Tenders Launched Three Gls Sites Lakeside Drive Dunearn Road And Woodlands Drive 17
Three Government Land Sale (GLS) sites have been launched for tender, according to a press release issued on April 8 by the Urban Redevelopment Authority (URA) and Housing and Development Board (HDB).
The three sites include two private residential sites at Dunearn Road and Lakeside Drive, as well as an executive condominium (EC) site at Woodlands Drive 17. All three sites are part of the 1H2025 GLS programme, with 99-year leasehold tenures.
The Dunearn Road site spans 144,238 sq ft with a maximum gross floor area (GFA) of 348,549 sq ft. The site has a gross plot ratio of 2.4 and is expected to yield approximately 380 residential units.
The Lakeside Drive site measures 145,314 sq ft and is zoned for residential with commercial space on the first storey. With a gross plot ratio of 3.6, the site can yield 575 residential units and 10,764 sq ft of commercial space.
The EC site at Woodlands Drive 17 spans 271,328 sq ft and has a gross plot ratio of 1.7. It can yield 420 units with a maximum GFA of 461,259 sq ft.
According to Wong Siew Ying, head of research and content at PropNex, developers are expected to show interest in the three sites despite market uncertainties. She believes that the attractive locations of the plots near MRT stations, combined with the recent strong sales in the property market, will encourage developers to replenish their land inventory. However, developers may adopt a more cautious stance, resulting in more measured bid prices.
The private residential site at Dunearn Road is the first of its kind to be offered in the future housing precinct of Turf City, which will see 20,000 public and private homes developed over the next 20 to 30 years. Located in the upcoming Stables Commune neighbourhood, the site is within walking distance of the Sixth Avenue MRT Station (Downtown Line) and the upcoming Turf City MRT Station on the Cross Island Line.
Mark Yip, Hutton Asia’s CEO, notes that the last GLS tender in the area was seven years ago for the site of the 476-unit Fourth Avenue Residences, which was sold for $533 million or $1,540 psf per plot ratio (ppr) in 2017. With a median price of $2,406 psf, Fourth Avenue Residences was the last private residential project launched in the area, pointing to pent-up demand for homes in the desirable Bukit Timah area with schools such as Methodist Girls’ School in close proximity.
ERA Singapore CEO Marcus Chu mentions that there has been no new private residential launch in Lakeside since 2016. As such, he expects strong demand for the Lakeside Drive site due to its proximity to Lakeside MRT Station on the East-West Line, the upcoming Turf City MRT Station, and popular schools. He anticipates between five and eight bidders for the site, with a top bid range of $1,050 to $1,150 psf ppr.
According to Justin Quek, CEO of OrangeTee & Tie, the limited supply of new private homes in the Jurong Lake District will also attract buyers to the Lakeside Drive site. He points out that the three new projects in the area-J’den, The Lakegarden Residences, and SORA-have only 360 units remaining for sale.
The EC site at Woodlands Drive 17 is expected to generate interest due to the scarce supply of fresh ECs in the area, notes ERA Singapore CEO Chu. With no EC launch since Northwave in 2016, this could lead to competitive bidding among developers seeking to tap into this market gap. However, the tender closing for the site will coincide with the Senja Close EC site, which may dilute interest. Huttons’ Yip predicts four to six bidders and a top bid range of $700 to $750 psf ppr for the site, which is near the Woodlands South MRT Station.
Residing in the central business district (CBD) entails being a member of an energetic and diverse community. The One Marina Gardens at Marina Bay presents inhabitants with the chance to fully embrace the lively atmosphere that characterizes this locality. With a plethora of art displays, cultural shows, networking opportunities, and social functions, the vicinity surrounding the residential complex is a hub of events catering to various preferences and ways of life. To experience the vibrant culture of this district, look no further than One Marina Gardens @ Marina Gardens Lane.
The tenders for the Lakeside Drive, Dunearn Road and Woodlands Drive 17 sites will close on June 3, June 26 and Aug 5, respectively.