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HDB launches sale of Punggol EC site

As published in Todayonline
26 May 2011

The Housing & Development Board (HDB) has put up an Executive Condominium (EC) housing site at Punggol Way for sale.

The land parcel was released for sale under the Confirmed List of the first half of the Government Land Sales programme.

The 99-year lease site can yield up to an estimated 720 housing units.

The HDB says the land parcel has a site area of about 25,000 sq m, with a maximum gross floor area of around 75,500 sq m.

It added that the site is located in Punggol Town, and is near the Punggol transport hub comprising the LRT, MRT and a bus interchange. Analysts agree that the site is well located.

Mr Nicholas Mak, executive director of SLP International Property Consultants, said: "This land parcel is located only about 700m from the Punggol MRT Station and the future EC development is likely to be popular with home buyers. Although there is another EC project in Punggol that could be launched in the next two months, this tender could still attract four to seven bidders due to its location and proximity to the future Punggol town centre."

The HDB says the new development is expected to be completed in 48 months from the date when the tender is accepted.

Mr Li Hiaw Ho, executive director, CBRE Research, said: "Units in Prive EC, which is further down Punggol Field, were transacted at $660 psf - $715 psf in January-April 2011 period. Units in Austville Residences EC, in Sengkang, were sold at $620 psf - $740 psf over the same period. "We expect the subject site to fetch bids of between $227 million and $244 million with a view to sell the new units at around $700 psf."

The tender will close at 12 noon on July 7.

Overall, the Government has placed 30 sites in this year's first half land sales programme, which can potentially yield more than 14,300 private residential units.

These 30 sites include four Executive Condominium sites and two commercial and residential sites.

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Punggol BTO Project Details

BTO ProjectBlock No.Release DateCompletion DateNo. of UnitsInitial Launch PriceEdgedale Green632A-C, 633A-B, 635A-C, 636A-BDec 2002Dec 2006582$141,000 - $170,000Periwinkle195A-EDec 2002Dec 2006450$152,000 - $183,000Sundial167A-D, 168A-D, 169A-DSep 2003Sep 2007425$138,000 - $178,000Punggol Anthias
(cancelled)612A-D, 613A-DDec 2004-134$101,000 - $185,000Coralinus 1301A-C, 303A-CJun 2005Jun 2009369$169,000 - $206,000Coralinus 2301D, 303D, 302A-DFeb 2006Feb 2010365$182,000 - $220,000Treelodge305A-D, 306A-DMar 2007Mar 201198$139,000 - $383,000Punggol Vista601A-D, 602A-CAug 2007Aug 2011105$75,000 - $227,000Punggol Lodge603A-D, 604A-COct 2007Oct 201152$122,000 - $234,000Damai Grove
(Punggol Anthias)612A-D, 613A-DDec 2007Dec 201162$123,000 - $240,000Punggol Spring614A-B, 615A-CFeb 2008Feb 2012476$204,000 - $259,000