Located within less than 100m away from Dakota MRT, the 99 year leasehold Duman Road GLS land parcel was successfully bidded by SingHaiyi Group who placed the top bid of about S$1.28 billion - working out to around S$1,350.50 per square foot per plot ratio (psf ppr).
Compared to the Pine Grove (Parcel A) site, the Dunman Road GLS land parcel is very suitable for those who desire convenience and who don’t drive. For those who drive, they will also find it very convenient with the East Coast Parkway (ECP) just around a six-minute drive away. Real estate professional Kiwi Lim from Huttons Asia believe that SingHaiyi Group may price around $2,5xx psf for this plum land site that is less than three minutes walk to the MRT station expected to be launched next year.
"This shows China developers are still active in Singapore’s property market even as mainland China is facing intense pressure in its massive real estate industry due to Beijing reducing China developers’ reliance on debt in the last two years. China developers have been on the radar of global investors in the past year on their ability to repay their huge debts and the potential spillover which may adversely affect China’s macro economy" said Kiwi "especially considering its project size and land price amount, compounded by a 35 per cent ABSD on the developer should they not sell everything within 5 years".
The Urban Redevelopment Authority has capped the maximum number of housing units for this site at 520 to manage traffic flow in the area. The adjacent Parcel B is available for application on the reserve list of the first-half 2022 Government Land Sales Programme.
With no new large projects along the Ulu Pandan and Pine Grove area in the past decade, there may be strong pent-up demand for private homes in this area. The second Pine Grove land parcel spans 25,039.2 sq m, with a maximum GFA of 52,582 sq m and is expected to yield 565 units.