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.
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.
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.