Choice Novena condo plot to be released
24 Jun 05
Keen interest likely from developers; 2 other condo plots to be offered too
By Tan Hui Yee
THREE new plots of land will be available for condominium projects from October, with the choice lot sited in the up-and-coming Novena residential district.
The 1.12ha plot is behind Novena Square, which is linked to the Novena MRT station. About 340 homes can be built on it.
It will, however, be put on the reserve list, which means it will be put up for tender when at least one developer commits to bid at a minimum price acceptable to the authorities.
Details of the plot were released yesterday by the Ministry of National Development when it announced its land-sale plan for the period starting from next month to December.
Property consultants expect keen interest from developers for this site.
An executive director of property consultancy Credo Real Estate, Mr Karamjit Singh, told The Straits Times: 'Increasingly, the fundamental selling point of a project is being close to the MRT and a commercial element, like a shopping centre.'
Jones Lang LaSalle's head of research, Ms Feng Zhi Wei, felt a condominium there would draw buyers wanting to live near the city centre.
Units at the nearby freehold project Newton Suites, for example, were snapped up after it was launched in October last year. So far, 106 of its 118 units have been sold at an average price of $850 psf.
The 99-year leasehold site in Sinaran Drive is expected to fetch about $120 million to $170 million.
Two other sites in Woodlands and Pasir Ris will also be made available in November. They are expected to fit in a total of about 560 homes.
Meanwhile, a small, 15,000 sq ft site for commercial development near HDB Hub in Toa Payoh will also be put on the reserve list in December.
Apart from the commercial space that will be made available through the integrated resorts in Marina Bay and Sentosa, another roughly two million sq ft worth of such space is planned for release outside the formal land sales programme from next month to December.
About 538,000 sq ft of it will come from retail facilities in the Sports Hub in Kallang, as well as the Tuas Recreation Hub being planned by the JTC Corporation.
The rest of the commercial space includes that used for 1,200 hotel rooms and 1,000 homes in Sentosa and other places, as well as retail facilities under the Warehouse Retail Scheme.
24 Jun 05
Keen interest likely from developers; 2 other condo plots to be offered too
By Tan Hui Yee
THREE new plots of land will be available for condominium projects from October, with the choice lot sited in the up-and-coming Novena residential district.
The 1.12ha plot is behind Novena Square, which is linked to the Novena MRT station. About 340 homes can be built on it.
It will, however, be put on the reserve list, which means it will be put up for tender when at least one developer commits to bid at a minimum price acceptable to the authorities.
Details of the plot were released yesterday by the Ministry of National Development when it announced its land-sale plan for the period starting from next month to December.
Property consultants expect keen interest from developers for this site.
An executive director of property consultancy Credo Real Estate, Mr Karamjit Singh, told The Straits Times: 'Increasingly, the fundamental selling point of a project is being close to the MRT and a commercial element, like a shopping centre.'
Jones Lang LaSalle's head of research, Ms Feng Zhi Wei, felt a condominium there would draw buyers wanting to live near the city centre.
Units at the nearby freehold project Newton Suites, for example, were snapped up after it was launched in October last year. So far, 106 of its 118 units have been sold at an average price of $850 psf.
The 99-year leasehold site in Sinaran Drive is expected to fetch about $120 million to $170 million.
Two other sites in Woodlands and Pasir Ris will also be made available in November. They are expected to fit in a total of about 560 homes.
Meanwhile, a small, 15,000 sq ft site for commercial development near HDB Hub in Toa Payoh will also be put on the reserve list in December.
Apart from the commercial space that will be made available through the integrated resorts in Marina Bay and Sentosa, another roughly two million sq ft worth of such space is planned for release outside the formal land sales programme from next month to December.
About 538,000 sq ft of it will come from retail facilities in the Sports Hub in Kallang, as well as the Tuas Recreation Hub being planned by the JTC Corporation.
The rest of the commercial space includes that used for 1,200 hotel rooms and 1,000 homes in Sentosa and other places, as well as retail facilities under the Warehouse Retail Scheme.