URA releases state land sites for sale in Woodlands, Toa Payoh, Punggol
THE Urban Redevelopment Authority (URA) on Thursday (May 25) released two residential sites and a short-term lease commercial site for sale under the first half 2023 Government Land Sales (GLS) programme.
The residential site along Champions Way in Woodlands is on the Confirmed List; the site on Lorong 1 Toa Payoh is available for application under the Reserve List. Both sites have a lease period of 99 years.
Together, the two sites are expected to yield about 1,125 residential units, said URA.
The commercial site in Punggol Walk, now open for application, has a 30-year tenure and falls under the Reserve List.
The land parcel in Champions Way has an area of 14,432.6 square metres (sq m) and a maximum gross floor area (GFA) of 30,309 sq m. The plot is estimated to yield 350 housing units, and the maximum building height is 61 m.
Due to the plot’s attractiveness and accessibility, OrangeTee & Tie deputy chief executive Justin Quek anticipates keen demand from developers. He believes there could be five to eight bidders for the site, with bid prices ranging between S$950 and S$1,050 per square foot per plot ratio (psf ppr).
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ERA Realty Network key executive officer and head of research and market intelligence Eugene Lim foresees potential demand from Housing and Development Board (HDB) upgraders.
“The lack of new private residential launches, coupled with a high concentration of HDB blocks in Woodlands, could likely contribute to high upgraders’ demand in the area,” he said.
He added that the future residential development also had good potential for rental to people who frequently move between Singapore and Malaysia.
The residential site in Toa Payoh Lorong 1 – projected to yield 775 units – has an area of 15,743 sq m and a maximum GFA of 66,121 sq m. It has a maximum building height of 145 m.
Mogul.sg chief research officer Nicholas Mak said this site was “arguably the most attractively located site” among residential land parcels in the Reserve List of the current GLS programme, given its location in the mature estate of Toa Payoh and its proximity to Braddell MRT station.
Huttons senior director of research Lee Sze Teck noted that this site has a high chance of being triggered for sale. If a sale happens, he expects the top bid to exceed S$1,200 psf ppr.
He added that with five-room flats at The Peak @ Toa Payoh exceeding S$1 million, and with quite a number of flats that have met their minimum occupation period exceeding S$800,000, there is a sizeable pool of potential HDB upgraders.
The commercial site in Punggol Walk has an area of 10,011.5 sq m and a maximum GFA of 14,017 sq m. The maximum building height for the land parcel is 64 m.
URA noted that a minimum GFA of 8,400 sq m for office use and 650 sq m for a childcare centre were stipulated for the site.
Despite the site’s shorter lease tenure, PropNex Realty’s head of research and content Wong Siew Ying expects that it will still attract interest due to the lack of commercial office space in that area.
“The release of sites on shorter leases allows our land uses to be refreshed in shorter cycles to support businesses in adapting their operations more nimbly to changing economic trends and market demand,” said URA.
The tender for the Champions Way site closes at noon on Sep 12.
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