GLS sites at Lentor Central and Tampines Street 62 up for tender

/ EdgeProp Singapore
April 15, 2021 5:53 PM SGT
SINGAPORE (EDGEPROP) - Two sites, at Lentor Central and Tampines Street 62 (Parcel A), have been released for sale under the Government Land Sales (GLS) programme for the first half of 2021.
The Lentor Central site spans 17,279.9 sq m (185,999 sq ft) with a maximum gross floor area (GFA) of 60,480 sq m, and is expected to yield about 605 units. The land is zoned for residential development with commercial space on the first storey.
“The last private non-landed residential GLS site sold near the Lentor GLS site was the site for Nouvo EC condominium, which was sold in February 2001. The limited new housing supply in this location would attract land-hungry developers,” comments Nicholas Mak, ERA Realty head of research and consultancy.
Mak expects the tender for this site to attract about eight to 13 bids, with the top bid ranging from $573 million to $612 million, translating to $880 to $940 psf per plot ratio (psf ppr).
Meanwhile, the site at Tampines Street 62 is an EC site, occupying a land area of 23,799.2 sq m and a maximum GFA of 59,498 sq m. It is expected to yield 590 units.
Mak expects the tender for the EC site to attract six to nine bids from developers, with the top bid ranging from $358 million to $371 million ($559 to $580 psf ppr).
“The latest EC project in the Tampines area was launched in January this year, namely Parc Central Residences with 700 housing units. Within three months from January to March 2021, developers managed to sell 517 units or 74% of the total number of units in the development, illustrating the healthy demand for affordable EC units in the mature town of Tampines,” he notes.
Both sites were carried over from the reserve list of the GLS programme for the second half of 2020.
The tender for the land parcels will close at 12pm on July 22.
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