Discover upcoming condo launches in Singapore

In April 2015, two plots of 99-year leasehold residential land parcels were released by Singapore's Housing Development Board (HDB) for sale under the Goverment Land Sales (GLS) programme at Toa Payoh and Dundee Road. As expected by most consultants, these 2 sites indeed drew a high level of response from property developers. In Jan 2016, a rare Government Land Sales program (GLS) site at Siglap Road drew 8 bids in total yesterday. Experts believe that this demand for land is due to the immediate needs for property developers to replenish their land banks that is vital for their business.

The top 4 bids received were all above the S$800 per square foot per plot ratio (psf ppr) mark, which strongly suggested the aggressive demand for land resources and the potential growth of the real estate market in the near future.

The bidders include mega developers, i.e. Fraser Centrepoint, City Developments, GuocoLand, UOL and Hoi Hup. The highest bid came from a joint-consortium which comprises of Fraser Centrepoint, Sekisui House (who are also the developers for two other very popular projects - North Park Residences and Rivertree Residences) and Keong Hong Holdings, at S$624.18m or S$858 psf ppr.

The price of S$858 psf ppr for this Siglap Road GLS site rivals that of the GLS site next to Redhill MRT Station at S$851 psf ppr won by Tang Skyline Pte Ltd in November 2015.