Tender launched for GLS site at Lorong 1 Toa Payoh

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The URA has launched a tender for a Government Land Sale (GLS) site at Lorong 1 Toa Payoh. Located in a mature area with limited new private home supply, the 99-year leasehold site measuring 169,456 sq ft could yield about 775 residential units. Wong Siew Ying, head of research and content at PropNex Realty, believes the Toa Payoh estate’s mature location will draw developers’ interest.

The last GLS site to be tendered nearby was the plot across the road on Lorong 6 Toa Payoh and Lorong 4 Toa Payoh, which was awarded for $345.86 million ($755 psf per plot ratio) in June 2015. The 578-unit Gem Residences was subsequently launched in May 2016, achieving an average price of $1,425 psf. About half of its buyers were HDB upgraders, indicating strong local demand.

Lee Sze Teck, senior director of data analytics at Huttons Asia, says such upgraders may have a keen interest in the Lorong 1 Toa Payoh GLS site due to 5-room HDB flats at The Peak @ Toa Payoh exceeding $1 million and several flats that recently hit their minimum occupation period going for $800,000.

Orange Tee & Tie’s deputy CEO Justin Quek adds that the site’s appeal is also boosted by its proximity to the Braddell MRT Station on the North-South Line and several schools such as Raffles Girls School (Secondary), Pei Chun Public School, CHIJ Primary (Toa Payoh), CHIJ Secondary (Toa Payoh), and Kheng Cheng School, among others.

With other GLS tenders for sites at Clementi Avenue 1 and Pine Grove (Parcel B) closing on the same day, PropNex’s Wong is less optimistic, projecting that the tender could potentially attract four to five bids with a top bid price of around $783 million to $854 million (or a land rate of $1,100 to $1,200 psf ppr). Huttons’ Lee says he expects a top bid of around $1,200 psf ppr may be achieved. In contrast, Quek anticipates the site to draw five to eight bidders, with the highest bid price at around $1,100 to $1,250 psf ppr.

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The tender for the Lorong 1 Toa Payoh GLS site will close on Nov 7. Its success may depend on how interest is shared with the other GLS sites also being tendered. Regardless, the mature location with limited new private home supply, nearby transport links, and easily accessible amenities are sure to add to this site’s appeal.