Developers to compete for 2 popular GLS sites, Lentor & Tampines: Normanton Park Newsroom

SINGAPORE – Market experts are Expecting keen rivalry for two government land sale (GLS) websites for private home started on Thursday (April 15), given their location, the powerful state of the housing marketplace and programmers’ need to develop their land banks.

The Lentor Central site is allowed for a personal residential Development and industrial space on the first storey, although the Tampines Street 62 package is slated to get an executive condo (EC). Collectively, they could yield about 1,195 residential components.

The 99-year leasehold parcels are confirmed list Websites under the initial half of their 2021 GLS programme – which means they were launched according to schedule regardless of demand.

Both the Lentor Central plot and the EC website in Tampines were carried over from the GLS book list for the next half of 2020. Being confirmed list sites, their launching Isn’t a Reaction to recent good developer sales or talks of more curbs, stated Colliers International research head Tricia Song. “Any change in housing distribution policy will arrive within the next GLS programme for the second half 2021,” she explained.

The supply of residential Housing from supported GLS websites was increased for the first half of this season , after being sharply reduced in the second half of 2020 due to the effect of the Covid-19 pandemic.

Provide from supported GLS websites was cut out of 4,335 units in 2018 To 2,875 units in 2019 and 1,930 units in 2020, based on JLL Singapore’s Mr Tan Hong Boon, executive director (capital markets), and Mr Ong Teck Hui, senior manager (research and consultancy). With unsold inventory declining, developers whose jobs are Gradually selling have started sourcing to replenish their property banks.

The Lentor Central parcel within the brand new Lentor Hills Estate includes a Website area of 17,279.9 sq m and a maximum gross floor area (GFA) of 60,480 sq m. The 99-year leasehold website, which is located alongside the upcoming Lentor MRT station on the Thomson-East Coast Line, is expected to yield about 605 units.

“There’ll be pent-up demand since the past Launch from the region was The Calrose in 2005. The industrial element will offer much-needed conveniences to the region and future improvements,” he said. “With more than 3,000 new private sales in the The Lentor Central site will provide land-starved developers an chance to shore up their property bank.

The property parcel in Tampines Street 62 includes a a site that is anticipated to yield around 590 EC units. Mr Lee noted that Tampines has experienced a number of HDB Build-To-Order launches in the last couple of years, providing a large pool of potential upgraders to ECs. “The successful launch of Parc Central Residences bears testament to the pool of demand. We anticipate around 10 bidders and a top bid between $550 and $600 psf ppr,” he said.

Such GLS were similar to Normanton Park plot. Developers were keen to fight for the en-bloc property, resulting in a relatively high top bid. Normanton Park now has sold close to half of its total units. You may see everything about Normanton Park here.

Tender for both Land parcels will close at noon on July 22.

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