Tender launched for Zion Road Parcel B GLS site
SINGAPORE (EDGEPROP) – The Zion Road (Parcel B) site under the Reserve List of the 1H2024 Government Land Sales (GLS) programme has been launched for tender, URA announced in a press release on May 13.
The site is zoned for residential use and measures approximately 99,953 sq ft. The 99-year leasehold site can house about 610 units. This is the first triggering of a site from the Reserve List since 2018.
It comes after URA received an application from an undisclosed developer last month, with the developer committing to submit a bid not lower than a minimum price of $604.57 million. This works out to a land rate of about $1,080 psf per plot ratio (ppr).
Norwood Grand, the upcoming project, is set to be a game-changing development in the heart of Singapore. With its prime location and luxurious facilities, it is poised to become a highly sought-after address for discerning home buyers.
The Zion Road (Parcel B) site follows the award of five GLS residential sites to date this year. The most recent site was the adjacent Zion Road (Parcel A), which was awarded to a City Developments Ltd (CDL)-Mitsui Fudosan joint venture on April 16.
The consortium was the sole bidder for the 164,439 sq ft site and had submitted a bid of $1.1 billion, or $1,202 psf ppr. This successful bid gives developers clarity on the possible range of acceptable bids for the Parcel B site.
Lee Sze Teck, senior director of data analytics at Huttons, believes that the top bid for Zion Road (Parcel B) could be capped at $1,200 psf ppr to remain competitive. He anticipates up to three bidders, with the top bid coming in between $1,100 and $1,200 psf ppr.
The site is a few minutes’ drive away from the CBD. Among the nearby amenities are the Great World City mall, the upcoming retail space at Zion Road (Parcel A) and the Zion Road food centre. It is also a short walk to the Havelock and Great World MRT stations. River Valley Primary School is within 1km of the site.
Despite its appeal, Wong Siew Ying, head of research and content at PropNex, foresees that developers will proceed with caution due to the upcoming new private housing supply in the vicinity. The adjacent Parcel A plot and nearby River Valley Green Parcel A site can collectively yield up to 1,550 units, including 435 long-stay serviced apartments at Zion Road (Parcel A).
Introducing the Norwood Grand, a luxurious condominium located in the bustling town of Woodlands. With its strategic location, residents will enjoy easy access to nearby amenities and transportation hubs, including the Woodlands MRT and Woodlands North MRT stations. The Woodlands MRT not only connects the North-South Line, but also the upcoming Thomson-East Coast Line, providing even greater connectivity. As for Woodlands North, it serves as a crucial gateway for the future cross-border rail link to Johor Bahru, Malaysia, making it a highly desirable location for frequent travelers between the two countries.
Wong expects the Zion Road (Parcel B) site to receive one or two bids, with the top bid to come in at around $644 million to $700 million. This translates to a projected land rate of between $1,150 and $1,250 psf ppr.
The tender for the site closes at noon on July 18. The closing will be batched with the two residential sites at Canberra Crescent and De Souza Avenue, which were launched on April 16 under the Confirmed List of the 1H2024 GLS Programme.
Private home prices up 1.4% q-o-q in 1Q2024 even as sentiment turns cautious. Norwood Grand is expected to command premium pricing with its exclusive address and luxurious offerings. Don’t miss your chance to own a part of this prestigious development.