Two residential sites and an EC site open for application under 2H2022 GLS Programme
By Timothy Tay
/ EdgeProp Singapore |
The residential site at Clementi Ave 1 is 144,786 sq ft and could yield an estimated 500 units. Details of the site are shown on EdgeProp's Landlens analytics tool. (Map: EdgeProp)
SINGAPORE (EDGEPROP) - The government has released two residential sites and an Executive Condominium (EC) site for application under the Reserve List of the 2H2022 Government Land Sales (GLS) Programme.
This means that each site will only be launched for public tender when a developer has submitted an indicated minimum price that is acceptable to the government.
The residential sites are at Clementi Avenue 1 and Jalan Tembusu, while the HDB EC site is located at Senja Close.
The residential site at Clementi Ave 1 is 144,786 sq ft and could yield an estimated 500 units. This plot is beside two existing projects which were both awarded to UOL Group, The Clement Canopy and Clavon.
“Both The Clement Canopy and Clavon were well received by homebuyers, indicating adequate demand for units located in the area,” says Nicholas Mak, head of research and consultancy at ERA Realty.
The site is close to educational institutions such as the NUS High School of Mathematics and Science, Nan Hua High School, and the School of Science and Technology. Nearby amenities include The Clementi Mall, Grantral Mall @ Clementi, Clementi Sports Hall and Clementi Swimming Complex.
According to Lee Sze Teck, senior director, research at Huttons Asia, this site will benefit from the limited new supply of private residential homes in the Clementi. This is because the latest new launches in the area, Clavon and Parc Clematis, are either fully sold or close to being fully sold.
Lee expects this site could attract between three and five bidders and the top bid could range from $1,000–1,100 psf.
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Meanwhile, the residential site at Jalan Tembusu is 221,436 sq ft and could yield an estimated 825 units when developed. This site is also beside a recently awarded site that saw City Developments (CDL) submit the top bid of $768 million in January this year.
The latest GLS site on Jalan Tembusu is about 1km from Dakota MRT station on the Circle Line and 400m from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line. Schools in the vicinity include Chung Cheng High School (Main), Tanjong Katong Girls’ School, Tanjong Katong Primary School and Tanjong Katong Secondary School. F&B options and other amenities are along the nearby Tanjong Katong Road and Parkway Parade shopping mall.
Although the site is in the popular District 15, Lee notes that the area will see amply new private housing supply in the pipeline, particularly from upcoming projects such as Jalan Tembusu Residences by CDL, The Continuum by Hoi-Hup Realty and Sunway Developments, and developments on Dunman Road by SingHaiyi Group and Haig Road by Nanshan Group.
Mak concurs that competition in the area may see most developers unlikely to trigger this site for sale: “Any developer who is interested to trigger this reserve list site at Jalan Tembusu will closely observe the pricing and sales performance of these three condo developments before triggering the reserve list site for tender.”
If the site is triggered for sale, Lee expects this site could also see between three to five bidders and a top bid that ranges from $1,300-1,400 psf.
Finally, the EC site is situated along a cul-de-sac on Senja Close is within an established HDB estate in Bukit Panjang. The 109,353 sq ft site could yield about 300 EC units when it is developed. (Find HDB flats for rent or sale with our Singapore HDB directory)
The site is about 500m from Jelapang LRT station and two stations away from Bukit Panjang MRT station on the Downtown Line.
According to Lee, it has been more than 10 years since the last EC development site was sold in that area. As result, if the site is sold, the new development could benefit from a potential pent-up demand for new EC units among residents in the area, he says.
The last EC project to launch in the area was the 602-unit Blossom Residences which had its TOP in 2014. The length of time since then could possibly suggest high demand and keen interest for an upcoming EC to be developed in the locality, says Mak.
However, Mak says that there is a “less than 50% chance” that this EC site could be triggered for sale. “This is because there is another EC development site at Tengah Plantation Loop that would be launched for sale next month. Secondly, the location of the site at Senja Close may not be as attractive as other GLS sites,” he says.
Assuming a developer successfully applies to trigger the sale of this EC site, Mak expects that the top bid could range from $610 psf ppr to $650 psf ppr.
Despite the attractive sites that have been available for tender, Lee points out that the next list of GLs sites under the 1H2023 GLS programme will be announced next month. “Thus, developers might want to keep their options open and not trigger these sites for sale,” he says.
Check out the latest listings near Clementi Avenue 1, Jalan Tembusu, The Clement Canopy, Clavon, NUS High School of Mathematics and Science, Nan Hua High School, School of Science and Technology, Chung Cheng High School (Main), Tanjong Katong Girls’ School, Tanjong Katong Primary School, Tanjong Katong Secondary School, Dakota MRT station, Tanjong Katong MRT station, Jelapang LRT station, Bukit Panjang MRT station
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