Prime site up for en bloc

Whitley Heights, rezoned for landed housing, will see hot bidding: Analyst

by Jo-Ann Huang Limin

05:55 AM Jan 06, 2011

SINGAPORE - After a strong run last year, it looks like the en bloc market is ushering in the New Year with a bang.

Apartment complex Whitley Heights is up for collective sale - the first property to be offered this year. Rezoned for landed housing, the site should attract substantial interest, analysts say.

Experts say sites like the Whitley Heights apartment complex are a rare find. Located off Whitley Road, it consists of three blocks of three storeys each with a total of 45 units. Apartment sizes range from 1,600 sq ft to 2,100 sq ft.

"There are very few residential redevelopment sites available in the market place for them to get their hands on to build landed properties or mixed landed," said Mr Karamjit Singh, managing director of Credo Real Estate, the appointed marketing agents for Whitley Heights.

He said the rezoning to mixed landed housing would allow developers to build a whole variety of terraces, semi-detached or detached houses.

Whitley Heights is the largest freehold plot in Districts 9 to 11; sized at 130,165 sq ft, it is the largest site up for collective sale in more than three years, said Mr Singh.

Now that demand for landed property is rising due to supply constraints, analysts expect Whitley Heights to attract bids from mid-tier as well as major developers.

Prices for landed housing increased 20 per cent last year, outpacing the non-landed residential market, which saw a 10- to 12-per-cent rise.

Mr Ku Swee Yong, chief executive officer of International Property Advisors, said the supply of landed housing is very limited. "Total stock in Singapore is just under 70,000 units. What's coming up in the next five years could be about 3,000 to 4,000 units of new landed housing. That isn't enough to meet the demand," he said.

Analysts said Whitley Heights is expected to attract bids ranging from $185 million to $210 million. This translates to $1,421 to $1,613 per sq ft over the land area and means that every owner gets to pocket a cool $4 million if the sale goes through.

Credo Real Estate said Whitley Heights could be developed into as many as 80 strata terrace houses, or about 60 strata semi-detached houses, subject to approval.

Analysts are bullish on the future of the landed housing market. They forecast that prices of landed housing would rise by 8 to 10 per cent this year.

Mr Ku noted that other private properties, which have the potential to follow in Whitley Heights' footsteps, are Kiam Hock Gardens, Kew Lodge, Orchid Apartments and Charming Gardens.

Source:www.todayonline.com