Of the four land parcels in the confirmed list, three are private residential sites of which one is slated for EC development, and the remaining a mixed commercial & residential site. 1,560 private homes (including 640 EC units) and 11,000 sqm gross floor area (GFA) of commercial space could potentially be yielded from these land parcels. Strong interest from established industrial player is expected for the rare residential site at Martin Place in the Core Central Region (CCR), says Desmond Sim, CBRE head of research. "The last time a site in this area was sold through the GLS programme was in 2011, along Robertson Quay", notes Sim.
Separately, the Reserved List comprises of eight private residential sites (including 1 EC site), a mix commercial & residential site, two commercial sites and a white site which could potentially yield 5,860 private homes (including 820 EC units) and 261,600 sqm GFA of commercial space, mostly for office use.
With the market effectively competing for three private residential sites, EC sites excluded, Sim expects developers to trigger sites from reserve list to replenish their land bank. However, the overall winning margin is expected to narrow for all tenders. According to Cushman & Wakefield, vacancy rate for the private housing segment could potentially exceed 10% next year.