A executive condominium site in Yishun has been released for sale by public tender, in what analysts noted is the first such sale in the area in about six years.

The 99-year leasehold site is located at Yishun Avenue 9 and can potentially yield about 600 homes, said the Housing and Development Board (HDB) in a press release on Thursday (Apr 30).

The 21,514 sq m site has a maximum permissible gross floor area of 60,240 sq m

To provide developers with additional time to make their assessment in view of the current COVID-19 situation, HDB said it will offer a longer tender period of six months. The deadline is at 12pm on Oct 29.

The land parcel was put up for sale under the Confirmed List of the Government Land Sales (GLS) Programme for the first half of this year.

Land parcels on the Confirmed List of the GLS programme are put up for sale regardless of market interest, while those on the Reserve List are triggered for tender only if a developer commits to bid at a price acceptable to the land sale authorities.

Mr Ong Teck Hui, senior director of research and consultancy at JLL, said that there is likely to be demand from buyers considering that the last executive condominiuim sold in the area was the Signature At Yishun site in May 2014.

However, bidders are expected to be cautious due to the COVID-19 outbreak.

“The HDB has allowed a long lag time of six months before the tender closes. If COVID-19 is well contained by then, the tender response could be more favourable, although we can expect bidders to be cautious,” said Mr Ong.

He expects between two and five bidders, with the top bid coming in between S$470 psf ppr and S$520 psf ppr.

Over at Pasir Ris, the last notable launch was Coco Palms in 2014. More recently, Casa Al Mare, a small development of 49 units was launched in 2018. There is likely to be pent up demand for this Pasir Ris Mixed Development given its coveted located next to Pasir Ris MRT Station.

The Ryse Residences showflat is expected to open for preview in 2H 2020.


Channel News Asia

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