HDB launches Yishun Avenue 9 site for tender

The tender period will last for six months.

A residential site at Yishun Avenue 9 has been launched for public tender under the confirmed list of the government land sales (GLS) programme, the Housing & Development Board (HDB) announced.

Also read: HDB resale prices up 0.7% in March

With an area of 21,514 sqm and a lease period of 99 years, it has a maximum permissible gross floor area (GFA) of 60,240 sqm and a maximum building height of 56m above mean sea level. The site can potentially yield about 600 residential units.

The tender for the land parcel will close on 29 October. HDB noted that the longer tender period of six months was made to give developers more time to make their assessment in light of the current COVID-19 situation.

Huttons director for research Sze Teck Lee commented that this is one of the largest sites for executive condominium (EC) development since the sale of a site at Tampines Avenue 10 in 2018, and the first EC site to be launched since 2014. He expects the site to clinch six to eight bidders, and to see a top bid of $520-550 psf ppr.

“The response for the EC site is unlikely to be affected by Covid-19 as the launch of the project will be 15 months later in 2022, The uncertainty over the economy will have been cleared by then,” Lee said.