A PLUM site close to amenities in Ang Mo Kio has been earmarked for the third public housing project to be designed, built and sold by private developers. The site, which analysts estimate can fit about 550 flats, and blocks that rise up to about 36 storeys, will be launched for tender by the HDB today. The tender closes on Nov 27.
Already, property analysts expect strong demand from developers, and later, by home-hunters. This comes after red-hot demand when the first public-private project went on sale in Tampines last year.
The 1.7ha plot in Ang Mo Kio Street 52 is a stone's throw from Ang Mo Kio town centre and the recently-opened commercial and transport complex Ang Mo Kio Hub.
Some of the flats will appeal to homebuyers on lower budgets. The developer that snags the Ang Mo Kio site will have to reserve at least 30 per cent of the project for four-room or smaller units.
Property analysts say the site is set to be a winner. It is near the leafy Ang Mo Kio Town Garden East, as well as Ang Mo Kio MRT station and a host of shops in the mature town.
Property agency Propnex's chief executive, Mr Mohamed Ismail said: 'This is a sure-sell location.'
Dennis Wee Properties director Chris Koh expects the land to fetch $125 million, while Savills Singapore's director of marketing and business development Ku Swee Yong predicted a range of $100 million to $125 million.
Mr Mohamed expects the flats there to go for between $350,000 and $400,000 each.
The land parcel has a 103-year lease, and the developer will have to complete the project within four years of buying the land. The apartments will come with elderly-friendly features, as seen in new HDB flats now.
Under the hybrid scheme launched two years ago, developers design, build, price and sell flats built according to the broad rules of public housing. This means that common spaces have to be easy to maintain, that buyers have to meet ethnic quotas, and that only family units can buy the flats, for example.
Interest in these flats has been keen so far because they are located in mature estates and come with fittings more commonly found in private housing, such as bay windows.
The first batch of 616 Tampines units, being developed by Sim Lian Land, received close to 6,000 applications last year. Most were five-room units in blocks up to 17 storeys high, priced at between $308,000 and $450,000.
The second batch of about 700 flats in Boon Keng Road will be launched for sale later this year by a consortium led by Hoi Hup Realty. It will comprise three 40-storey blocks.
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