Variety of choice sites on H1 slate; seven of total 14 sites are new

Transactions include former residence of late artist Chen Wen Hsi; YTD purchases include buyers in their 20s

Kalpana Rashiwala

The Ministry of National Development’s first-half 2019 Government Land Sales supply may be subdued but still offers a selection of choice sites.

In all, there are five sites on the confirmed list and nine on the reserve list. Seven of the total 14 sites are new.

Some property consultants rate the most attractive plot as the one along Tan Quee Lan Street, on top of the Downtown Line Bugis MRT Station. It was just made available for application on the current-half reserve list but is being transferred to the H1 2019 confirmed list. JLL head of research and consultancy Tay Huey Ying said the move indicates the authorities’ desire to build on the rejuvenation momentum in the area – referring to the completion of DUO and South Beach, and the upcoming Guoco Midtown.

The Tan Quee Lan site can generate some 580 homes and about 2,000 sq m gross floor area (GFA) of commercial space.

The Bernam Street site near the future Prince Edward Station is also expected to garner interest. It can yield about 250 homes and 2,000 sq m commercial GFA. Tricia Song, head of research for Singapore at Colliers International, said: “This a rare fresh site in the mostly built-up Shenton Way CBD and near the future Greater Southern Waterfront development. The last time a residential site was offered in this area was back in 2007 – two sites in Enggor Street which have been developed into Altez and Skysuites @ Anson, respectively.” She forecasts a top bid of S$1,700 per square foot per plot ratio (psf ppr) for the Bernam Road plot.

Another favourite is a land parcel in one-north Gateway that can yield 170 homes, making it a relatively small and palatable offering.The site is next to one-north Residences. Ms Song predicts a top bid of S$960 psf ppr. Savills Singapore research head Alan Cheong expects the top three bids for the plot to fall in the S$1,200-1,250 psf ppr range, pointing to the relatively small size of the development “plus the attractive work-play topology of the one-north district can makes this a trendy and chic development”.

Lee Sze Teck, head of research at Huttons Asia, said the timing of this site’s offering is opportune, given that the number of residences in the locale has remained stagnant while the number of professionals working there have been rising over the years.

The Canberra Link executive condominium (EC site) is expected to be hotly contested, given the tight supply for this public-private hybrid housing. The site is next to another EC plot that was awarded in September for S$558 psf ppr and attracted nine bids.

Of the sites in the reserve list, Colliers’ Ms Song rates the Dunman Road private housing site near Dakota Station to be the most attractive. It is also near good schools. “One concern, however, could be its large size – it can yield some 1,070 units,” she added.

This is one of three new residential sites on the reserve list; the other two are a private housing site in Hillview Rise and an EC site in Fernvale Lane in the Sengkang area.

MND has also introduced a new hotel site to the reserve list. Located in Sims Avenue next to PLQ, it can generate about 575 hotel rooms and 2,000 sq m commercial GFA. Ms Song predicts a top bid of S$1,170 psf for this site.

Existing sites that are being rolled over to the H1 2019 reserve list include three private housing plots in Bartley Road, Canberra Drive and Dairy Farm Walk. Two white sites in Marina View and Woodlands Avenue 2 will also remain on the next-half reserve list.

The Woodlands Avenue 2 site is imposed with a minimum office quantum of 45,000 sq m GFA and a retail cap of 33,000 sq m GFA.

Some consultants rate the most attractive plot as the one along Tan Quee Lan Street, on top of the Downtown Line Bugis MRT Station. It can generate some 580 homes and about 2,000 sq m gross floor area of commercial space.

This article first appeared in The Business Times on Dec 6, 2018.