The Government launched the sale of a second residential site this year on 28 May 2020, offering a longer tender period of five months with the intention to give developers more time to assess the property market under the Covid-19 situation before submitting any bids.
The tender for the Tanah Merah Kechil Link land parcel will close at noon on Oct 29, after a longer tender period of five months, the Urban Redevelopment Authority (URA) said in a media release on Thursday (May 28). Tenders for government land sales (GLS) sites usually range from six to eight weeks. The tender closing for this site will thus be batched with an executive condominium site in Yishun Avenue 9 launched on April 30.
The land parcel in Tanah Merah Kechil Link is for a mixed residential development, with the first storey slated for commercial space. It has a site area of 8,880 sq m and a maximum gross floor area (GFA) of 24,864 sq m.
The 99-year leasehold land parcel, which is off New Upper Changi Road, can potentially house about 265 apartments, fewer than the 310 units initially estimated when the site was first announced in December 2019.
The tender for the Tanah Merah Kechil Link land parcel will close at noon on Oct 29, after a longer tender period of five months, the Urban Redevelopment Authority (URA) said in a media release on Thursday (May 28). Tenders for government land sales (GLS) sites usually range from six to eight weeks. The tender closing for this site will thus be batched with an executive condominium site in Yishun Avenue 9 launched on April 30.
The land parcel in Tanah Merah Kechil Link is for a mixed residential development, with the first storey slated for commercial space. It has a site area of 8,880 sq m and a maximum gross floor area (GFA) of 24,864 sq m.
The 99-year leasehold land parcel, which is off New Upper Changi Road, can potentially house about 265 apartments, fewer than the 310 units initially estimated when the site was first announced in December 2019.
Location Plan for Land Parcel at Tanah Merah Kechil Link - URA
The land parcel in Tanah Merah Kechil Link can also yield 2,000 sq m of commercial space that can be developed into strata-titled retail units or offices.
The tender for the parcel will close at noon on Oct 29, after a longer tender period of five months, the Urban Redevelopment Authority (URA) said in a media release on Thursday (May 28). Tenders for government land sales (GLS) sites usually range from six to eight weeks. The tender closing for this site will thus be batched with an executive condominium site in Yishun Avenue 9 launched on April 30.
Property consultants earlier said that extending the tender period to the end of October could help GLS sites obtain higher bids as the Covid-19 pandemic may be contained by then, boosting market sentiment.
Indeed we saw at the closing of the land parcel in Tanah Merah Kechil Link bid, amazing total of 15 developers fiercely competed for this piece of GLS land. The previous time we saw 15 bidders for a normal GLS site was for the project at Bidadari / Woodleigh named: Park Colonial. That was in 2017. Park Colonial now has sold over 80% of its total units.
The tender for the parcel will close at noon on Oct 29, after a longer tender period of five months, the Urban Redevelopment Authority (URA) said in a media release on Thursday (May 28). Tenders for government land sales (GLS) sites usually range from six to eight weeks. The tender closing for this site will thus be batched with an executive condominium site in Yishun Avenue 9 launched on April 30.
Property consultants earlier said that extending the tender period to the end of October could help GLS sites obtain higher bids as the Covid-19 pandemic may be contained by then, boosting market sentiment.
Indeed we saw at the closing of the land parcel in Tanah Merah Kechil Link bid, amazing total of 15 developers fiercely competed for this piece of GLS land. The previous time we saw 15 bidders for a normal GLS site was for the project at Bidadari / Woodleigh named: Park Colonial. That was in 2017. Park Colonial now has sold over 80% of its total units.
Real estate professional Kiwi Lim from Huttons Asia believes most developers have launched and depleted most if not all of their land banks that they procured during the last enbloc fever which saw around 90 developments being bought over by hungry developers. Land banks / land parcels are like raw materials to developers and without them, developers cannot expand their presence in the market.
"As the market finally re-opens for foreigners to enter Singapore's borders, the property market may see a pickup from foreign demand. These few months have seen almost all property sales fuelled by domestic pent-up demand." - said Kiwi Lim.
"As the market finally re-opens for foreigners to enter Singapore's borders, the property market may see a pickup from foreign demand. These few months have seen almost all property sales fuelled by domestic pent-up demand." - said Kiwi Lim.
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