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Government to launch five residential sites in 1H2017

By Feily Sofian

/ The Edge Property |

December 16, 2016 1:42 PM SGT

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The Government will launch five residential sites under the Confirmed List for the Government Land Sales Programme 1H2017. These sites can yield around 2,330 housing units, higher than the 2,170 units offered under the Confirmed List for 2H2016 and 1,560 units for 1H2016.

“This is on the back of improved sales momentum, strong participation in recent GLS programme and higher land bids received. The hunger for land has also extended into the reserve list and even the private en bloc market,” notes Cushman & Wakefield Singapore research director Christine Li.

One of the sites, which will be launched in May 2017, is located next to Woodleigh MRT station. It is also close to the Stamford American International School and Raintree Gardens, a former HUDC estate which was sold en-bloc to UOL Group and United Industrial Corporation recently. The site can yield 735 units.

Another site is Tampines Avenue 10 (Parcel C) which can yield 715 homes. The site is sandwiched between The Santorini and The Alps Residences.

Desmond Sim, CBRE’s head of research for Singapore and South East Asia, says that despite the strong competition for residential sites over the last few tenders, the government remained prudent in its latest slate in the H1 2017 GLS programme. “At the same time, the Government recognises that the market needs to provide a steady supply of homes to keep home prices affordable, and have thus put up five confirmed list sites for 1H2017,” he adds.

Separately, there are eight sites on the Reserve List which can add another 4,360 private homes. This includes a commercial & residential site on Holland Road and a commercial site on Woodlands Square which can yield 590,723 sq ft of commercial space and 275 housing units.

A notable site is a 1.33 ha site on Jiak Kim Street which can yield 515 units. CBRE notes that the site incorporates the former Zouk plot and presents opportunity for a waterfront development. The site will be made available in June 2017 on the Reserve List. Last June, GuocoLand paid $1,239 psf per plot ratio for a nearby site on Martin Place.

There is only one executive condominium site on the 1H2017 GLS Programme. The site on Sumang Walk has been carried over from the Reserve List of both the 1H2016 and 2H2016 GLS programmes, notes CBRE.

“Even if it is triggered for sale, the project would only be launched in 2018. Just three EC projects yielding about 1,600 units are expected to be launched for sale next year, in addition to the remaining stock of 3,000 unsold units,” says Sim.

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