Source : TODAY, Wednesday, July 16, 2008
THE Urban Redevelopment Authority launched a residential site at New Upper Changi Road and Tanah Merah Kechil Avenue for sale by public tender yesterday.
This is one of the four confirmed residential sites to be sold under the Government Land Sales Programme in the second half ofthis year.
The site, near Tanah Merah MRT Station, covers 106,299 sq ft and can potentially house up to 297,643 sq ft of accommodation. That’s enough for between 230 and 270 condominium units.
It is in an established residential estate with other condominiums nearby such as East Meadows, D’Manor and Palmwoods.
Mr Nicholas Mak, director of consultancy and research department at Knight Frank, said: “We noticed that this month, sales activities in mass-market segment picked up with certain residential projects launched at affordable prices.
This slight pent-up demand in the segment is due to the lack of major mass-market project launches and a steady rise in HDB resale prices.”
Mr Mak said homebuyers in the mass to middle-tier markets are currently price sensitive and there is a price limit that they are willing to pay.
As such, he estimated that new units in this development could fetch an average price of $700 to $750 per square foot. That means, the site could potentially fetch $74 million to $89 million. THE Urban Redevelopment Authority launched a residential site at New Upper Changi Road and Tanah Merah Kechil Avenue for sale by public tender yesterday.
This is one of the four confirmed residential sites to be sold under the Government Land Sales Programme in the second half ofthis year.
The site, near Tanah Merah MRT Station, covers 106,299 sq ft and can potentially house up to 297,643 sq ft of accommodation. That’s enough for between 230 and 270 condominium units.
It is in an established residential estate with other condominiums nearby such as East Meadows, D’Manor and Palmwoods.
Mr Nicholas Mak, director of consultancy and research department at Knight Frank, said: “We noticed that this month, sales activities in mass-market segment picked up with certain residential projects launched at affordable prices.
This slight pent-up demand in the segment is due to the lack of major mass-market project launches and a steady rise in HDB resale prices.”
Mr Mak said homebuyers in the mass to middle-tier markets are currently price sensitive and there is a price limit that they are willing to pay.
As such, he estimated that new units in this development could fetch an average price of $700 to $750 per square foot. That means, the site could potentially fetch $74 million to $89 million. THE Urban Redevelopment Authority launched a residential site at New Upper Changi Road and Tanah Merah Kechil Avenue for sale by public tender yesterday.
This is one of the four confirmed residential sites to be sold under the Government Land Sales Programme in the second half ofthis year.
The site, near Tanah Merah MRT Station, covers 106,299 sq ft and can potentially house up to 297,643 sq ft of accommodation. That’s enough for between 230 and 270 condominium units.
It is in an established residential estate with other condominiums nearby such as East Meadows, D’Manor and Palmwoods.
Mr Nicholas Mak, director of consultancy and research department at Knight Frank, said: “We noticed that this month, sales activities in mass-market segment picked up with certain residential projects launched at affordable prices.
This slight pent-up demand in the segment is due to the lack of major mass-market project launches and a steady rise in HDB resale prices.”
Mr Mak said homebuyers in the mass to middle-tier markets are currently price sensitive and there is a price limit that they are willing to pay.
As such, he estimated that new units in this development could fetch an average price of $700 to $750 per square foot. That means, the site could potentially fetch $74 million to $89 million.
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