmed List to ensure that they will be more digestible and appealing to developers, said Desmond Sim, Head of Research for Southeast Asia at CBRE.
\nRead: Property price growth: Which districts had the highest price psf growth?
\n\u201cParcel B is almost twice as large as Parcel A, yielding up to 455 units while Parcel A can yield 220 units. The sites are attractive considering their proximity to Canberra MRT station, Sembawang Shopping Centre and Sun Plaza,\u201d he added.
\nIn fact, Liam Wee Sin, Group Chief Executive of UOL, expects the site to attract \u201chealthy demand from the large catchment of owner-occupiers and potential HDB upgraders due to the increasing popularity of Canberra as a new integrated estate\u201d.
\nMeanwhile, the EC site at Fernvale Lane drew seven bids, with the bids tightly bunched between $500 psf and $555 psf \u2013 reflecting a consensus on the site\u2019s demand and pricing.
\nFCL or Frasers Property offered the highest bid of $286.5 million or $555 psf ppr, \u201cpipping the second-placed Sing Holdings and MCC Land by just 0.5%\u201d, said Song.
\n\u201cThe top bid price is slightly above our expectation of $500 psf ppr,\u201d she added.
\nSong believes developers\u2019 confidence may have been \u201cboosted by the recent stellar performance\u201d at EC projects such as OLA Residences in nearby Anchorvale, which received 1,163 e-applications or over two times than the 548 units offered within the Spanish-themed development. The 496-unit Parc Canberra EC also saw 64% or 316 units snapped up at an average price of $1,085 psf during its February launch.
\nSim noted that while there is no nearby MRT station, the EC site is still near amenities like Greenwich V shopping mall. He expects the site to appeal to HDB upgraders in Punggol and Sengkang, \u201cwith at least 10,000 flats in these areas reaching their five-year minimum occupation period\u201d.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…URA closes tender for Canberra Drive and Fernvale Lane sites<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Parcels A and B received five and four bids respectively, while the EC site at...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-114700","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-tQ0","jetpack-related-posts":[{"id":114864,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-awards-tender-for-fernvale-lane-ec-site-to-frasers-property\/","url_meta":{"origin":114700,"position":0},"title":"HDB awards tender for Fernvale Lane EC site to Frasers Property","date":"March 12, 2020","format":false,"excerpt":"\r Here\u2019s why the site is one to watch. Photo: Google The Housing and Development Board has awarded the tender for an executive condominium (EC) site at Fernvale Lane to Frasers Property, or FCL Lodge Pte Ltd, after it submitted the highest bid of $286.5 million. Launched for sale on\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":97292,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/canberra-link-ec-site-receives-healthy-interest-with-nine-bids\/","url_meta":{"origin":114700,"position":1},"title":"Canberra Link EC site receives healthy interest with nine bids","date":"September 5, 2018","format":false,"excerpt":"\r Location map of the land parcel at Canberra Link. Source: HDB The tender for an executive condominium (EC) site in Canberra Link received nine bids, with Hoi Hup Realty and Sunway Developments submitting the highest bid of $271 million. Launched for sale on 28 June, the 99-year site has\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112728,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/2-residential-sites-at-canberra-drive-launched-for-sale-via-public-tender\/","url_meta":{"origin":114700,"position":2},"title":"2 residential sites at Canberra Drive launched for sale via public tender","date":"November 29, 2019","format":false,"excerpt":"\r The two adjacent sites can yield a total of 675 housing units.\u00a0 Two residential sites (Parcels A and B) at Canberra Drive have been put up for sale via public tender under the confirmed list of the government land sales (GLS) programme for the second half of 2019, announced\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114103,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-cautious-gls-bid-causes-8-20-drop-in-land-prices\/","url_meta":{"origin":114700,"position":3},"title":"Developers\u2019 cautious GLS bid causes 8-20% drop in land prices","date":"January 14, 2020","format":false,"excerpt":"\r The muted sales take-up rates seen in existing projects in the vicinity of both sites are possible reasons that developers have placed lower bids. The cautious approach employed by developers towards bidding for land has caused an 8% to 20% drop in land prices including the 5% Additional Buyer\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23173,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-in-singapore-are-fighting-over-this-plot-of-land\/","url_meta":{"origin":114700,"position":4},"title":"Developers in Singapore are fighting over this plot of land","date":"August 17, 2016","format":false,"excerpt":"\r Competition is expected to be fierce for this government tender Stunning Singapore at night. Image credit: aotaro (Flickr) Singapore has opened up a highly coveted site around Fernvale Road for tender, in the first of four land parcels up for grabs under the Government Land Sales programme for the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":27561,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/fernvale-road-residential-site-attracts-14-bids\/","url_meta":{"origin":114700,"position":5},"title":"Fernvale Road residential site attracts 14 bids","date":"September 28, 2016","format":false,"excerpt":"\r The site on Fernvale Road is close to The Seletar Mall. A 99-year leasehold residential site at Fernvale Road received robust interest during the close of its tender on Tuesday (27 September), with 14 developers bidding for the site. A consortium between Sing Development and Wee Hur Development submitted\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/09\/Fernvale-Road-site.jpg?fit=470%2C457&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/114700"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=114700"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/114700\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=114700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=114700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=114700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}