DBSS site at Upper Serangoon up for bidding

Published October 12, 2010
By FELDA CHAY


THE Housing and Development Board (HDB) is putting up for sale today a public housing site at Upper Serangoon Road under the Design, Build, and Sell Scheme (DBSS) - the third piece of land to be sold under the scheme this year.


HDB also said that a DBSS site at Yuan Ching Road and Corporation Drive will be up for tender in November this year, with an estimated yield of 580 units. It added that more sites will be put onto the market if there is sustained demand.

This means that at least four DBSS sites will be launched by the end of this year - the highest number sold in a particular year since the scheme was launched in 2005.

HDB said in August that it will release more land for tender for executive condominiums and the DBSS, where private sector operators develop public housing projects.

But interest in such sites might be muted given the recent property cooling measures, and the expected economic slowdown.

The Upper Serangoon site, for instance, is expected to see just modest interest, says at least one market watcher.

The site along Upper Serangoon Road is a 103- year land parcel that is about 215,278 sq ft in size, and has a maximum allowable gross floor area of 753,474 sq ft. It can accommodate an estimated 630 units. The tender will close at 12 noon on Nov 30.

While the site appears to be situated in a reasonably attractive location, Ong Kah Seng, senior manager of research in the Asia-Pacific at Cushman & Wakefield, said: 'The DBSS site at Upper Serangoon is likely to receive modest buying interest from developers, reflecting increasing cautiousness from developers.'

The site, he said, is likely to see between three to five bids, with the highest bid likely to be between $200-230 per square foot per plot ratio (psf ppr).


Source: http://www.businesstimes.com.sg