The Zion Road land parcel
The Urban Redevelopment Authority (URA) has unveiled two New Launch Property sites for acquisition, located in Margaret Drive and Media Circle. This unveiling is a segment of the initial phase of the 2024 Government Land Sales (GLS) program, which took place on Thursday, May 30.
Market experts predict a cautious approach from developers in the upcoming bids for these sites, mirroring the restraint observed in recent tenders due to a decelerating property market.
The sale features two plots listed on the confirmed list, which ensures their scheduled release irrespective of market interest. Conversely, reserve list properties are only tendered when a developer's bid meets the government's approval.
The Margaret Drive site, located in the Queenstown district, spans 9,522.3 square meters and is projected to accommodate 460 private residences. It boasts a maximum gross floor area of 39,994 square meters, which includes at least 500 square meters designated for a childcare facility, and comes with a 99-year lease term.
Additionally, the Media Circle plot in the Buona Vista region is earmarked for tender as a specialized site for long-term serviced apartments, featuring a commercial space on the ground level. This parcel is offered with a 60-year lease.
Covering 5,764.3 square meters with a maximum gross floor area of 24,211 square meters, the Media Circle land is anticipated to yield approximately 520 long-stay serviced apartments. This new category of rental housing was introduced the previous year to address immediate accommodation shortages.
The sale includes two plots on the confirmed list, which guarantees their release as per the schedule, regardless of market demand. In contrast, properties on the reserve list are offered for tender only if a developer's proposal is deemed satisfactory by the government. Learn more news!