SINGAPORE, 7 June 2022 – Mr Lam Chern Woon (蓝振文), Head of Research and Consulting at EDMUND TIE comments on 2H 2022 GLS programme.
The MND announced today the 2H 2022 Government Land Sales (GLS) programme.
In a nutshell, the carrying over of three sites (Bukit Timah Link, Hillview Rise, Lentor Gardens) from the 1H 2022 Reserve List to the 2H 2022 Confirmed List reflects the government’s targeted approach to guide the growth of active residential communities in various neighbourhoods. We expect healthy bidding interest for these sites given the locational attributes and their relatively healthy demand-supply dynamics.
In particular, the Lentor area, is poised to welcome no fewer than six new residential developments when all the recent GLS sites in the area are developed, including a new Lentor Central site on the Reserve List. All inclusive, these could add about 3,000 new residential units and residents would be well-served by the Lentor MRT station on the Thomson East Coast Line, whose connectivity would be further enhanced when 11 more stations are opened later this year. The sizeable upcoming supply is likely to help satiate pent-up demand for the tranquil neighbourhood amid a low inventory market environment.
In addition to the Beauty World MRT station on the Downtown line which has since brought convenient access to the locality, the Beauty World neighbourhood is also set to be further revitalised with new residential developments. Residents would benefit from the upcoming projects like the Beauty World Integrated Transport Hub, the Bukit Timah Community Building as well as commercial and F&B offerings from the new residential developments.
An addition to the GLS programme, the offering of the Marina Gardens Lane site is likely to be a testbed for reception to an extension of the Marina Bay live-work-play precinct, even as downtown living has gained traction over the years. The site enjoys strong connectivity to Marina South station on the Thomson East Coast Line with Gardens by the Bay providing a paradise of nature for future residents. However, as the site is capped with 750 sqm of retail GFA space and is not directly connected to the current Marina Bay nexus, the site will likely appeal largely to developers with a strong track record of curating artisanal retail spaces to attract homebuying demand.
For further information, please contact:
Seah Li Ching (Ms)
DID: +65 6393 2369