New Reporter
27-06-24, 15:44
Chencharu, Lorong Chuan, Marina South among highlights of new state land sites unveiled for sale
Confirmed list of the H2 GLS programme also features two parcels in Media Circle
Jun 26, 2024
TEN new sites are on offer under the Government Land Sales (GLS) programme for residential housing in the second half of 2024. Six are on the confirmed list and four are on the reserve list.
The confirmed list includes two parcels in Media Circle, a Lorong Chuan site, and the first mixed-use site in the upcoming Chencharu precinct, according to details released by the Ministry of National Development (MND) on Tuesday (Jun 25).
https://i.imgur.com/TWga6lm.png
The latest round of the GLS programme is expected to boost the supply of private homes on the confirmed list including executive condominiums by 5,050 units, a smaller increase from 5,450 units in the first half of 2024.
Tricia Song, CBRE head of research for Singapore and South-east Asia, said: “This is the first pause after seven consecutive increases since the trough of 1,370 units in the confirmed list in H2 2020, (with) H1 2024 (being) the highest since 5,960 units in H2 2013. (*see amendment note)
“We believe the pause in ramping up supply is wise to prevent an oversupply, considering the lacklustre response in the recent land tenders and decade-low developer sales.”
The Chencharu Close site, which is the largest on offer in the H2 GLS programme in terms of the number of residential units, will be able to accommodate 875 private homes. It will be integrated with the community and bus interchange facilities and has an estimated 13,000 square metres (sq m) of commercial space which may be used for retail.
The Housing and Development Board is expected to launch the site in September.
The confirmed list supply of the H2 GLS 2024 programme also features two parcels in Media Circle, which are expected to be launched in November.
Media Circle (Parcel A) is located opposite Infinite Studios and the 0.81 hectare parcel can yield about 345 units, with an allowance of 400 sq m commercial space. The 0.97-hectare Media Circle (Parcel B), located along Portsdown Avenue, can yield around 485 residential units and 400 sq m of commercial space.
The announcement of an additional two parcels in Media Circle will bolster future housing supply in one-north and is in line with the Urban Redevelopment Authority’s plans to enhance the area as a vibrant mixed-use district, while also making shorter office-to-home commutes a reality for residents who are working in the vicinity, said Marcus Chu, ERA Singapore’s chief executive officer.
https://i.imgur.com/pvdYoz7.png
Other sites on the confirmed list are a plot in Faber Walk which can yield about 400 units, a Chuan Grove plot which can be built into a 550-unit development, and a Holland Link plot which can house about 240 units.
The Chuan Grove plot is expected to be popular among local investors and families and is near several schools such as Raffles Institution and Raffles Girls School, said Christine Sun, chief researcher and strategist at OrangeTee Group.
The Holland Link site, although located near the Brizay Park Good Class Bungalow Area, could potentially face some challenges owing to its less-accessible location further away from the MRT station, as well as being near a columbarium which may not appeal to some buyers, said Wong Siew Ying, PropNex’s head of research and content.
Some sites on the reserve list of the H1 GLS 2024 programme have been moved up to the H2 GLS 2024 confirmed list. These are a Tampines Street 95 executive condominium site, a Lentor Gardens site, River Valley Green (Parcel B), and a Bayshore Road site.
Most analysts expect the Bayshore Road site to be highly contested, as it is the first to be launched in Bayshore in nearly three decades and is close to the upcoming MRT station.
The four new sites on the reserve list include two prime parcels of land in Marina Gardens Lane, River Valley Green (Parcel C), as well as an executive condominium site in Woodlands Drive 17. A site in Holland Plain, next to the Holland Link site, may also be triggered for sale if a developer makes a suitably high offer.
https://i.imgur.com/a0TwkFf.png
The Marina Gardens Lane site is “relatively attractive”, being opposite Gardens by the Bay and within walking distance of the upcoming Marina South MRT station, said PropNex’s Wong. However, the lack of schools in the Marina South area, and the prevailing additional buyer’s stamp duty measure may weigh on demand for downtown homes, she added.
The 1.15-hectare River Valley Green (Parcel C) site can yield 470 units and is expected to launch in December. If triggered, it will be the third River Valley Green site to be launched for sale near the Great World MRT station.
The River Valley Green area has recorded a flurry of activity recently, although bidding lethargy may be setting in, said Chua Yang Liang, JLL’s head of research and consultancy (South-east Asia). He noted how the Zion Road (Parcel A) nearby, which has a long-term serviced apartments component, received one offer in January at S$1,202 psf ppr, while River Valley Green (Parcel A) drew two bids, with a top bid of S$1,325 psf ppr.
CBRE’s Song added: “Given the ample supply in the confirmed list and lack of standout sites, we believe the reserve list sites are unlikely to be triggered.”
