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\n22nd\u00a0February\u00a0to 28th February 2022
\nWorks at two of the five Build-to-Order (BTO) projects affected by Greatearth Corp and Greatearth Construction\u2019s liquidation have been completed. Meanwhile, analysts expect the Pine Grove site\u00a0(Parcel A), which was recently launched for sale by public tender, to attract up to eight bids.
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\n1) Two of five BTO projects delayed by Greatearth pull-out completed
\nSenja Ridges launched in 2016. Source: HDB
\nConstruction works on two of the five\u00a0BTO projects affected by the liquidation of Greatearth Corp and Greatearth Construction have been completed, reported Channel News Asia citing the Housing and Development Board (HDB).
\nSenja Ridges was completed in January 2022, while the two blocks at Senja Heights were completed in December 2021 and February 2022, respectively.
\nConstruction for the five BTO projects was delayed after Greatearth Corp and Greatearth Construction went bust, despite government assistance.
\nThereafter, HDB appointed new construction firms for the projects and took several measures to ensure works resumed quickly, which include providing the new contractors with the list of Greatearth\u2019s subcontractors and suppliers.
\nHDB noted that works on the three other BTO projects are progressing well and are on track to be completed by their probable completion dates.
\nRising material and labour costs, as well as having to deal with COVID-19 safety measures and a manpower crunch hit the construction sector hard in 2021. In total, about\u00a02,200 construction companies ceased their operations in the past year.\u00a0
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\n2) Pine Grove site may attract up to eight bids
\nSource: URA
\nA 22,534.7 sq m residential site at Pine Grove (Parcel A) has been launched for sale by public tender, as announced by the Urban Redevelopment Authority.
\nExpected to yield 520 units, the 99-year leasehold site is one of the Confirmed list sites under the first half 2022 Government Land Sales (GLS) programme.
\nPropNex expects it to attract seven to eight bidders, with the top bid at about $586 million to $637 million, or a land rate of between $1,150 and $1,250 per sq ft per plot ratio (psf ppr).
\n\u201cWe expect the Pine Grove (Parcel A) site to attract developers who are eager to shore up their land inventory. In addition, future homes on the site should appeal to many home buyers given its location within an established residential enclave and proximity to numerous schools, such as Pei Tong Primary School, Henry Park Primary School and School of Science and Technology, Singapore,\u201d it said.
\nMeanwhile, Huttons believe the site will attract five to eight bidders, with the land bids ranging from $1,200 to $1,300 psf ppr.
\nAccording to the PropertyGuru Singapore Property Market Report Q1 2022, property supply is at a 3-year low. Putting the site move to increase private
\nParcel B is slightly bigger\u00a0( 25,039.2 sq m) and can yield 565 units. Both land parcels are a short walk away from Henry Park Primary School is a short walk away. The closest MRT stations are Dover and Clementi MRT stations on the East West Line.
\nRelated article:\u00a05 Best Neighbourhoods in Singapore for Families with Young Children (2021)
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\n3) UOL tops out twin towers at Avenue South Residence
\nAvenue South Residence was one of the projects launched in Q3 2019.
\nUOL Group, along with its joint venture partners Singapore Land Group and Kheng Leong Company, has topped out the twin towers at Avenue South Residence.
\nLocated at Silat Avenue, the 1,074-unit development comprises two 56-storey towers and five low-rise conservation blocks.
\nIt boasts the world\u2019s tallest residential towers to have used the prefabricated prefinished volumetric construction (PPVC) method. For this project, over 3,000 apartment modules were built at offsite factories before they are stacked and assembled into the 56-storey twin towers.
\nIn a release, UOL shared that the PPVC method helped improve productivity by around 40% in terms of time and manpower savings, while also helping reduce pollution and noise.
\nAvenue South Residence is set to be completed in Q2 2023.
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\n4) February BTO sales exercise registers overwhelming demand
\nDemand for the Feb 2022 BTO\u00a0exercise was \u201coverwhelming\u201d, with Dakota Crest in Geylang leading in terms of applications, reported Singapore Business Review.
\nRelated article:\u00a0BTO Application Rates in 2021 Are High: Here\u2019s How to Improve Your HDB BTO Application Ballot Chances
\nAs at midnight on 23 February, 26,870\u00a0applicants vied for the 3,953 new flats on offer. This works out to an overall application rate of 6.8 times, way higher compared to the 4.4 times registered in the November\u00a02021 BTO exercise when 4,501 new flats were launched.
\nDakota Crest in Geylang emerged as the \u201cstar\u201d of the February BTO sales exercise, with 7,794 applications received for the 442 available flats, or an application rate of 17.6.
\nIn terms of four-room HDB flat applications, the prime location public housing (PLH) project, King George\u2019s Heights, recorded an application rate of 16 as 4,704 applicants vied for 294 units.
\nHere is the BTO application rate for Feb 2022 (for non-elderly first-timers) for 3-room flats and bigger.<\/p>\n