7 new sites unveiled in H2 2022 GLS Programme
7 new sites unveiled in H2 2022 GLS Programme. SEVEN new sites, three confirmed and four on the reserve list, will be available in the second half of the 2022 Government Land Sales (GLS) program.
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, which analysts believe will increase interest in the Tampines North area.
The Tampines land parcel has the potential to yield approximately 1,190 private homes and 14,000 square metres of commercial space (with a 12,000 sq m cap on retail space).
“HDB (Housing & Development Board) has launched several Build-to-Order projects in Tampines North over the past few years; separately, an executive condo (EC) project will be launched for sale soon,” said Lee Sze Teck, senior director of research at Huttons Asia. Despite the increased population, the area lacks amenities such as a mall. The commercial and residential development along Tampines Avenue 11 will provide much-needed amenities to the community.”
The Tampines site, according to Wong Xian Yang, Cushman & Wakefield’s head of Singapore research, 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,” he added, “bids for the Tampines Avenue 11 site may be limited to big players/consortiums.”
According to JLL’s senior director of research and consultancy, Ong Teck Hui, 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 have a high land cost, possibly exceeding S$1 billion. “While the site is appealing, potential bidders are likely to exercise caution.”
Just last week, two fairly large, 99-year leasehold private housing sites along Dunman Road and Pine Grove (Parcel A) drew fewer bids than expected. According to observers, geopolitical uncertainties, slower economic conditions, rising interest rates, and higher construction costs are dampening developers’ desire to replenish landbanks.
“The Marina Gardens Lane site would test developers’ appetite for high-end residential homes,” C&W’s Wong said.
On the plus side, Alice Tan, Knight Frank’s Singapore head of consultancy, stated that when the Marina plot is put up for tender, it will be fiercely contested. “When completed, 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 National Day fireworks — at least until other sites in the area are developed.”
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