Confirmed-list Bidadari site to attract strong interest in 2H2016 GLS programme

The Government will release four sites on the Confirmed List and 11 sites on the Reserved List under the 2H2016 government land sales (GLS) programme. The sites on both lists are expected to yield an estimated 6,770 private homes, 780 executive condominiums (ECs) and 2.98 million sq ft gross floor area (GFA) of commercial space.

The total supply of 7,550 housing units for 2H2016 GLS programme is about 1.8% higher than the 7,420 units in 1H2016. Desmond Sim, head of CBRE Research reckons supply is sufficient to sustain developers’ hunger for land, and that it will provide a level playing field for developers to build up their land bank, as well as for the market to absorb unsold stock.

Three of the four sites on the Confirmed List are for private residential development and they are located at Fernvale Road in Sengkang; Perumal Road off Serangoon Road; and West Coast Vale, off West Coast Road. The fourth is a mixed-use commercial-cum-residential development site at Upper Serangoon Road next to Woodleigh MRT station in Bidadari. The mixed-use site at Bidadari is expected to see “a healthy number of bids” as it’s located next to the MRT station, and it’s located within a precinct earmarked as a new public and private housing estate, says CBRE’s Sim.

The four sites on the Confirmed List can yield about 2,170 private residential units and 166,840 sq ft GFA of commercial space. That is higher compared to the total supply of 1,560 units (including 640 ECs) and 118,400 sq ft of commercial space in the Confirmed List for 1H2016.

Nine of the 11 sites on the Reserved List are carried over from 1H2016 GLS programme. The two new sites on the Reserved List are designated for private residential development, and are located at Serangoon North Ave 1 (estimated 825 units) and Toh Tuck Road (325 units).

URA has taken into account the current imbalance in supply and demand for retail space and have put a sharper focus on sites with strong attributes, says CBRE’s Sim. The retail space for the mixed-use site at Holland Village and the commercial site at Beach Road has therefore been reduced, notes Sim.