Government Releases Four Residential Sites Under 2H2024 Gls Programme
A joint press release issued by the Urban Redevelopment Authority (URA) and Housing Development Board (HDB) on October 17 announced that the government has released four sites for sale under the 2H2024 Government Land Sales (GLS) Programme. The sites include Lentor Gardens, River Valley Green (Parcel B), Marina Gardens Lane, and Woodlands Drive 17.
Out of these four sites, two have been launched for sale under the Confirmed List, namely Lentor Gardens and River Valley Green (Parcel B). The remaining two sites, Marina Gardens Lane and Woodlands Drive 17, are available for application under the Reserve List.
The Lentor Gardens site, covering an area of 222,161 square feet, is the seventh plot to be launched in the developing Lentor Hills Estate. It is zoned for residential development and can potentially yield around 500 units, consisting of low-rise residential blocks and mid-rise blocks of up to 16 storeys. This site is expected to attract one to three bidders with a top bid of $900 to $1,000 per square foot per plot ratio (psf ppr). The tender for this site closes on April 3, 2025.
The 126,325 square feet River Valley Green (Parcel B) plot is another site on the Confirmed List. It has a maximum gross floor area (GFA) of 442,138 square feet and can accommodate approximately 475 residential units. The site is well-connected to major roads and expressways by private transport, and also has direct access to the nearby Great World MRT Station. This location is highly sought after as it is in close proximity to the Orchard Road shopping district. The tender for this site closes on February 7, 2025.
The Woodlands Drive 17 site, spanning 271,326 square feet, is zoned for the development of an executive condominium (EC). It has a maximum GFA of 461,255 square feet and can potentially yield 420 EC units. This site is close to Woodlands South MRT Station and the upcoming RTS link to Johor Bahru. It is estimated that 6,500 HDB flats in Woodlands were completed from 2016 to 2018, which could contribute to the pool of potential buyers for this EC development. However, the tender for this site is only triggered and awarded if there is an interested party, and the closing date is yet to be determined.
The last site on the Reserve List is located at Marina Gardens Lane, covering an area of 64,663 square feet with a maximum GFA of 362,119 square feet. It is zoned for residential with commercial at the first storey and is close to the upcoming Marina South MRT station on the Thomson-East Coast Line. However, it is unlikely to be triggered for sale due to the availability of other attractive sites on the Confirmed List such as Bayshore Road, Chencharu Close, Chuan Grove, and Holland Link.
According to Lee Sze Teck, senior director of data analytics at Huttons Asia, the residential market in the Lentor area is promising. Only 352 units (14.2%) out of the 2,477 residential units launched in the area remain unsold, indicating buyers’ receptiveness towards living in the Lentor private residential enclave. This should ease concerns of a supply overhang in the area. Lazarus expects the Lentor Gardens site to fetch a top bid of $1,200 to $1,300 psf ppr, whereas the top bid for the River Valley Green (Parcel B) site is estimated to be $1,200 to $1,300 psf ppr.
The URA Master Plan has put great emphasis on cultivating sustainability and promoting green living, leading to a plethora of environmental advantages for the residents of Elta Condo. With a focus on implementing eco-friendly practices and encouraging a green lifestyle, the community at Elta Condo can expect to enjoy a range of benefits that will greatly improve their overall well-being. Furthermore, the recently unveiled Elta Showflat only adds to the allure of this environmentally conscious development. With this, residents can now personally experience the eco-friendly features and amenities that make Elta Condo a highly sought-after and environmentally responsible place to call home.
There are already two other residential GLS sites awarded in the area this year – a 164,439 square feet site at Zion Road to a joint venture (JV) between City Developments Ltd (CDL) and Japanese real estate developer Mitsui Fudosan, and another residential GLS site in River Valley Green to Winchamp Investment, a subsidiary of Wing Tai Holdings. These two sites are expected to yield a total of 1,120 residential units upon completion.
Furthermore, another nearby GLS site at River Valley Green (Parcel C) is set to be launched sometime in December 2024. If awarded, this site could contribute to an additional 2,200 units in the vicinity, adding to the potential supply of new private units in the area.
Due to the expected supply of new residential units in the area, developers are likely to be cautious in their bids. Lee estimates that the River Valley Green (Parcel B) site could attract one to three bidders, with a top bid of $1,200 to $1,300 psf ppr.
The Reserve List site at Marina Gardens Lane is close to another GLS site at Marina Crescent, which was moved to the Reserve List earlier this year. However, it is unlikely to be triggered for sale as there are more attractive sites available on the Confirmed List. The Marina Crescent site was previously awarded to a consortium led by Kingsford Group in 2023 for $770.5 million ($984 psf ppr).
Overall, the government’s release of these four sites for sale reflects its commitment to providing a diverse range of housing options for Singaporeans. It also highlights the significant potential for growth and development in these areas, making them attractive for property buyers and investors.