GLS sites at Champions Way, Lorong 1 Toa Payoh and Punggol Walk released for sale
Location plan for the GLS site at Champions Way (Picture: URA)
SINGAPORE (EDGEPROP) - URA has released three Government Land Sale (GLS) sites under the 1H2023 GLS Programme on May 25. They comprise two 99-year leasehold residential sites located at Champions and Lorong 1 Toa Payoh and a short-term lease commercial site at Punggol Walk.
The residential site at Champions Way is under the Confirmed List and can potentially yield about 350 units. It has a site area of 14,433 sq m (155,351 sq ft) and a maximum gross floor area (GFA) of 30,309 sq m (326,243 sq ft). A minimum GFA of 500 sq m (5,382 sq ft) at the site is stipulated for a childcare centre. The tender for the site will close on Sept 12.
The site at Lorong 1 Toa Payoh is available for application under the Reserve List and can potentially yield 775 units. The site measures 15,743 sq m (169,456 sq ft) and has a maximum GFA of 66,121 sq m (711,721 sq ft).
Location plan for Lorong 1 Toa Payoh site (Source: URA)
The short-term lease commercial site at Punggol Walk has also been released on the Reserve List. The site area spans 10,011.5 sq m (107,763 sq ft) and has a lease period of 30 years, with a maximum GFA of 14,017 sq m (15,0878 sq ft). A minimum GFA of 8,400 sq m (90,417 sq ft) is allocated for office use, while at least 650 sq m (6,997 sq ft) is designated for a childcare centre. (Find Singapore commercial properties with our commercial directory)
According to URA, the site's release for sale comes as part of the government’s efforts to support decentralisation and cater to demand for workspaces near homes. “The release of sites on shorter lease allows our land uses to be refreshed in shorter cycles to support businesses in adapting their operations more nimbly to changing economic trends and market demand,” it states in a press release.
Champions Way site - first GLS residential launch since 2011
The site at Champions Way is the first GLS launch in Woodlands (excluding executive condominiums) since 2011 when a plot at Woodlands Avenue 2 and Rosewood Drive sold for $367 psf per plot ratio (psf ppr) and developed into the 689-unit Parc Rosewood.
The Champions Way site is surrounded by new and mature HDB blocks, which Eugene Lim, key executive officer and head of research and market intelligence at ERA Realty Network, views as a positive demand driver for the future development. He points out that HDB resale flat transactions in Woodlands saw a 14.2% y-o-y increase last year. “The lack of new private residential launches coupled with a high concentration of HDB blocks in Woodlands could likely contribute to high upgraders’ demand in the area,” he explains. (Find HDB flats for rent or sale with our Singapore HDB directory)
Justin Quek, deputy CEO of OrangeTee & Tie, adds that the site is within walking distance of the Woodlands South MRT Station on the Thomson-East Coast Line. "Residents will find the site accessible and well-connected to many parts of the island,” he remarks. Its proximity to the upcoming Johor Bahru-Singapore Rapid Transit System (RTS) may also boost the future development’s appeal to tenants that are expatriates and employee pass holders from Malaysia.
The site is within 1km of Innova Primary School, Woodgrove Primary School, Si Ling Primary School, and Woodlands Primary School. It is also near secondary schools including Christ Church Secondary School, and Woodgrove Secondary School, and the Singapore Sports School.
Wong Siew Ying, head of research and content at PropNex Realty, expects the site to garner “a decent level of interest” from developers. “A key draw of this site is that there haven’t been many new private residential projects in the area, which could see some pent-up demand for new homes to be built,” she remarks. Wong projects the site draw five to six bids potentially coming in at $950 to $1,000 psf ppr.
OrangeTee & Tie’s Quek has a similar prediction. He anticipates between five to eight bidders for the site, with a potential bid price range between $950 to $1,050 psf ppr.
Location plan for the Punggol Walk site (Source: URA)
Reserve List sites
PropNex’s Wong believes the residential site at Lorong 1 Toa Payoh will likely be triggered for sale. “We anticipate this site would likely be triggered for tender, given that there has been a dearth of new private residential projects in the area, It should also see pent-up demand from homebuyers, including HDB upgraders or those who wish to live close to their family members in the mature town of Toa Payoh,” she says.
Lee Sze Teck, senior director of research at Huttons Asia, concurs. “If triggered and sold, the top bid could be more than $1,200 psf ppr,” he opines.
The last GLS site awarded in the area was the Lorong 6 Toa Payoh/Lorong 4 Toa Payoh plot (now Gem Residences) across from the Lorong 1 Toa Payoh site. The site was sold in June 2015, fetching a top land price of $345.86 million ($755 psf ppr) among 14 bids received in the tender.
For the site at Punggol Walk, Wong's view is that the site could garner interest despite the shorter tenure, given the area's lack of commercial office space. “The potential commercial development could also support the Punggol Digital District, attracting occupiers who want to be located in Punggol,” she adds.
Check out the latest listings near Champions Way, Lorong 1 Toa Payoh, Punggol Walk, Parc Rosewood, Woodlands South MRT Station, Innova Primary School, Woodgrove Primary School, Si Ling Primary School, Woodlands Primary School, Christ Church Secondary School, Woodgrove Secondary School, Singapore Sports School
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