GLS sites at Jalan Tembusu released for application

Jalan Tembusu is a residential sites that has been released for application by SINGAPORE (EDGEPROP) - URA and HDB. The site is under the Reserve List of the 1H2021 government land sales (GLS) programme.

Sites under the Reserve List are not published for bid instantly but are made available for application. The tender will be put up only when a developer has reveal an an adequate minimum price.

Jalan Tembusu has the site area of 210,624 sqft, which is 1km from Dakota MRT station on the Circle Line and only 600m from the upcoming Tanjong MRT Station on the Thomson-East Coast Line. This is a 99-year leasehold plot located at the the junction of Tanjong Katong Road and Jalan Tembusu. Moreover, Jalan Tembusu is also connected to Mountbatten Road and the East Coast Parkway (ECP).

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According to Mark Yip, CEO of Huttons Asia, the plot of land at Jalan Tembusu had a high possibility of getting activated as developers are starved of (available) well-located sites. He said that the site sat in District 15, which was a popular area for many buyers.

According to Nicholas Mak, head of research & consultancy at ERA Realty, the relatively large size of the site would come with correspondingly higher risks.

Mak said that while it was an attractive site, it would require bigger commitment from the developer. There could be more that 600 units to be developed. Because of the uncertain Covid-19 situation and risk of cooling measures, developers might be cautious to trigger this private residential land plot for tender.

Yip estimates that if the site is enabled and successfully sold, the winning price could be between $1,400 psf per plot ratio (ppr) and $1,500 psf ppr. However, Ong Teck Hui, senior director of research & consultancy at JLL, says that based on contemporary market conditions, the site could attract up to 15 bids and fetch a top bid of between $1,100 psf ppr and $1,200 psf ppr.

Read more: Jalan Tembusu to discover more interesting about the development.

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