Government Releases Four Residential Sites Under 2H2024 Gls Programme
URA and HDB announce release of four new sites for sale under GLS Programme
In a recent joint press release, the Urban Redevelopment Authority (URA) and Housing Development Board (HDB) announced the release of four new sites under the 2H2024 Government Land Sales (GLS) Programme. Two of the sites, Lentor Gardens and River Valley Green (Parcel B), have been launched for sale under the Confirmed List, while the remaining two, Marina Gardens Lane and Woodlands Drive 17, are available for application under the Reserve List.
The Lentor Gardens site, spanning 222,161 sq ft, is the seventh plot to be launched in the developing Lentor Hills Estate. It is zoned for residential development and is estimated to yield approximately 500 units. The site is expected to be a mix of low-rise and mid-rise blocks of up to 16 storeys. The other three sites, River Valley Green (Parcel B), Marina Gardens Lane, and Woodlands Drive 17, are zoned for residential with commercial at the first storey.
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The 605-unit Lentor Modern, 474-unit Hillock Green, 267-unit Lentoria, 598-unit Lentor Hills Residences, 533-unit Lentor Mansion, as well as a yet-to-be-unveiled project by CSC Land, Hong Leong Holdings’ Intrepid Investments and GuocoLand, are some of the ongoing projects in the area. According to Lee Sze Teck, senior director of data analytics at Huttons Asia, only 352 units (14.2%) of the 2,477 residential units launched in the area have remained unsold. This indicates buyers’ receptiveness towards living in the Lentor private residential enclave and should ease concerns of a supply overhang in the area. Huttons expects the Lentor Gardens site to attract one to three bidders with a top bid of between $900 and $1,000 psf ppr. The tender for the site closes on April 3, 2025.
The River Valley Green (Parcel B) plot, spanning 126,325 sq ft, is estimated to accommodate about 475 residential units. According to the site’s land tender requirements, it will also have direct access to the nearby Great World MRT Station along the Thomson-East Coast Line (TEL). Marcus Chu, CEO of ERA Singapore, notes that the site’s location is well-connected to major roads and expressways such as Central Expressway (CTE) and Ayer Rajah Expressway (AYE) by private transport while Great World MRT Station allows easy access to the Orchard Road shopping district one stop away. Lee estimates that the area already has a pipeline of incoming residential housing, with two other sites awarded this year. Lee estimates that both sites could be launched next year, yielding a total of 1,120 residential units. Furthermore, another nearby GLS site at River Valley Green (Parcel C) is set to be launched sometime in December 2024. Should the site be awarded, Lee predicts that the area could see almost 2,200 units for sale over the next few years. Thus, developers are likely to be cautious in their bids given the expected supply of new private units entering the market in the area. He estimates that the site could attract one to three bidders, with a top bid of $1,200 to $1,300 psf ppr. The tender for the River Valley Green (Parcel B) closes on Feb 7, 2025.
The EC site at Woodlands Drive 17 is estimated to yield 420 executive condominium (EC) units. The site, spanning 271,326 sq ft, has a maximum gross floor area (GFA) of 461,255 sq ft. The site is close to Woodlands South MRT Station on the TEL, and the station is one stop from Woodlands Regional Centre and two stops to the upcoming RTS link to Johor Bahru. Lee estimates that 6,500 HDB flats in Woodlands were completed from 2016 to 2018, which could contribute to the pool of potential buyers for a future EC development in the vicinity.
The Reserve List site located at Marina Gardens Lane, spanning 64,663 sq ft, is zoned residential with commercial at first storey. It is close to the upcoming Marina South MRT station on the TEL. Lee opines that the site is unlikely to be triggered for sale due to the availability of other attractive sites on the 2H2024 Confirmed List such as Bayshore Road, Chencharu Close, Chuan Grove and Holland Link. The Marina Gardens Lane site is close to another GLS site at Marina Crescent, also on the Reserve List. The Marina Crescent site was moved to the Reserve List earlier this year after the sole bid of $770.5 million ($984 psf ppr) submitted by GuocoLand, Intrepid Investments and TID was assessed to be too low by URA. The bid price reflected a nearly 30% haircut off the land rate of $1,402 psf ppr that a Kingsford Group-led consortium paid for a neighbouring plot in Marina Gardens Lane in July 2023.