The launch of the private residence of Fenville Road in Sengkang is expected to attract six to eight bids
The Urban Renewal Authority launched a private residential lot on Fernvale Road for the market bidding, which is expected to supply about 605 residential units to the market. This is the third government land that has been launched within three kilometers of the site in the past six months. Prior to this, the government launched the executive condominium (EC) site in Yio Chu Kang EC and Anchorvale Crescent EC in December last year and June this year.
Analysts said that the location is close to last year's best-selling private residential project "High Park Residences", which is expected to attract a lot of developers interest, hoping to successfully emulate the excellent sales performance of High Park Residences.
According to the URA's notice, the Fenville Road section belongs to the main list of the Government Land Sale Plan (GLS) in the second half of this year. It is a 99-year leasehold with an area of 17,196 square meters and a maximum construction area of 515,590 square meters. .
Sengkang has launched a number of private housing projects in the past year or two, resulting in a seemingly oversupply situation in the region. However, some projects still have good sales results. For example, High Park, a hegemonic private house project launched last year, sold more than 1,300 units at a median price of less than 1,000 yuan.
Wang Dehui, director of Jones Lang LaSalle Research and Consulting, believes that the site is facing High Park Residences and may replicate the success of High Park Residences, such as the Thanggam LRT station and the Seletar Mall. Various conveniences such as schools have become another popular private housing project.
In addition to the location advantages, Wang Dehui also said that the latest data from the URA indicates that the property market is close to the bottom, and developers will be more confident to bid for lots.
He predicted that the lot could attract 6 to 9 bids, and the highest price was slightly higher than the floor area ratio of $450 and $490 per square foot.
