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Huge crowd of buyers who bought 80% within two months at High Park Residences in Fernvale in 2015
Fierce bidding expected for Fernvale condo site especially after last year's incredible success of High Park Residences situated nearby. Analysts expect the 99-year leasehold 17,196.4 sq m plot of land in Fernvale Road to draw between five and 10 bids from developers, with offers reaching as high as $272 million.
Analysts expect keen competition, given better market sentiment and the blockbuster sales at High Park Residences. The project had sold 1,169 out of 1,186 units when they were released in July last year. As of last month, only 26 out of 1,390 units remained unsold.
Located near Thanggam LRT station and amenities including Sengkang Riverside Park and The Seletar Mall, this land site could yield about 605 private apartments.
Most of the condominium units near the Fernvale Road site were transacted at prices ranging between $970 psf and $1,060 psf, based on sales in the first seven months of the year. Property consultancy Edmund Tie & Company said URA Realis data showed the average unit price at High Park Residences was about $988 psf.
Analysts expect keen competition, given better market sentiment and the blockbuster sales at High Park Residences. The project had sold 1,169 out of 1,186 units when they were released in July last year. As of last month, only 26 out of 1,390 units remained unsold.
Located near Thanggam LRT station and amenities including Sengkang Riverside Park and The Seletar Mall, this land site could yield about 605 private apartments.
Most of the condominium units near the Fernvale Road site were transacted at prices ranging between $970 psf and $1,060 psf, based on sales in the first seven months of the year. Property consultancy Edmund Tie & Company said URA Realis data showed the average unit price at High Park Residences was about $988 psf.
Nearby condo project Rivertrees Residences enjoyed good sales from buyers who preferred living beside the river
It is the first of four confirmed list sites to be put up for sale under the Government Land Sales programme for this half of the year. Three other sites - in Perumal Road, West Coast Vale and Upper Serangoon Road - are also confirmed for sale by the end of the year.
"The launch of this tender is timely as it provides a window of opportunity for developers to shore up their land banks... Competition will be keen, especially from developers who have not been awarded any residential sites for the past few tenders," said Mr Desmond Sim, head of CBRE Research for Singapore and South-east Asia.
The tender closes at noon on Sept 27.
"The launch of this tender is timely as it provides a window of opportunity for developers to shore up their land banks... Competition will be keen, especially from developers who have not been awarded any residential sites for the past few tenders," said Mr Desmond Sim, head of CBRE Research for Singapore and South-east Asia.
The tender closes at noon on Sept 27.
A version of this article appeared in the print edition of The Straits Times on August 17, 2016, with the headline 'Fierce bidding expected for Fernvale condo site'.
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