{"id":23173,"date":"2016-08-17T16:51:06","date_gmt":"2016-08-17T09:51:06","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-in-singapore-are-fighting-over-this-plot-of-land\/"},"modified":"2016-08-17T16:59:37","modified_gmt":"2016-08-17T09:59:37","slug":"developers-in-singapore-are-fighting-over-this-plot-of-land","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-in-singapore-are-fighting-over-this-plot-of-land\/","title":{"rendered":"Developers in Singapore are fighting over this plot of land"},"content":{"rendered":"


\nCompetition is expected to be fierce for this government tender
\nStunning Singapore at night. Image credit: aotaro (Flickr)
\nSingapore 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 second half of the year.
\nUp to 10 property developers are expected to jump on the parcel, which covers 17,196 square metres in a strategic area near the Thanggam LRT station, Sengkang Riverside Park, and The Seletar Mall, according to a report by Straits Times. The tract of land could yield about 605 private units.
\nBids for the site could reach as high as SGD244 million (USD181 million) to SGD272 million (USD202 million), according to SLP International executive director Nicholas Mak.
\nDesmond Sim, who heads CBRE Research for Singapore and Southeast Asia, said that the tender is an opportune time for property developers to expand their land banks. \u201cCompetition will be keen, especially from developers who have not been awarded any residential sites for the past few tenders,\u201d Sim said.
\nOng Teck Hui, national director for research and consultancy at Jones Lang LaSalle, believes that bidding for the site will be competitive since developers are anticipating Singapore\u2019s residential market to bottom out.
\nMore: Four reasons why Indonesians invest in Singapore
\nDevelopers are also keen on the site after the strong showing of condominium units around the area. Mak reported that units around the Fernvale Road area sold between SGD970 (USD722) per square foot and SGD1,060 (USD789) per sq ft in the first seven months of the year.
\nDevelopers may also want to follow the lead of the High Park Residences, which sits on two parcels by the Fernvale Road acquired in 2014 for SGD234.9 million (USD174.6 million) and SGD252.1 million (USD187.4 million). The average price for a unit in High Park Residences is SGD988 (USD735) per sq ft.
\nSales of new private homes around the city-state hit a peak unseen since July 2015, according to the Urban Redevelopment Authority. Around 1,091 new units, not including those categorised as executive condominiums, were sold in July 2016, compared with 1,655 units last year.
\nAside from the Fernvale Road parcel, the government will also put up sites in Perumal Road, West Coast Vale and Upper Serangoon Road for sale before the end of the year.
\nRead next: How has Singapore\u2019s real estate market changed in 51 years?
\n
\nSource : property-report.com
\nRead more…Developers in Singapore are fighting over this plot of land<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Competition is expected to be fierce for this government tender Stunning Singapore at night. Image...<\/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-23173","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\/p75ss1-61L","jetpack-related-posts":[{"id":35282,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-caution-exercised-in-bidding-activity\/","url_meta":{"origin":23173,"position":0},"title":"More caution exercised in bidding activity","date":"November 22, 2016","format":false,"excerpt":"\r Developers have shifted their focus to the private market, with Roxy-Pacific signing a $33.25 million deal for Harbour View Gardens. (Photo: Colliers International) Edmund Tie & Co believes property developers are becoming more cautious with bidding in government land sales (GLS) exercises, resulting in the clustering of bids within\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":27445,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-tender-for-singapores-coveted-fernvale-road-site-has-been-won\/","url_meta":{"origin":23173,"position":1},"title":"The tender for Singapore\u2019s coveted Fernvale Road site has been won","date":"September 27, 2016","format":false,"excerpt":"\r So which developer paid USD211.27 million for the 17,196-sqm parcel? Public housing residential blocks at Sengkang in Singapore. Blue sky during sunrise. diyben \/ Shutterstock The bidding war over a land parcel in Fernvale Road in Singapore\u00a0came to an today with\u00a0Sing Development and Wee Hur Development narrowly beating the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114700,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-closes-tender-for-canberra-drive-and-fernvale-lane-sites\/","url_meta":{"origin":23173,"position":2},"title":"URA closes tender for Canberra Drive and Fernvale Lane sites","date":"March 4, 2020","format":false,"excerpt":"\r Parcels A and B received five and four bids respectively, while the EC site at Ferndale Lane was hotly-contested, with seven bids. The 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":40195,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/perumal-road-site-attracts-174m-top-bid\/","url_meta":{"origin":23173,"position":3},"title":"Perumal Road site attracts $174m top bid","date":"January 10, 2017","format":false,"excerpt":"\r Aerial view of the land parcel at Perumal Road. (Photo: URA) A residential with first storey commercial site at Perumal Road in Litte India attracted strong interest from developers, with 11 bids submitted at the close of its public tender on Tuesday (10 February), revealed the Urban Redevelopment Authority\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":54919,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-bid-more-aggressively-amid-signs-of-housing-market-rebound\/","url_meta":{"origin":23173,"position":4},"title":"Developers bid more aggressively amid signs of housing market rebound","date":"May 16, 2017","format":false,"excerpt":"\r With buyers snapping up units at projects such as Seaside Residences (pictured), new home sales more than doubled from the same month last year. The spike in new home sales following an easing of property cooling measures saw more developers aggressively bidding at land auctions in Singapore, reported Bloomberg.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":97286,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/subdued-interest-in-two-government-land-sales-sites\/","url_meta":{"origin":23173,"position":5},"title":"Subdued interest in two Government Land Sales sites","date":"September 5, 2018","format":false,"excerpt":"\r Aerial view of the sale site at Dairy Farm Road. (Photo: URA) Interest in two Government Land Sales sites at Dairy Farm Road and Jalan Jurong Kechil was subdued after their tender exercises closed with five and three bids respectively. This marked the first batch of GLS site tenders\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/23173"}],"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=23173"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/23173\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=23173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=23173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=23173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}