LOCATION SCAN: Residential site at Lorong Lew Lian triggered for tender

By Tan Chee Yuen / The Edge Property | September 23, 2015 5:45 PM SGT
A residential plot in Lorong Lew Lian will be put up for tender, after a developer committed to a minimum bid of $250 million. The minimum bid price for the 99-year leasehold land is equivalent to $552.93 psf ppr. The site is on the reserve list of the Government Land Sales Programme.
The 1.4 ha 99-year leasehold site is located within 400m from the Serangoon MRT interchange station of the North-East Line and Circle Line. Nearby amenities include NEX shopping mall and Upper Serangoon shopping centre which are within 500m radius. In addition, the site is located within 1km radius from Paya Lebar Methodist Girls School.
What’s available near the residential site at Lorong Lew Lian?
As an overview, there are six private non-landed projects completed after year 2000 within 500m radius of the residential plot with recent transactions. The highest transacted price over the past six months was for a 1,959 sq ft unit at 999-year leasehold project Kovan 81 which sold for $1.7M ($847 psf). On the other hand, the most affordable transaction was for a 398 sq ft shoebox unit at freehold project Suites @ Paya Lebar which fetched $635,000 ($1,594 psf). Gross rental yield lies between 3.3% and 4.1%.
Chart 1: Prices of private non-landed projects within 500m radius of residential site at Lorong Lew Lian

Source: URA, The Edge Property

Chart 2: Rental comparison of private non-landed projects within 500m radius of residential site at Lorong Lew Lian

Source: URA, The Edge Property

In the public housing segment, 3-, 4- and 5-room HDB flats within 500m radius of the residential plot at Lorong Lew Lian were transacted at an average price of $351,926, $508,241 and $644,500 respectively over the past six months.
Chart 3: Price statistics of HDB flats within...