Archive for category: Misc

The government has launched two sites for sale under the 1H2023 Government Land Sales (GLS) Programme. The first is a white site at Marina Gardens Crescent, estimated to yield 775 residential units and 64,560 sq ft of commercial space, with a gross plot ratio of 4.2. The new development will be connected to the future Marina South MRT Station on the Thomson-East Coast Line, as well as the Marina South Pier Station on the North-South Line.

The adjacent site on Marina Gardens Lane was awarded to a Kingsford Group-led consortium of developers on June 27 for a price of $1.034 billion, translating to a land rate of $1,402 psf per plot ratio (ppr).

According to Wong Siew Ying, head of research and content at PropNex Realty, developers may be cautious about the Marina Gardens Crescent site due to its higher additional buyer’s stamp duty (ABSD) rates on foreigners and investors and the lack of schools in the vicinity. She adds that a pipeline of new private residential projects in the CBD and downtown areas has yet to hit the market.

The property is located near Tampines or Upper Changi MRT Stations, making it highly accessible to other parts of the Tampines Avenue 11 Estate. Bus services are also located in the vicinity, providing further convenience to the residents. Residents of Tampines Ave11 Condo can also benefit from its strategic location, being close to many amenities. It is within proximity to numerous shopping malls, recreation facilities, and other amenities, allowing residents to meet their lifestyle needs in the comfort of their own homes.

Justin Quek, deputy CEO of OrangeTee & Tie, suggests that the development could provide much-needed commercial amenities to support the growing resident and working population in the area. He adds that no new GLS sites in the Marina South precinct were announced in the 2H2023 GLS programme. As such, Quek estimates a top bid price for this plot of between $1,400 to $1,500 psf ppr.

On the other hand, another GLS site was also launched at Media Circle in the one-north precinct. This 114,420 sq ft site has a gross plot ratio of 2.9 and is zoned “residential with commercial at 1st storey”. It is estimated to yield 355 residential units and 4,304 sq ft of commercial space.

KWong Siew Ying suggests that this site could appeal to smaller developers and predicts the top bid price to be no more than $1,100 psf ppr. Meanwhile, Justin Quek estimates this site could draw in seven to 10 bids and a top bid price of between $1,150 psf ppr to $1,250 psf ppr.

The tender for the Marina Gardens Crescent site and Media Circle site will close on Jan 18, 2024. Lee Sze Teck, senior director of research at Huttons Asia, believes that the development at Media Circle could benefit from strong tenant demand originating from the companies in nearby Mediapolis.

Overall, whether for larger or smaller developments, the two sites present an attractive opportunity for developers to benefit from the growing demand for residential and commercial property in the area.