SINGAPORE — The launch of a 2.55ha mixed commercial and residential site on the Confirmed List of the Government Land Sales (GLS) programme has been deferred in a rare move that market observers said could be related to additional building requirements arising from its close proximity to Woodleigh MRT Station.
The site along Upper Serangoon Road, under the GLS programme for the second half of 2016, was originally scheduled to be launched for sale via public tender this month. With a plot ratio of 3.5, it can yield an estimated 825 private homes and 15,000sqm of commercial space. Upcoming new launch condo include Seaside Residences
, Grandeur Park Residences
, Hougang EC, Yio Chu Kang EC, Hoi Hup EC while existing ones include Kingsford Waterbay, Forest Woods and Straits Mansions, Sturdee Residences and Gem Residences. Grandeur Park Residences prices
and showflat will be available soon.
“The launch of the site will be deferred until first quarter of 2017, to allow the site requirements for comprehensive development to be finalised. The Housing and Development Board (HDB), as the Government’s land sales agent, will make an announcement when the site is finalised for sale,” said the HDB in a statement yesterday.
Analysts TODAY spoke to pointed to the site’s location next to Woodleigh MRT Station, saying there are usually larger planning and design considerations for developments around transport. “This piece of land overlaps the underground MRT, and usually the tender document for such land specifies what kind of piling and how can the foundation be strengthened when building on top of the MRT shell in order not to hurt the MRT. Such land tenders are usually more complex and the technical specifications are very strict,” said Mr Ku Swee Yong, CEO of International Property Advisor.
Mr Nicholas Mak, head of research and consultancy at SLP International Property Consultants, said the Government may require the developer to build certain facilities to serve residents, as the site is important to the development of the Bidadari housing estate.
GLS Confirmed List sites are put up for sale regardless of market interest, while those on the Reserve List are triggered for tender only if a developer commits to bid at a price acceptable to the land sale authorities. The last time the tender for a Confirmed List site was pushed back was in 2014, when a mixed commercial and residential site in Holland Village from the GLS programme for the second half of that year was moved to the Reserve List of the first half 2015 programme.
Mr Mak said it is uncertain whether the deferment of the launch for the Upper Serangoon Road site would affect the final land price as the original terms and conditions were not made public, hence a comparison cannot be done when the site is launched for sale. Meanwhile, Mr Ku said any sign of continued strong demand for Build-To-Order (BTO) flats in Bidadari estate will underpin sentiment.
“Bidadari BTO flats have been very popular, so if there’s a launch in the first quarter and they are still very well received, that can actually push up the land value when the tender is finally launched,” he said.
With the deferment of the tender to the first quarter of next year, the site joins five others from the first half 2017 GLS programme whose tenders are scheduled for launch between February and May next year.