Jalan Tembusu site under the Reserve List in the 1H 2021 Government Land Sales. Photo: URA
Two residential sites located at Jalan Tembusu and Tampines Street 62 (Parcel B) have been released for sale on Thursday (27 May) under the first half of the 2021 Government Land Sales (GLS) programme.
The Urban Redevelopment Authority (URA) site at Jalan Tembusu and the Housing & Development Board (HDB) site at Tampines Street 62 (Parcel B) are both available for application under the Reserve List. The 99-year leasehold sites can yield a total of about 1,340 residential units, said URA and HDB in a joint release.
The Jalan Tembusu site, which is expected to yield 640 units, has an area of 19,567.6 sq m and a maximum gross floor area of 54,790 sq m. It comes with a maximum building height limit of 70-75m Singapore height datum (SHD).
About 1km from Dakota MRT station and 600m from the future Tanjong Katong MRT station on the Thomson-East Coast Line (TEL), the site is near educational institutions including Chung Cheng High School (Main), Tanjong Katong Primary School, Tanjong Katong Secondary School and Tanjong Katong Girls’ School.
Mark Yip, Chief Executive of Huttons Asia, said the site has a “high probability of getting triggered” since developers are starved for well-located sites.
“This site sits in District 15, a popular area for many buyers. It is not far from Tanjong Katong MRT station. Furthermore, the project offers unblocked views as homes in the vicinity are predominantly landed and low rise developments,” he said.
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If triggered and sold, Yip expects the tender price to hover between $1,400 and $1,500 per sq ft per plot ratio (psf ppr).
Meanwhile, the executive condominium (EC) site at Tampines Street 62 (Parcel B) is expected to yield 700 units. It has an area of 28,000.2 sq m and a maximum gross floor area of 70,001 sq m. The maximum building height is 64m SHD.
Lee Sze Teck, Director of Research at Huttons Asia, noted that EC sites are “a good alternative to private residential living and seldom subject to cooling measures from the authorities”.
“In this COVID-19 environment where the supply of labour is uncertain, the 15-month time bar on EC actually helps. Developers can delay appointing a contractor till the situation is more stable,” he said.
However, Lee does not expect the EC site to be triggered yet even as it is located within a mature estate.
This comes as the neighbouring Parcel A “has not been sold and developers will want to spread out the launch of projects and have a feel of the land bid for Parcel A”. Parcel A was launched for sale on 15 April, with the tender set to close on 22 July 2021.
If triggered and sold, Lee estimates the top bid for Parcel B to hover between $550 and $600 psf ppr.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: firstname.lastname@example.org