Four new sites released on the Reserve List of 1H2023
By EdgeProp Singapore
/ EdgeProp Singapore |
A new residential development site on the Reserve List is located at Lorong 1 Toa Payoh (Photo: Samuel Isaac Chua/EdgeProp Singapore)
SINGAPORE (EDGEPROP) - On the Reserve List, four of the nine sites are new – Lentor Gardens, Lorong 1 Toa Payoh, Plantation Close (EC), and a commercial site at Punggol Walk on a short-term, 30-year lease tenure, says Wong Siew Ying, head of research and content, PropNex. The remaining Reserve List sites are at Pine Grove (Parcel B), Clementi Avenue 1, Senja Close (EC), Woodlands Avenue 2 (white site), and River Valley Road (hotel site).
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“With seven sites on the Confirmed List, developers are unlikely to trigger any of the sites on the Reserve List in 1H2023,” says Nicholas Mak, head of research & consultancy, ERA Singapore. “One of the reasons is that developers will be occupied with the sites on the Confirmed List. The second reason is that some developers will be more cautious with their land acquisition plans in light of the expected slower economic growth in 2023.”
Source: EdgeProp Singapore
Nevertheless, the site at Lorong 1 Toa Payoh would be one of the more popular sites on the Reserve List. Located in the mature Toa Payoh HDB estate, it’s just a three-minute walk to the Braddell MRT station and near amenities such as hawker centres, community clubs and healthcare clinics. “Over the last few years, there is a lack of new launches in the mature estate of Toa Payoh,” says Mak. (Find HDB flats for rent or sale with our Singapore HDB directory)
The last private residential project launched in Toa Payoh was in 2016: It was the 578-unit Gem Residences at Lorong 5 Toa Payoh by Gamuda Land, Evia Real Estate and Maxdin.
The site on the Reserve List at Clementi Avenue 1 can yield 500 residential units. It sits between two private condominiums that have already been launched and fully sold, namely The Clement Canopy and Clavon, both developed jointly by UOL Group and Singapore Land Group.
The new GLS site is at Clementi Avenue 1 sitting between The Clement Canopy and Clavon (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The site’s appeal is its location in the popular mature estate of Clementi, close to established educational institutions such as Nan Hua High School, the NUS High School of Mathematics and Science and the National University of Singapore (NUS). It is also 800m from the Clementi MRT station on the East-West Line, says ERA’s Mak.
There is yet another new Lentor Gardens site (estimated 500 residential units) on the Reserve List which marks the seventh site in the Lentor area that has been put out since the first Lentor Central site was sold in July 2021. The seven sites at Lentor could collectively be developed into 3,500 private homes eventually. “Given the abundant supply, we think this site is unlikely to be triggered from the Reserve List,” says Tricia Song, head of research, CBRE Southeast Asia.
There is also a new Plantation Close EC site on the Reserve List, which is just next to the Tengah Plantation Loop EC site that will be released for tender on the Confirmed List 2H2022 in Dec 2022, notes Song. “We believe it is unlikely to be triggered for sale soon given the over 1,000 potential units on the site in aggregate.”
Source: EdgeProp Landlens
The Punggol Walk Reserved site is conveniently located next to the Punggol MRT station. The 8,400 sqm (90,418 sq ft) commercial site on a 30-year lease tenure is offered as part of the government’s efforts to support decentralisation and to cater to demand for workspaces near homes. “The release of such sites on shorter leases allows our land uses to be refreshed in shorter cycles to support businesses in adapting their operations more nimbly to changing economic trends,” says URA.
Despite the shorter lease, PropNex CEO Ismail Gafoor anticipates that the Punggol Walk plot “should garner keen interest owing to the lack of commercial office space in that area”. (Find Singapore commercial properties with our commercial directory)
The 1H2023 Reserve List includes a site at River Valley Road for developing a 530-room hotel, carried over from the 2H2022 Reserve List.
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