*Amendment note: An earlier version of the story said that there were 1,390 units in the confirmed list in H2 2020. URA has clarified there were 1,370 units.
https://www.businesstimes.com.sg/property/chencharu-lorong-chuan-marina-south-among-highlights-new-state-land-sites-unveiled-sale
Confirmed list of the H2 GLS programme also features two parcels in Media Circle
Jun 26, 2024
TEN new sites are on offer under the Government Land Sales (GLS) programme for residential housing in the second half of 2024. Six are on the confirmed list and four are on the reserve list.
The confirmed list includes two parcels in Media Circle, a Lorong Chuan site, and the first mixed-use site in the upcoming Chencharu precinct, according to details released by the Ministry of National Development (MND) on Tuesday (Jun 25).
https://i.imgur.com/TWga6lm.png
The latest round of the GLS programme is expected to boost the supply of private homes on the confirmed list including executive condominiums by 5,050 units, a smaller increase from 5,450 units in the first half of 2024.
Tricia Song, CBRE head of research for Singapore and South-east Asia, said: “This is the first pause after seven consecutive increases since the trough of 1,370 units in the confirmed list in H2 2020, (with) H1 2024 (being) the highest since 5,960 units in H2 2013. (*see amendment note)
“We believe the pause in ramping up supply is wise to prevent an oversupply, considering the lacklustre response in the recent land tenders and decade-low developer sales.”
The Chencharu Close site, which is the largest on offer in the H2 GLS programme in terms of the number of residential units, will be able to accommodate 875 private homes. It will be integrated with the community and bus interchange facilities and has an estimated 13,000 square metres (sq m) of commercial space which may be used for retail.
The Housing and Development Board is expected to launch the site in September.
The confirmed list supply of the H2 GLS 2024 programme also features two parcels in Media Circle, which are expected to be launched in November.
Media Circle (Parcel A) is located opposite Infinite Studios and the 0.81 hectare parcel can yield about 345 units, with an allowance of 400 sq m commercial space. The 0.97-hectare Media Circle (Parcel B), located along Portsdown Avenue, can yield around 485 residential units and 400 sq m of commercial space.
The announcement of an additional two parcels in Media Circle will bolster future housing supply in one-north and is in line with the Urban Redevelopment Authority’s plans to enhance the area as a vibrant mixed-use district, while also making shorter office-to-home commutes a reality for residents who are working in the vicinity, said Marcus Chu, ERA Singapore’s chief executive officer.
https://i.imgur.com/pvdYoz7.png
Other sites on the confirmed list are a plot in Faber Walk which can yield about 400 units, a Chuan Grove plot which can be built into a 550-unit development, and a Holland Link plot which can house about 240 units.
The Chuan Grove plot is expected to be popular among local investors and families and is near several schools such as Raffles Institution and Raffles Girls School, said Christine Sun, chief researcher and strategist at OrangeTee Group.
The Holland Link site, although located near the Brizay Park Good Class Bungalow Area, could potentially face some challenges owing to its less-accessible location further away from the MRT station, as well as being near a columbarium which may not appeal to some buyers, said Wong Siew Ying, PropNex’s head of research and content.
Some sites on the reserve list of the H1 GLS 2024 programme have been moved up to the H2 GLS 2024 confirmed list. These are a Tampines Street 95 executive condominium site, a Lentor Gardens site, River Valley Green (Parcel B), and a Bayshore Road site.
Most analysts expect the Bayshore Road site to be highly contested, as it is the first to be launched in Bayshore in nearly three decades and is close to the upcoming MRT station.
The four new sites on the reserve list include two prime parcels of land in Marina Gardens Lane, River Valley Green (Parcel C), as well as an executive condominium site in Woodlands Drive 17. A site in Holland Plain, next to the Holland Link site, may also be triggered for sale if a developer makes a suitably high offer.
https://i.imgur.com/a0TwkFf.png
The Marina Gardens Lane site is “relatively attractive”, being opposite Gardens by the Bay and within walking distance of the upcoming Marina South MRT station, said PropNex’s Wong. However, the lack of schools in the Marina South area, and the prevailing additional buyer’s stamp duty measure may weigh on demand for downtown homes, she added.
The 1.15-hectare River Valley Green (Parcel C) site can yield 470 units and is expected to launch in December. If triggered, it will be the third River Valley Green site to be launched for sale near the Great World MRT station.
The River Valley Green area has recorded a flurry of activity recently, although bidding lethargy may be setting in, said Chua Yang Liang, JLL’s head of research and consultancy (South-east Asia). He noted how the Zion Road (Parcel A) nearby, which has a long-term serviced apartments component, received one offer in January at S$1,202 psf ppr, while River Valley Green (Parcel A) drew two bids, with a top bid of S$1,325 psf ppr.
CBRE’s Song added: “Given the ample supply in the confirmed list and lack of standout sites, we believe the reserve list sites are unlikely to be triggered.”
*Amendment note: An earlier version of the story said that there were 1,390 units in the confirmed list in H2 2020. URA has clarified there were 1,370 units.
https://www.businesstimes.com.sg/property/chencharu-lorong-chuan-marina-south-among-highlights-new-state-land-sites-unveiled-sale