Govt Puts Residential Site In Woodlands Up For Sale

Source : The Straits Times, Oct 24, 2007

THE Government has launched for sale a residential site in Woodlands, which has been enjoying a buoyant property market of late despite its far-flung location.

The Singapore Land Authority offered the 172,223 sq ft site in-between Woodlands Avenue 2 and Rosewood Drive in a tender that closes on Nov 20.

The site can accommodate a condo of up to five storeys with a gross floor area of 241,112 sq ft.

Mr Ho Eng Joo of marketing agent Colliers International said an apartment there could sell for more than $600 per sq ft (psf).

Already, some 20 units at Far East Organization’s executive condo, La Casa, were sold at a median price of $564 psf last month. La Casa was launched in 2005 at $380 psf on average.

While Woodlands may be far from town, properties there have registered rising rents, as the Singapore American School is in the vicinity, consultants say.

The Woodlands site comes under the Government’s confirmed list, where sites are put up for tender on a specific date.

The Government also sells sites on its reserve list, which are put up for tender only if a developer commits to submitting a minimum acceptable bid.

Yesterday, a developer did just that with a 99-year leasehold commercial site in Jalan Sultan involving the restoration of 17 two-storey conservation units.

The Urban Redevelopment Authority has an offer from a developer willing to bid at least $7.8 million for the 0.14ha site to be tendered out in two weeks.

In Amber Road, where property values continue to rise, a freehold site housing the 63-unit Amber Glades has been launched for sale at a guide price of $145 million. The tender for the 40,917 sq ft site closes on Dec 5.