HDB has released two land parcels under the government’s reserve list system - a condominium site at Bukit Panjang and an executive condominium (EC) parcel at Jurong West.
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The 99-year leasehold Bukit Panjang site in Chestnut Avenue is thought to be the more attractive of the two. The parcel is 244,300 sq ft and has a 2.1 plot ratio - yielding a maximum gross floor area of 513,100 sq ft.
Ku Swee Yong, director of marketing and business development at Savills Singapore, estimates the site can fetch $190-$200 per sq ft per plot ratio (psf ppr) - which works out to $97.5-$102.6 million in all.
But Nicholas Mak, director of research and consultancy at Knight Frank, is more bullish - he estimates that price should be in the region of $220 to $280 psf ppr.
This works out to $112.9-$143.7 million in all.
‘Units in the proposed development will enjoy views of Cheng Hua Garden and the Lower Peirce Reservoir,’ Mr Mak said.
Units can fetch average prices of $720-$750 psf, he said.
Both analysts said 400-450 units could come up on the site.
Elsewhere, the EC site in Jurong West Street 42 has an area of some 183,000 sq ft and a 3.0 plot ratio - giving it a maximum gross floor area of 549,000 sq ft.
For this site, Mr Ku expects $125-130 psf ppr.
Mr Mak, on the other hand, estimates the price will be in the region of $120 to $160 psf ppr.
He said the site is expected to attract fewer than five bids if put up for tender.
About 420-500 flats can be built on the site.
Both plots are offered through the reserve list system, under which a site is only offered for public tender if the government receives an application with a committed bid at a price deemed acceptable.
‘It is good that the two sites are being offered under the reserve list,’ Mr Ku said.
‘In today’s uncertain market, this lets developers who are looking to build up their landbanks trigger the sites, rather than selling at a time when the market response might be poor.’ he said.
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