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The first residential government land sales (GLS) tender for 2022 - a plum site at Jalan Tembusu - closed on Tuesday (18 January) afternoon after attracting 8 bids and a robust bid price that showed developers' hunger for land is not dampened by the recent property cooling measure announced by the government in December last month.
The 99-year leasehold government and sale (GLS) land parcel in Jalan Tembusu, near Tanjong Katong Girls' School - offered for sale by the Urban Redevelopment Authority under the GLS programme for the second half of 2021 - is the first GLS tender to close since the government announced sweeping property cooling measures last month.
City Developments (CDL) emerged the top bidder at $768 million. This is close to market analysts predictions before the cooling measures were announced and more than 50 million higher than the second highest bid by a consortium also involving CDL.
The 99-year leasehold government and sale (GLS) land parcel in Jalan Tembusu, near Tanjong Katong Girls' School - offered for sale by the Urban Redevelopment Authority under the GLS programme for the second half of 2021 - is the first GLS tender to close since the government announced sweeping property cooling measures last month.
City Developments (CDL) emerged the top bidder at $768 million. This is close to market analysts predictions before the cooling measures were announced and more than 50 million higher than the second highest bid by a consortium also involving CDL.
The top bid of $1,302 per sqft per plot ratio (psf ppr) is within analysts' estimates before the property cooling measure was announced last month. It is also nearly $200 psf ppr higher than that of another plum GLS site in the Farrer Park area last year.
This land acquisition will ensure that CDL maintain a healthy land parcel inventory stock in Singapore. This also show that developers have full confidence in the long-term fundamentals of Singapore's residential market even after the recent property cooling measure.
The 99-year GLS leasehold land parcel at Jalan Tembusu is located in District 15 with a generous land size of approximately 210,545 sqft located strategically within 1km from Dakota MRT station on the Circle Line and 600m from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line.
This new upcoming condo will be surrounded by good schools nearby include Chung Cheng High School (Main), Tanjong Katong Girls’ School, and Tanjong Katong Secondary School. There are also lots of amenities and F&B eateries located along Tanjong Katong Road and Parkway Parade shopping mall.
This land acquisition will ensure that CDL maintain a healthy land parcel inventory stock in Singapore. This also show that developers have full confidence in the long-term fundamentals of Singapore's residential market even after the recent property cooling measure.
The 99-year GLS leasehold land parcel at Jalan Tembusu is located in District 15 with a generous land size of approximately 210,545 sqft located strategically within 1km from Dakota MRT station on the Circle Line and 600m from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line.
This new upcoming condo will be surrounded by good schools nearby include Chung Cheng High School (Main), Tanjong Katong Girls’ School, and Tanjong Katong Secondary School. There are also lots of amenities and F&B eateries located along Tanjong Katong Road and Parkway Parade shopping mall.
Diminishing private housing supply in the market and strong take-up rates in new condo launches with a lack of available land parcels for developers to replenish their land stocks ensured that land bids remain strong even after the cooling measures.
Kiwi Lim from Huttons Asia expect the developer to price this new upcoming mass market condo on Jalan Tembusu from around $2,300 psf taking into account the land cost and higher construction costs.
Kiwi Lim from Huttons Asia expect the developer to price this new upcoming mass market condo on Jalan Tembusu from around $2,300 psf taking into account the land cost and higher construction costs.
1 Comments
CDL’s top bid of $768 million for the Jalan Tembusu GLS site highlights strong confidence in Singapore’s property market. Given its strategic location and potential for a high-quality residential development, this project could attract keen interest from homebuyers and investors. It’ll be exciting to see the future plans and pricing details. Looking forward to updates on this promising new launch and its impact on the surrounding property landscape!
