URA releases state land sites for sale in Woodlands, Toa Payoh, Punggol

URA releases state land sites for sale in Woodlands, Toa Payoh, Punggol

May 26, 2023

https://i.imgur.com/D1CG8k7.jpg
Due to the attractiveness and accessibility of the plot at Champions Way, keen demand from developers is anticipated.
GRAPHIC: URA

THE Urban Redevelopment Authority (URA) on Thursday (May 25) released two residential sites and a short-term lease commercial site for sale under the first half 2023 Government Land Sales (GLS) programme.

The residential site at Champions Way in Woodlands falls under the Confirmed List while the site at Lorong 1 Toa Payoh is available for application under the Reserve List. Both sites have a lease period of 99 years.

Together, the two sites are expected to yield about 1,125 residential units, said URA.

It also released a commercial site at Punggol Walk for application. The plot has a 30-year tenure and falls under the Reserve List.

The land parcel at Champions Way has an area of 14,432.6 square metres (sq m) and a maximum gross floor area (GFA) of 30,309 sq m. The plot is estimated to yield 350 housing units and has a maximum building height of 61 m.

Due to the plot’s attractiveness and accessibility, OrangeTee & Tie deputy chief executive Justin Quek anticipates keen demand from developers. He believes there could be five to eight bidders for the site, with bid prices ranging between S$950 and S$1,050 per square foot per plot ratio (psf ppr).

ERA Realty Network key executive officer and head of research and market intelligence Eugene Lim foresees potential demand from Housing and Development Board (HDB) upgraders.

“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,” said Lim.

He added that the future residential development also had good potential for rental to people who frequently move between Singapore and Malaysia.

The residential site at Toa Payoh Lorong 1 – which is projected to yield 775 units – has an area of 15,743 sq m and a maximum GFA of 66,121 sq m. It has a maximum building height of 145 m.

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The residential site at Toa Payoh Lorong 1 is located in the mature estate of Toa Payoh and close to Braddell MRT station. GRAPHIC: URA

Mogul.sg chief research officer Nicholas Mak said this site was “arguably the most attractively located site” among residential land parcels in the Reserve List of the current GLS programme as it is located in the mature estate of Toa Payoh and close to Braddell MRT station.

Huttons senior director of research Lee Sze Teck noted that this site had a high chance of being triggered for sale. If a sale were to happen, he expects the top bid could be more than S$1,200 psf ppr.

He added that with five-room flats at The Peak @ Toa Payoh exceeding S$1 million, and with quite a number of flats that have met their minimum occupation period exceeding S$800,000, there is a sizeable pool of potential HDB upgraders.

The commercial site at Punggol Walk has an area of 10,011.5 sq m and a maximum GFA of 14,017 sq m. The maximum building height for the land parcel is 64 m.
URA notes that a minimum GFA of 8,400 sq m for office use and 650 sq m for a childcare centre have been stipulated for the site at Punggol Walk. GRAPHIC: URA

URA noted that a minimum GFA of 8,400 sq m for office use and 650 sq m for a childcare centre were stipulated for the site.

Despite the site’s shorter lease tenure, PropNex Realty’s head of research and content Wong Siew Ying expects that it will still attract interest due to the lack of commercial office space in that area.

“The release of sites on shorter leases 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,” said URA.

The tender for the Champions Way site will close at noon on Sep 12.

https://www.businesstimes.com.sg/pro...-payoh-punggol