RESIDENTIAL PROPERTY | Staff Reporter, Singapore

14 residential tenders closing in H1 to yield 4,900 units

Tulip Garden, which could yield 670 units, recently closed its tender on 11 April.

Developers can expect about 4,900 units in the pipeline from 14 residential tenders that will close in the remainder of H1 2018, Maybank Kim Eng said. According to a report, these comprise of 1,400 government land sales (GLS) and 3,500 private units.

Maybank analyst Derrick Heng noted that these deals represent significant revenue opportunities that developers can pursue to capitalize on the market rebound. "Most developers in Singapore have a net gearing of less than 1.0x, which implies significant balance-sheet capacity to pursue these growth opportunities," he said.

On 11 April, Tulip Garden on Farrer Road closed its tender with a minimum price of $753m or $1,486 psf ppr. It could potentially yield 670 units.

There are seven other private tenders that will close in April. Asia Gardens in Outram (tender closing 16 April) could yield 270 units, Minbu Villa in Balestier (17 April) could yield 134 units, Olina Lodge in Holland (19 April) could yield 169 units, whilst Parkview Mansions in Lakeside (20 April) could yiled 403 units.

Nicon Garden in Choa Chu Kang, 27 Moulmein Rise in Novena, and Windy Heights in Eunos, all ending in 18 April, could yield 59 units, 87 units, and 581 units, respectively.

GLS site Cuscaden Road will end its tender on 26 April. It is expected to yield 170 units.

There are five tenders closing in May. Amongst these, the only public site is GLS site Hillview (3 May), which can yield 535 units. The private tenders are United Mansion in Siglap with 87 potential units, Chancery Court in Dunearn with 480 units, Landmark Tower in Outram with 305 units, and Casa Meyfort with 298 units.

The tender for Sengkang Central, a GLS site, is the only one expected to close in June. It can yield 700 units.

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