2 February 2010
URA launches tender for residential development
at Tampines Avenue 1/Avenue 10
The Urban Redevelopment Authority (URA) launched the residential site at Tampines Avenue 1 / Avenue 10 for sale by public tender today.
Land Parcel at Tampines Avenue 1 / Avenue 10
The land parcel at Tampines Avenue 1 / Avenue 10 is the fourth residential site to be launched for sale under the Confirmed List of the Government Land Sales (GLS) Programme for the first half of 2010 (1H2010). With a site area of about 3.2 ha, the site will have a maximum permissible gross floor area of 66,655 sqm and can potentially yield about 600 housing units.
The site is easily accessible via major roads and expressways such as the Pan-Island Expressway and Tampines Expressway. Fronting the scenic Bedok Reservoir, future residents will enjoy panoramic views of the park and reservoir.
Details of the land parcel and location plan are given in Annex 1 and Annex 2. More details on the land parcel are available on URA website athttp://www.ura.gov.sg/sales/TampinesAve1n10/CL/tamp1n10-intro(CL).html.
A tender period of six weeks will be allowed for the residential site at Tampines Avenue 1 / Avenue 10. The tender will close at 12 noon on 16 March 2010. Selection of the successful tenderer will be based on the tendered land price only. Developer’s Packets containing details of the site, development requirements and conditions of tender are available at S$105 each (inclusive of GST). These can be purchased from the Customer Service Counter on the 1st Storey of The URA Centre, 45 Maxwell Road, Singapore 069118. The Developer’s Packets can also be purchased via URA-Online athttp://www.ura.gov.sg/sales/sale_of_developer’s_packet.html at a cost of S$105 each (excluding delivery charges) for local and overseas purchases.
Potential Supply from 1H2010 Government Land Sales (GLS) Programme
In line with the announced 1st Half 2010 GLS Programme, the Government will continue to release residential sites for sale on the Confirmed List every month over the next three months till April 2010.
Confirmed List
Earlier in January 2010, the Government had released three other residential sites which included two Executive Condominium (EC) sites for sale through the Confirmed List. Another four private residential sites, namely at Boon Lay Way / Lakeside Drive, Simei Street 3, Sembawang Road/ Canberra Drive and Upper Serangoon Road / Pheng Geck Avenue, will be released for sale via the Confirmed List in March and April. The schedule of release for residential sites on the Confirmed List is given in Annex 3.
Together, these 8 sites, including the land parcel at Tampines Avenue 1 / Avenue 10, can potentially yield about 2,925 residential units. This is close to the highest ever potential supply of about 3,000 units (in 2H2007 GLS Programme) from the GLS Confirmed List, since the Reserve List / Confirmed List system started in the second half of 2001.
Reserve List
In addition, there are another 18 residential sites on the Reserve List, including 3 EC sites and 2 mixed-use sites, where private residential units can potentially be built. The schedule of release for residential sites on the Reserve List is given in Annex 4. A residential site at Sengkang West Avenue / Fernvale Link has already been successfully triggered from the Reserve List and the tender for the site will close on 4 February 2010.
The purpose of the Reserve List is to make available additional sites, beyond those on the Confirmed List, so that there is more than sufficient supply to meet any surge in demand. The Reserve List for the 1H2010 will provide a potential additional supply of 7,625 residential units.
The total supply quantum of 10,550 units from the Confirmed List and Reserve List for the 1H2010 GLS Programme is the highest in the history of the GLS Programme.
Pipeline Supply
Apart from the potential supply from the GLS Programme, there is also supply from projects in the pipeline which have been initiated earlier, both from Government and private land sources. As at 4th Quarter 2009, there were about 60,500 private residential units in the pipeline which would be completed over the next few years. Of these 60,500 private residential units, there was also an inventory of about 34,2001 private housing units which have not been sold yet, and can be made available for sale within the year if the developers choose to do so.
Adequate Supply to Meet Demand
The potential supply of land from the GLS Programme together with the supply from projects in the pipeline will be more than sufficient to meet the demand for private housing. The Government will continue to monitor the property market closely. If necessary, more supply can be injected via the 2nd half 2010 GLS Programme to ensure that property prices are in line with economic fundamentals.
| 1 These comprised units that had been launched for sale by developers, units that had pre-requisite conditions for sale and which could be launched for sale immediately, as well as units with planning approvals for which pre-requisite conditions for sale could be obtained quickly from the Government and made available for sale. |
expected..