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Two residential sites up for grabs under GLS programme

This article is more than 12 months old

Sites at Kampong Java Road, Tampines Avenue 10 and Marina View up for sale

Two residential sites - in Kampong Java Road and Tampines Avenue 10 - are up for grabs under the Government Land Sales (GLS) programme.

A mixed-use plot in Marina View is available for application under the Reserved List. The three sites can yield about 2,000 homes.

Ms Tricia Song, Colliers International's research head here, said the government land tenders that closed in September attracted more subdued bidding following the July cooling measures and developers will likely remain wary.

The Kampong Java site in prime District 9 near Newton MRT could prove a litmus test as it is the first private residential land to be launched under the Confirmed List since the URA's revised minimum average unit size guidelines.

"This site sits just outside of the Central area and should be subject to a minimum average unit size of 85 sq m (from the current 70 sq m) come Jan 17," Ms Song noted.

"The response could (indicate) developers' confidence in the high-end home market after a spate of collective sales in the area (and the new development controls).

"We estimate developers could target a $2,100 psf average selling price and a land bid of $1,350 psf ppr or $470 million."

Analysts believe the executive condominium site (EC) in Tampines Avenue 10, which was released by the Housing & Development Board under the Confirmed List, will attract keen interest.

They point to the dearth of new EC units and their popularity among first-time buyers and upgraders. The 24,938.7 sq m leasehold site can yield up to 695 units.


Ms Song also expects the plot to be popular given the robust response to recent EC land sales in Anchorvale Crescent, which attracted seven bids, and Canberra Link, where nine developers threw their hats in the ring, despite cooling measures.

The Marina View site will go up for tender if a developer indicates an acceptable minimum price.

Cushman & Wakefield Research senior director Christine Li said the plot will be "hotly contested by developers who wish to increase their exposure to the hotel market".

Another positive is that the site is in the Central area, and so exempt from new development controls.

The tender for the sites at Kampong Java and Tampines Avenue 10 both close at 12 noon on Jan 15.