URA launches 3 residential sites under 1H2019 GLS Programme

Fiona Ho28 Jun 2019

The Urban Redevelopment Authority (URA) on Thursday (27 June) released two housing sites and one residential with commercial at first storey site for sale under the first half 2019 Government Land Sales (GLS) Programme.

Together, the three sites are expected to yield around 1,545 residential units.

Launched for sale under the confirmed list, the residential with commercial at first storey site at one-north Gateway has an area of 5,778.7 sq m and a maximum gross floor area (GFA) of 14,447 sq m.

The height control for the first two stories is 23 m – 25 m above mean sea level (AMSL), while the overall building height control stands at 61 m – 87.5 m AMSL.

URA noted that the site’s release is part of JTC’s “continued efforts to inject more residential spaces in the one-north estate to meet the housing needs and enhance the area as a vibrant mixed use business park”.

Tricia Song, head of research for Singapore at Colliers International, expects the site to appeal to niche developers.

“We expect a top bid of $155 million or $1,000 per sq ft per plot ratio (psf ppr), and the developer could look to sell at $1,600 psf, taking into account the minimum average unit size requirement of 85 sq m.”

The tender for the one-north Gateway site closes on 5 September.

Meanwhile, the residential sites at Hillview Rise and Dunman Road, which are located near Hillview and Dakota MRT stations respectively, are released under the reserve list.

The 25,234.7 sq m site at Dunham Road has a maximum GFA of 88,322 sq m, while the 10,395.2 sq m site at Hillview Rise has a maximum GFA of 29,107 sq m.

Of the two reserve list sites, Song said the Dunham Road is the most attractive “given its proximity to the Dakota MRT station, predominantly unblocked views of the East Coast and within minutes’ drive to town”. It is also close to good schools and the Sports Hub.

“However, a concern could be its relatively larger size – 1,040 buildable units.” With this, she expects the site to appeal to larger developers or joint ventures, with a top bid of $1.1 billion or $1,160 psf ppr.

The Hillview Rise site, on the other hand, is not expected to be triggered soon considering the ample supply as well as lukewarm response for some sites within the vicinity post-cooling measures.

Song revealed that the new Hillview Rise site is right across the plot of land that was awarded to Hong Leong Group under a concept-and-price dual envelop basis in July 2018 at $460 million or $1,068 psf ppr.

“Hong Leong Group’s site named Midwood will house 564 units and could be launched soon. Nearby relatively newly completed and 99-year leasehold projects, Hillier (completed in 2016) and Kingsford Hillview Peak (completed in 2017) transacted at $1,380-1,480 psf in the year-to-date 2019,” she added.

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Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email fiona@propertyguru.com.sg


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