Archive for category: Misc

First GLS site in Bayshore draws eight bids, SingHaiyi puts in top bid of $1,388 psf ppr CDL submits top bid of $1,132 psf ppr for Lakeside Drive GLS site The 1H2025 Government Land Sales (GLS) programme has seen the launch of three residential sites open for tender. These are located at Telok Blangah Road, Dorset Road, and Upper Thomson Road.Confirmed List sites are up for tender and are zoned for residential and commercial use. These will provide housing for Singaporeans as the population continues to grow over the next few years.One of the sites is located at Dorset Road and covers 111,934 sq ft. This 99-year leasehold residential site is expected to yield about 425 units. Another site at Telok Blangah Road covers 147,346 sq ft and is zoned for residential use. This 99-year leasehold site can provide up to 745 units.Upper Thomson Road Parcel A is another estate that measures 262,875 sq ft, with zoning for residential and commercial use. This 99-year leasehold plot is expected to yield 595 residential units, along with 21,527 sq ft of commercial space. This site was first launched for sale in December 2023, but it did not receive any bids during the tender that closed in June 2024.Read also: CDL submits top bid of $1,132 psf ppr for Lakeside Drive GLS site AdvertisementAdvertisementThe tenders for the Dorset Road, Upper Thomson Road (ParcelA) and Telok Blangah Road sites will close on Oct 9, Oct 23 and Nov 4, respectively. Head of research and content at PropNex, Wong Siew Ying, believes that the Telok Bangah Road side could attract a lot of interest. This site is the first private housing location on the development of the former Keppel Golf Course site. It will be the first development that can kickstart the transformation of the Greater Southern Waterfront. Wong also believes the Dorset Road site is in an area with great amenities. She expects five to six tenders, with expectations for a top bid of between $1,250 and $1,350 psf ppr.Read also: No bids received for Media Circle Parcel B GLS siteAdvertisementAdvertisementJustin Quek, CEO of OrangeTee & Tie, also believes that the site will attract a lot of attention from developers and buyers alike. This area is expected to be part of the GSW that is transforming into a more vibrant area. With 745 units available, the future Dorset Road site project will make up a quarter of the 3,000 private homes being built in the GSW. This means that there won’t be as many opportunities for private housing developments in the GSW. Dorset Road site: Attractive location in established city fringe estate

The Dorset Road site is situated in a well-established city fringe estate, making it an attractive location for future residents. It is also within walking distance to Farrer Park MRT station on the North-East Line, making it convenient for residents to travel to other parts of the city. The site is surrounded by various amenities, such as shopping malls like City Square Mall and Mustafa Centre. Additionally, there are also reputable schools in the area, such as Farrer Park Primary School, St Joseph’s Institution Junior and Hong Wen School.

The site will have a large number of units, similar to the successful launch of the nearby Piccadilly Grand project. Developed by City Developments (CDL) and MCL Land, Piccadilly Grand features a direct link to the Farrer Park MRT Station. It was well-received by buyers, with 77% of units being sold over its launch weekend and subsequently selling out in 2023. CDL and MCL Land purchased the Northumberland Road site in May 2021 at $1,129 psf ppr, beating nine other bids in the GLS tender.

Located in a peaceful oasis surrounded by nature and country clubs, Miltonia Close EC offers the perfect balance of tranquility and convenience. Don’t be fooled by its secluded location, as this EC boasts excellent connectivity with reliable transportation links to MRT stations, expressways, and a growing regional network of roads and corridors. The result is the best of both worlds for residents – a slower pace of life without compromising on easy access to the rest of the island. With the location of Miltonia Close EC, traveling for work, school, or leisure is a breeze, ensuring accessibility, convenience, and long-term value. Miltonia Close EC truly offers the ideal combination of peaceful living and urban connectivity.

PropNex’s Wong predicts the Dorset Road site could garner four to five bids, with a top bid ranging around $1,100 to $1,200 psf per plot ratio (ppr).

Marcus Chu, CEO of ERA Singapore, highlights that the Dorset Road site is also close to a 10ha brownfield site in Farrer Park that is earmarked for redevelopment. The new estate is expected to have 1,600 new HDB flats, along with sports and recreational facilities. “Just 500m or seven minutes on foot from Dorset Road, this future sports hub could become a key amenity and social hub for Farrer Park’s residential communities,” he adds.

Read also: First GLS site in Bayshore draws eight bids, SingHaiyi puts in top bid of $1,388 psf ppr AdvertisementAdvertisementUpper Thomson Road (Parcel A): Second tender launch with revision to SA2 component

When Upper Thomson Road (Parcel A) was first launched for tender in December 2023, it included a requirement for a new class of long-stay serviced apartments known as Serviced Apartments II (SA2), which have a minimum stay requirement of three months. The site was put up for sale along with the adjacent Upper Thomson Road (Parcel B).

Parcel B was awarded in April 2024 to a GuocoLand-Hong Leong Holdings joint venture. The partners submitted the sole bid of $779.6 million, or $905 psf ppr, for the plot. The 941-unit Springleaf Residences on the site is expected to launch later this year.

The tender for Parcel A closed in June 2024 with no bids. Developers may have been deterred from bidding for the plot given uncertainty around the demand for long-stay serviced apartments in the area, comments PropNex’s Wong.

She observes that URA has provided more flexibility this time around, with the agency noting that SA2 use will not be mandated for the site but can be allowed, subject to approval from technical agencies. Wong says the flexibility could encourage more interest in the site. She anticipates up to two bids from developers, with a top bid of around $900 to $1,000 psf ppr.

ERA’s Chu also believes URA’s decision to roll back the SA2 component may boost interest in the site. “Being located beside Springleaf MRT Station, it could also appeal strongly to future buyers, as evidenced by the high take-up rates at projects in the nearby Lentor housing cluster,” he continues.

However, he notes that the Springleaf precinct currently still has a gap in amenities and school options. Additionally, competition from the launch pipeline in Lentor could also temper bidder interest.

Nonetheless, Chu points out that Upper Thomson Road (Parcel A) offers a “clear first-mover advantage” for future buyers. “Developers are also likely to look at the performance of the adjacent Springleaf Residence to guide their bidding strategy,” he adds.

OrangeTee & Tie’s Quek highlights that the sizeable commercial space at the future development on Parcel A will add more amenities to the Springleaf area, increasing its appeal. He believes the site could also draw downgrader demand from landed homeowners in the area. Furthermore, the period between the Parcel A and Parcel B tenders provides the market sufficient time to absorb the supply of new units, especially since buyers looking to purchase a private home in this part of Singapore only have a handful of choices, he says.

Quek expects two to five bidders for Upper Thomson Road (Parcel A), with the highest bid between $950 to $1,050 psf ppr.