| The Urban Redevelopment Authority (URA) has unveiled the availability of three prime residential sites for purchase through the Government Land Sales Programme(GLS). Of the three, the largest site is located on Jalan Tembusu, boasts an expansive 20,572.1 square meters of land and a maximum gross floor area of 72,003 square meters, offering the potential for up to 825 housing units with a building height ranging from 80 to 85 meters. |
| |
| The Clementi Avenue 1 site, also under the care of the URA, encompasses 13,451.1 square meters(sqm) with a maximum gross floor area(GFA) of 47,079 sqm and a towering 140-meter building height limit. This site is anticipated to yield roughly 500 units, with a cap of 501 units implemented to ease traffic demand in the surrounding area. |
|
|
|
|
 |
|
| The third residential plot in this government land sale launch, offered by the Housing and Development Board (HDB), is an executive condominium(EC) site located at Senja Close, in Bukit Panjang. The site is the smallest of the three, spreading across 10,159.2 sqm and boasting a maximum gross floor area of 30,478 sqm. The building will have a height limit of 150 to 153 meters and is expected to yield up to 300 housing units. |
| |
| All three sites are listed under the reserve list of the Government Land Sales (GLS) Programme for the second half of 2022 and will only be made available for sale if a developer submits a competitive bid during the tender process. |
| |
According to Huttons Asia's Senior Director of Research, Lee Sze Teck, the Jalan Tembusu site enjoys a prime location in close proximity to the Tanjong Katong MRT station. However, he cautions that there is already ample supply in the area, with developments such as Jalan Tembusu Residences and The Continuum. According to Lee, there could be 3-5 bidders for the Jalan Tembusu site with a top bid ranging from S$1,300 to S$1,400 per square foot per plot ratio (psf ppr).
|
|
| |
| Meanwhile, Nicholas Mak, Head of Research and Consultancy at ERA, believes the Clementi Avenue 1 site, with its shortage of new mass-market condominium projects in the area, is likely to be triggered for sale with a top bid estimated between S$1,050 to S$1,120 psf ppr. Lee predicts a top bid ranging from S$1,000 to S$1,100 psf ppr. |
| |
Regarding the Senja Close EC site, Lee notes it as the first EC site launch in Bukit Panjang in over a decade, potentially attracting pent-up demand, and estimates a top bid ranging from S$600 to S$650 psf ppr with 3-5 bidders. On the other hand, Mak believes the site's location may not be as attractive and with another EC site expected to be launched in the area next month, he gives a less than 50% chance of it being triggered for sale with an estimated top bid of S$610 to S$650 psf ppr.
As for the upcoming release of the first half of 2023 GLS sites in December, Lee notes that developers might prefer to keep their options open and not trigger these sites for sale. |
|
|
 |
| |
|
|
| Read Other Articles |
|
|
|