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Three GLS Sites Waiting For Takers. Written 25th October 2022



Introduction

The Singapore government made three Reserve List residential development sites available for developers to apply for tender as part of the Government Land Sale(GLS) program for 2H 2022. The government will only launch any of the sites for sale by tender if there is sufficient interest from developers.


The details for the three GLS land parcels are shown in the table below.


Table 1: Details of the Reserve List sites

Location

Clementi Avenu 1

Jalan Tembusu

Senja Close EC

Site Area

144,786 sq ft

221,436 sq ft

109,353 sq ft

Land Use Zoning

Residential

(Condominium)

Residential

(Condominium)

Executive

(Condominium)

Maximum permissible Gross Floor Area

506,754 sq ft

775,033 sq ft

328,068 sq ft

Potential Number of Dwelling Units

500

825

300

Lease Period

99 years

99 years

99 years

Condominium land Parcel at Clementi Avenue 1

The GLS reserve list site at Clementi Avenue l is situated between two 99-year leasehold condominium projects, namely The Clement Canopy and Clavin. The subject land plot is also located in the popular mature housing estate of Clementi and is within close proximity to established educational institutions such as Nan Hua High School, the NUS High School of Mathematics and Science, and the National University of Singapore (NUS). The site is located about 800 meters from the Clementi MRT.


The land parcel has a site area of 144,786 sq ft, and could be developed up to a maximum of 500 housing units. With a plot ratio of 3.5 and it is zoned for non-landed residential use, it is likely to be developed into a major condominium project.


Due to the favorable location with reputable schools and amenities in its vicinity, both The Clement Canopy and Clavon were well-received by homebuyers, indicating healthy demand for condominium housing in the area.


Figure 1: Location map of Clementi Avenuel GLS site

Condominium land Parcel at lalan Temhusu

The GLS reserve list site at Jalan Tembusu is located in the popular District l5, near to the Dakota MRT Station and the future Tanjong Katong MRT Station. The land plot is also within close proximity to popular schools such as Tanjong Katong Primary School, Tanjong Katong Secondary School, Tanjong Katong Girls School, and Canadian International School (Tanjong Katong Campus).


This particular land parcel has a site area of 221,436 sq ft and would yield an estimated 825 housing units making it one of the larger condominium developments in the Katong area.


The site is currently surrounded by a few upcoming condominium projects that could be launched in 2023.


Figure 2: Location map of Jalan Tembusu GLS site

Executive condominium land parcel at Senia Close

The Senja Close site is designated for Executive Condominiums (EC) development. It is located in District 23 and within the Bukit Panjang planning area. The land parcel measures 109,353 sq ft and could potentially yield about ZOO EC housing units.


There are a few primary and secondary schools near the subject site, such as Westspring Primary School, West View Primary School, Zhenghua Secondary School, and Westspring Secondary School. This land plot is within comfortable walking distance to Jelapang LRT and is well connected with expressways and transport networks. In addition, the site is relatively close to retail malls such as Greenridge Shopping Centre, Fajar Shopping Centre, and Bukit Panjang Plaza. These malls would provide retail choices, conveniences, and accessibility to amenities for the residents in that area.


Figure 3: Location map of Senia Close GLS site


Probability of being triggered for tender

Condominium site at Clementi Avenue 1

In our opinion, the condominium site at Clementi Avenue 1 has the highest probability among the three Reserve List sites of being triggered for sale by developers because there is a lack of new mass-market condominium projects in the Clementi area. The most recently launched condo project near the subject site is Clavin, which was launched in December 2020. The project is fully sold.


A potential competitor to the future development on the reserve list site at Clementi Avenue 1 is the upcoming condominium project at Pine Grove with about 520 units. The 99-year leasehold condominium project at Pine Grove could be launched in late 2023.


If the subject site at Clementi Avenue 1 is launched for sale by tender this month, the land price is estimated to exceed $530 million. Therefore, only major developers with significant financial resources would tender for this site.


EC site at Senja Close

The probability that the EC site at Senja Close would be triggered for tender by developers is moderately low, as there is another EC development site at Tengah Plantation Loop that would be launched for sale in December 2022. Secondly, there are potentially three other EC projects in the western region that are slated to be launched in 2023 and 2024. With a steady supply of EC in the west region, developers may not be that keen to trigger this reserve list site for tender.


Condominium site at Jalan Tembusu

Although the condominium site at Jalan Tembusu is well-located, property developers are unlikely to trigger it for tender. This is because the new condominium project on this site could face potential competition from three major upcoming launches in this area.


One of the upcoming launches is a condominium with about 645 units, which is also located at Jalan Tembusu. It is developed by City Developments Ltd and the 99-year leasehold property could be launched in 2023.


The second upcoming project is a large condominium with about 1,040 units situated at Dunman Road. The 99-year leasehold condominium is developed by the SingHaiyi Group and Haiyi Holdings.


The third project is another major condominium development with about 800 units. Three GLS Sites Waiting for Takers The freehold condominium named “The Continuum” is located at Thiam Siew Avenue. It could also be launched in 2023.


Any developer who is interested to trigger this reserve list site at Jalan Tembusu will closely observe the pricing and sales performance of these three condominium developments before deciding whether to trigger the reserve list site for tender or not.




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