The Ang Mo Kio site is the latest GLS site to be offered within that area in six years, and is expected to yield around 370 housing units. Meanwhile, the Tengah site is expected to be the first EC site within the new Tengah estate. Image: URA Space
The Urban Redevelopment Authority (URA) and the Housing & Development Board (HDB) on Thursday (26 November) released two residential sites for sale under the second half of the 2020 Government Land Sales (GLS) Programme.
Both launched under the confirmed list, the URA site is located at Ang Mo Kio Avenue 1 while the HDB executive condominium (EC) site can be found at Tengah Garden Walk.
Together, the two 99-year leasehold sites can yield around 985 residential units.
With an area of about 12,679.4 sq m, the Ang Mo Kio site has a maximum gross floor area (GFA) of 31,699 sq m and is expected to yield around 370 housing units. It has a maximum building height of four storeys in the low-rise zone and 103 metres Singapore height datum (SHD) in the high-rise zone.
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The land plot at Tengah Garden Walk, on the other hand, has a site area of about 22,020.8 sq m and a maximum GFA of 61,659 sq m. It has a maximum building of 60 m SHD and is expected to yield around 615 EC units.
In view of the current COVID-19 situation, a longer tender period of six months is offered to developers to provide them with additional time to make their assessment.
The tender for the two sites closes on 25 May 2021.
Going by the outcome of the recent GLS tenders, PropNex Head of Research and Content Wong Siew Ying expects the two sites to receive a strong turnout of bidders.
“Given the much-improved market sentiment, developers’ confidence has returned and along with that, their appetite for land acquisition,” she said.
Wong expects the Ang Mo Kio Avenue site to attract over 10 bidders, with the top bid coming in between $273 million and $290 million or around $800 to $850 per sq ft per plot ratio (psf ppr).
Aside from being in a mature town and an established residential area, the site is also near the upcoming Mayflower MRT station, which is expected to be ready by 2021.
She noted that the site is the latest GLS site to be offered within that area in six years, since the Lorong Puntong site (Thomson Impressions) was awarded for $173.6 million in 2014 and the Ang Mo Kio Avenue 2/ Ang Mo Kio Street 13 site (The Panorama) was tendered in 2013 for $550 million.
Meanwhile, Wong expects the site in Tengah Garden Walk to draw five to seven bids, with the top bid likely hovering between $345 million and $365 million or around $520 to $550 psf ppr.
“Despite being in an untested location, the government’s plans to transform Tengah into a smart and sustainable town, with green features and smart technologies should make this 22,020.8 sq m site appealing to developers.”
And as the first EC site within the new Tengah estate, Wong said the successful tenderer could gain a first-mover advantage once it enters the market.