Marina View 'white' site, Kampong Java Road residential site and Tampines Ave 10 exec condo site released for sale under GLS

THE Urban Redevelopment Authority (URA) and the Housing & Development Board (HDB) have released two residential sites and one "white" site for sale under the second half 2018 Government Land Sales (GLS) Programme, which could in all yield about 2,000 residential units.

These make up the first GLS sites released since revised regulations announced in October that will raise the minimum average size of units and lower the maximum number of units allowed in new private flat and condominium developments outside the central area from early 2019. The rules will apply to new development applications for projects submitted on or after Jan 17 next year. One site released under the Confirmed List is a Kampong Java Road plot spanning 11,643.3 sq m with a maximum gross floor area (GFA) of 32,602 sq m, which can yield 435 units as estimated by the URA. Schools such as Anglo-Chinese School (Junior) and Etonhouse Pre-School (Newton) are located nearby, as is Newton Food Centre.

This site would be "a litmus test" of the market given the revised unit size regulations, said Tricia Song, head of research for Singapore at Colliers International, who estimates a S$2,100 psf (per square foot) average selling price, and a land bid of S$1,350 psf ppr (per square foot per plot ratio) or S$470 million.