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URA releases six GLS sites for 2H2018

By Charlene Chin

/ EdgeProp |

June 27, 2018 2:36 AM SGT

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The Singapore government has released six confirmed land sites under the Government Land Sales (GLS) programme for 2H2018. Nine other sites are under the Reserve List.

Altogether, the confirmed GLS sites can potentially yield 2,705 private residential units (including 695 EC units), 454,237 sq ft (42,200 sqm) of gross commercial space, and 390 hotel rooms. Two of the confirmed GLS sites are in prime districts.

OrangeTee & Tie believes that the Kampong Java Road GLS site in prime District 9 will be “the most highly contested area” among developers, as there has not been a GLS site sold in the area for years. The property consultant estimates that the site - opposite Newton MRT station, at the fringe of Orchard Road - could be successfully bid for $1,400-$1,600 psf.

The government has also included a 51,667 sq ft hotel site on Club Street in the confirmed GLS list. This is the first site of its kind since the Bukit Chermin hotel plot was released in 2008.

Other notable GLS sites include a 16,146 sq ft plot on Middle Road that can house up to 390 residential units. OrangeTee & Tie believes that the site would be popular among developers due to its proximity to Bugis MRT Station. Other property consultants agree. “The completion of South Beach and DUO integrated developments, together with the upcoming Beach Road mixed-use development site won by GuocoLand, would inject a dose of vibrancy in the area,” says Christine Li, senior director of research at Cushman & Wakefield.

The only EC site released in the land sales programme is at Tampines Avenue 10. OrangeTee & Tie expects the site to be sold around $580-$600 psf ppr, based on the bid price fetched by the Sumang Walk EC GLS in Punggol.

Under the Industrial Government Land Sales Programme (IGLS), the government released six sites in the Confirmed List, with a total GFA of 7.65 ha. Seven sites are under the Reserve List.

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