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Four land parcels in the Confirmed List and 12 land parcels in the Reserve List were unveiled for 1H2016 Government Land Sales (GLS) Programme. These sites could potentially yield 7,420 private homes (including 1,460 Executive Condominium (EC) units) and 272,600 sqm gross floor area (GFA) of commercial space, a decline from 7,825 private homes (including 1,340 EC units) and 277,580 sqm GFA commercial space offered in 2H2015 GlS Programme.
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.
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.
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The Pinnacle @ Duxton is a public housing development along Cantonment Road, with 1,848 units in seven tower blocks linked with sky gardens on the 26th and 50th floors. It is within walking distance of Tanjong Pagar MRT station.
A five-room flat at the Pinnacle @ Duxton at Block 1B with a floor area of 1,162 sq ft was sold for a whopping $1,068,888 in January 2016. The sale represents the second most expensive sale of a five-room flat in Singapore, real estate website The Edge Singapore reported.
The $1.08m sale of another Pinnacle @ Duxton unit in November last year remains the record transaction for a five-room flat. Another unit at Pinnacle @ Duxton went for $1.02 million in January. In the past year, five-room units at the development have been sold for between $868,000 and $1.088 million.
When the project was launched, five-room units were priced between $345,100 and $439,400, The Straits Times reported. Owners began putting up their flats for sale at the end of 2014 after fulfilling their five-year minimum occupation period.
When the project was launched, five-room units were priced between $345,100 and $439,400, The Straits Times reported. Owners began putting up their flats for sale at the end of 2014 after fulfilling their five-year minimum occupation period.
