Exciting New Land Sites Unveiled for Residential Development
The Government Land Sales (GLS) programme for the second half of 2024 has introduced ten new sites, offering promising opportunities for residential housing. The Ministry of National Development (MND) revealed that six of these sites are on the confirmed list, while four are on the reserve list.
Among the highlights are two parcels in Media Circle, a site in Lorong Chuan, and the first mixed-use development in the Chencharu precinct. These new offerings are expected to add 5,050 private homes to the market, including executive condominiums.
Balanced Approach to Supply
Tricia Song, head of research for CBRE in Singapore and Southeast Asia, commented on the strategic pause in ramping up supply after seven consecutive increases. This cautious approach aims to prevent oversupply, especially in light of recent lackluster land tenders and low developer sales.
Chencharu Close: A Major Addition
The Chencharu Close site stands out as the largest in the H2 GLS programme, set to accommodate 875 private homes. Integrated with community and bus interchange facilities, it includes 13,000 square meters of commercial space for retail. The Housing and Development Board plans to launch this site in September.
Media Circle: Boosting One-North
Two parcels in Media Circle are set to launch in November, adding about 830 residential units combined. These sites are part of the Urban Redevelopment Authority’s plan to enhance one-north as a vibrant mixed-use district, shortening commutes for those working in the vicinity.
Prime Locations in Faber Walk, Chuan Grove, and Holland Link
Other confirmed list sites include Faber Walk, expected to yield 400 units, Chuan Grove with 550 units, and Holland Link with 240 units. Chuan Grove, near prestigious schools like Raffles Institution, is expected to be popular among families and investors. In contrast, Holland Link’s less accessible location and proximity to a columbarium might pose challenges.
Reserve List Highlights
Some sites from the H1 GLS 2024 reserve list have been moved up to the confirmed list for H2, including locations in Tampines Street 95, Lentor Gardens, River Valley Green (Parcel B), and Bayshore Road. The Bayshore Road site, close to an upcoming MRT station, is anticipated to be highly contested, being the first launch in Bayshore in nearly three decades. Buyers who are looking for Freehold condominium, should not miss Meyer Blue that is launching in July 2024
New Reserve List Sites
The new reserve list includes prime parcels in Marina Gardens Lane and River Valley Green (Parcel C), and an executive condominium site in Woodlands Drive 17. A site in Holland Plain next to the Holland Link site could also be triggered for sale if a developer makes a high offer.
Marina Gardens Lane: An Attractive Prospect
The Marina Gardens Lane site, opposite Gardens by the Bay and near the upcoming Marina South MRT station, is considered attractive. However, the lack of schools in the area and the additional buyer’s stamp duty may impact demand for homes in this downtown location. Compareable sites to Marina Gardens is Marina View Residences by IOI Properties.
Boost to Nearby Properties
The announcement of these new GLS sites is expected to have a positive impact on nearby properties. Increased accessibility and improved infrastructure often lead to a rise in property values, making these areas more appealing to potential buyers and investors.
Market Outlook
Despite the ample supply and lack of standout sites, the reserve list sites may still hold potential if market conditions trigger their release. Analysts like CBRE’s Song suggest that the current confirmed list should suffice to meet market demands for now.
The GLS programme continues to shape Singapore’s real estate landscape, offering new opportunities for development and investment.
