The Urban Redevelopment Authority (URA) might just have left the land market with a sweet treat to end 2017. They released 2 sites under the Government Land Sales (GLS) programme on Dec 28 last year.
2 sites released under the GLS Programme
The 2 sites released by the URA were in Sengkang Central and Hillview Rise. Both were for private housing and can potentially yield 1,235 new private homes.
The Sengkang site is zoned for both commercial and residential purposes and could perhaps draw the attention of developers hoping to build an integrated-use project. The site measures at 37,300 sq m and has the advantage of being near the Buangkok MRT station.
The plans for the new development on this site are for one-stop community hub featuring public rail and bus transport facilities, a hawker centre, community club, childcare centre and retail shops all under one roof.
The new mixed-use project will be a key feature of the Buangkok neighbourhood. It will serve the needs of the 20,000 residents here.
The site in Hillview is zone for residential use only. The 14, 300 sq m plot is smaller but has an allowable gross floor area of 40,030 sq m. The authorities are hoping the site will be a test bed for new construction techniques.
Bids for both sites will be evaluated not only by price but also by concept.
Freehold site on Farrer road launched in private sector
While the above 2 sites were launched under the GLS’ confirmed list, a freehold site on Farrer road was launched by Savills Singapore as a collective sale for $98.07 million. The Wilshire sits on a 3,635 sq m site that is zoned for residential use and can be develop up to 12-storeys high with an allowable gross floor area of 5,974.61 sq m.
As we step foot into 2018, how will the land sales market be this year? Will the authorities continue to hold back on the release of new land sites and will collective sales of private sites remain steady?