7 new sites unveiled in H2 2022 GLS Programme

by Albert02

7 new sites unveiled in H2 2022 GLS Programme

7 new sites unveiled in H2 2022 GLS Programme. SEVEN new sites will be available in the second half of the 2022 Government Land Sales (GLS) program, with three confirmed and four on the reserve list.

Aside from the Marina Gardens Lane plot near the Marina South MRT station on the Thomson-East Coast Line, the confirmed list will include a new commercial and residential plot along Tampines Avenue 11 that analysts believe will generate more interest in the Tampines North area.

The Tampines land parcel can produce approximately 1,190 private homes and 14,000 square metres of commercial space (with a 12,000 sq m cap on retail space).

“Over the past few years, the HDB (Housing and Development Board) has launched several Build-to-Order projects in Tampines North; separately, an executive condo (EC) project will be launched for sale soon,” said Lee Sze Teck, senior director of research at Huttons Asia. Despite its growing population, the area lacks amenities like a mall. The commercial and residential development along Tampines Avenue 11 will provide the community with much-needed amenities.”

According to Wong Xian Yang, Cushman & Wakefield’s head of Singapore research, the Tampines site — a mega plot with a land area of slightly more than 5 hectares — is attractively located: it is a comfortable walking distance from the future Tampines North MRT station on the Cross Island Line, as well as amenities such as Courts Megastore, Ikea, and Giant Hypermarket.

“However, given the scale of the development, bids for the Tampines Avenue 11 site may be limited to big players/consortiums,” he added.

JLL’s senior director of research and consultancy, Ong Teck Hui, made a similar point, stating that the land cost for the Tampines site is likely to be high, approaching or exceeding S$1 billion, which may deter potential bidders.

According to Ong, the Marina Gardens Lane land parcel will also be expensive, possibly costing more than S$1 billion. “While the site is appealing, potential bidders should proceed with caution.”

Just last week, two fairly large, 99-year leasehold private housing sites on Dunman Road and Pine Grove (Parcel A) received fewer bids than expected. Geopolitical uncertainty, slower economic conditions, rising interest rates, and higher construction costs, according to observers, are dampening developers’ desire to replenish landbanks.

“The Marina Gardens Lane site would put developers’ appetite for high-end residential homes to the test,” said C&W’s Wong.

On the plus side, Knight Frank’s head of consultancy for Singapore, Alice Tan, stated that when the Marina plot is put up for tender, it will be fiercely contested. “When finished, the new condo on the site will have unobstructed views of the CBD, Gardens by the Bay, Marina Reservoir, and sea views, as well as front-row seats to the fireworks at National Day events — at least until other sites in the area are developed.”

Click the image to read the full details of report.
Source: https://www.businesstimes.com.sg/real-estate/7-new-sites-unveiled-in-h2-2022-gls-programme

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