THE Urban Redevelopment Authority (URA) on Thursday (May 30) released two residential sites for sale under the first half of the 2024 government land sales (GLS) programme.
The two land parcels were launched for sale under the confirmed list, with a lease period of 99 years.
Confirmed list sites are launched according to schedule regardless of demand, while a site on the reserve list is put up for tender when a developer makes an offer acceptable to the government.
The land parcel along Margaret Drive in the Queenstown area is expected to yield 460 private residential homes on a site area spanning 9,522.3 square metres (sq m). It has a maximum gross floor area (GFA) of 39,994 sq m, including a minimum 500 sq m for a childcare centre.
The other plot along Media Circle in the Buona Vista area will be launched for tender as a dedicated long-stay serviced apartment site with commercial on the first floor.
At 5,764.3 sq m and a maximum GFA of 24,211 sq m, the Media Circle land plot could provide around 520 long-stay serviced apartments. These apartments are a new rental category introduced last year to help meet short-term supply needs.
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Two sites – at Upper Thomson Road (Parcel B) and Zion Road (Parcel A) – were released for sale earlier this year in the government’s pilot project for this new asset class.
Both tenders had single bids at lower-than-expected offers when they closed in April. The Upper Thomson Road (Parcel B) site went to a GuocoLand-Hong Leong Group joint venture for S$779.6 million or S$905 per square foot (psf) of GFA. The other site at Zion Road (Parcel A) was awarded to a City Developments Limited-Mitsui Fudosan tie-up for S$1.1 billion or S$1,202 psf of GFA.
The tender for the Margaret Drive site closes at noon on Aug 1, while that for the Media Circle plot closes at noon on Sep 19.
