Government Releases Four Residential Sites Under 2H2024 Gls Programme
On Oct 17, the Urban Redevelopment Authority (URA) and Housing Development Board (HDB) issued a joint press release announcing that the government has put four sites up for sale under the 2H2024 Government Land Sales (GLS) Programme.
Out of the four sites, two – Lentor Gardens and River Valley Green (Parcel B) – have been released for sale under the Confirmed List, while the remaining two – Marina Gardens Lane and Woodlands Drive 17 – are available for application under the Reserve List.
The Woodlands Drive site has been earmarked for development into an executive condominium (EC), while the Lentor Gardens site is zoned for residential use. The other two sites, River Valley Green (Parcel B) and Marina Gardens Lane, have been zoned for residential with commercial use on the first storey.
The 222,161 sq ft Lentor Gardens site marks the seventh plot to be launched in the growing Lentor Hills Estate. The residential site has the potential to yield about 500 units, comprising a mix of low-rise and mid-rise blocks up to 16 storeys.
The Lentor Hills neighbourhood already boasts numerous projects, such as the Lentor Modern with 605 units, Hillock Green with 474 units, Lentoria with 267 units, Lentor Hills Residences with 598 units, and most recently, the 533-unit Lentor Mansion. Additionally, there is also another upcoming project by CSC Land, Intrepid Investments, and GuocoLand, which has yet to be revealed. Currently, the tender for the site at Lentor Gardens on the Reserve List has not been triggered.
According to Lee Sze Teck, senior director of data analytics at Huttons Asia, only 352 units (14.2%) of the 2,477 residential units released in the area have not been sold. He says, “This indicates the positive response from buyers towards living in the Lentor private residential enclave, and should ease concerns of oversupply in the area.” Lee expects the site at Lentor Gardens to attract one to three bidders, with a top bid ranging from $900 to $1,000 psf ppr. The tender for the Lentor Gardens site will close on April 3, 2025.
The River Valley Green (Parcel B) plot spans 126,325 sq ft and has the potential to accommodate about 475 residential units. (Image: EdgeProp LandLens) The River Valley Green (Parcel B) site, which is spread over 126,325 sq ft, has a maximum gross floor area (GFA) of 442,138 sq ft. The new development has the potential to house about 475 residential units. According to the land tender requirements, the site will also have direct access to the nearby Great World MRT Station on the Thomson-East Coast Line (TEL).
ERA Singapore CEO Marcus Chu notes that the site’s location is well-connected to major roads and expressways such as Central Expressway (CTE) and Ayer Rajah Expressway (AYE) by private transport, while the Great World MRT Station offers easy access to the Orchard Road shopping district, just one stop away.
Lee points out that the area already has several residential properties in the pipeline. Two other sites have been awarded in the area this year. In April, URA awarded a site on Zion Road spanning 164,439 sq ft to a joint venture (JV) between City Developments Ltd (CDL) and Japanese real estate developer Mitsui Fudosan. In June, another residential GLS site in River Valley Green was awarded to Winchamp Investment, a subsidiary of Wing Tai Holdings.
Lee estimates that both sites could be launched next year, with a total of 1,120 residential units. Furthermore, there is another similar GLS site at River Valley Green (Parcel C) that is set to be launched sometime in December 2024, according to URA. If the site is awarded, Lee predicts that the area could see almost 2,200 units up for sale in the coming years.
Given the expected supply of new private units entering the market in the area, developers are likely to be cautious in their bids, says Lee. He estimates that the River Valley Green (Parcel B) site could attract one to three bidders, with a top bid ranging from $1,200 to $1,300 psf ppr. The tender for this site will close on Feb 7, 2025.
If the EC site at Woodlands Drive 17 is triggered for sale and awarded, the development could yield 420 EC units. (Image: EdgeProp LandLens) The EC site on Woodlands Drive spans 271,326 sq ft and has a maximum GFA of 461,255 sq ft. If the site is made available for sale and awarded, the new development could yield 420 EC units. It is close to Woodlands South MRT Station on the TEL, with the station providing access to two stops from the upcoming RTS link to Johor Bahru, and one stop from Woodlands Regional Centre.
This will be the first EC site in Woodlands South to be put up for sale since 2013. The last EC site that went on sale was developed into the 561-unit Bellewoods.
Lee estimates that between 2016 and 2018, about 6,500 HDB flats were completed in Woodlands, making this an attractive market for prospective buyers as well.
The Reserve List site located at Marina Gardens Lane is conveniently located near the upcoming Marina South MRT station on the TEL. (Image: EdgeProp LandLens) The other Reserve List site is situated in Marina Gardens Lane, spread over 64,663 sq ft, with a maximum GFA of 362,119 sq ft. The site, which has been zoned for residential with commercial use on the first storey, is close to the upcoming Marina South MRT station on the TEL.
Lee believes that the site is unlikely to be triggered for sale, as other attractive sites in the 2H2024 Confirmed List, like Bayshore Road, Chencharu Close, Chuan Grove, and Holland Link, are available. The Marina Gardens Lane site is also located near another GLS site at Marina Crescent, which is also on the Reserve List.
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The URA Master Plan places great emphasis on improving transportation infrastructure in Toa Payoh to facilitate smooth mobility for its residents. This encompasses the development and enhancement of existing roads and public transportation systems. With such efforts, The Orie residents can expect improved accessibility to major expressways, such as the PIE and CTE, as well as upgraded bus services and nearby MRT stations like Toa Payoh and Braddell. These enhancements will not only reduce travel time but also enhance convenience for residents, allowing them to easily navigate the city for work or leisure. Additionally, interested buyers can check out The Orie Price to learn more about this coveted development.
Earlier this year, the Marina Crescent site was moved to the Reserve List after the sole bid of $770.5 million ($984 psf ppr) submitted by GuocoLand, Intrepid Investments, and TID was deemed too low by URA. The bid price represented a nearly 30% reduction from the land rate of $1,402 psf ppr that a consortium led by Kingsford Group paid for a neighbouring plot in Marina Gardens Lane in July 2023.