Three more GLS sites out for sale

By The Folks @PropTalk - November 30, 2011 2 Comments

Three residential sites with the capacity to yield 1,830 new homes have been put on the market. Located in the Bartley, Kovan and Clementi neighbourhoods, these 99-year leasehold sites are part of the confirmed list of sites under the second half of this year's Government Land Sales programme.

They will add to the potential 14,945 units able to be built on sites that have been released for sale so far this year.

All three sites are close to MRT station, an attribute analysts say could attract between five to eight bids per site.

The largest of the trio has been tipped by analysts to draw strong developer interest. Located in Jalan Lempeng, the choice site is close to a network of amenities such as the new Clementi transport hub, Clementi Mall and established schools.

"There is strong demand for mass market housing in Clementi district as there is a limited new supply of apartments," said Mr Eugene Lim, ERA Realty's key executive officer.

With a site area of 2.4ha, the plot can be built up to 735,929sqft and potentially yield about 685 apartments. Its top bid is expected to hover around $540psf ppr with new homes selling within a range of $1,150 to $1,170psf. The tender will close on Jan 12.

The other big site is in Mount Vernon Road, off Bartley Road, and could possibly generate about 785 new homes. The land parcel has a site area of 2.1ha and a maximum gross floor area of 784,032sqft.

Mr Png Poh Soon, head of research at Knight Frank, expects the top bid for this site to be in the range of $610 to $630psf ppr, with an average selling price of about $1,200psf. Tender for the plot ends on Jan 10.

The last and smallest site is a 1.7ha plot at the junction of Kovan Road and Simon Road. A new development on the site could contain about 360 units.

Experts are predicting a top bid of between $550 and $560psf ppr, with the eventual new development selling at an average price of about $1,100psf. The tender for this site closes on Jan 18.
Source: The Straits Times

So... another 1,800 (at least) new apartments coming our way!

And for those of you who are wondering: 1 hectare (ha) = 107,639.104sqft


2 comments to ''Three more GLS sites out for sale"

  1. Is Mount Vernon near the crematorium? Is the site formerly used as a resting place? Cremate and then bury there?

  2. Hi Anonymous

    The MT Vernon is near crematorium. It is the site formerly used as a resting place. Cremate and then bury there. You are 100% correct :-)

    BTW, the Mt Vernon is going to move in no time. Been announced on ST before.