In an exciting development for Singapore's real estate landscape, the Urban Redevelopment Authority (URA) has officially launched the tender for a Government Land Sale (GLS) site at Lorong 1 Toa Payoh. This site, nestled within the Confirmed List of the 2H2023 GLS Programme, spans 169,456 sq ft and boasts a 99-year leasehold, with the potential to yield approximately 775 residential units. The tender is set to close on November 7.
The prime location of this site, coupled with the limited supply of new private homes in the area, is poised to pique the interest of developers. Toa Payoh, a well-established estate, has not seen the introduction of new private homes since 2016. Wong Siew Ying, Head of Research and Content at PropNex Realty, underscores the allure of this mature location, drawing parallels to the neighborhood's strong upgrader demand, as evidenced by more than 50% of new launch buyers having HDB addresses.
Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia, shares this sentiment, emphasizing the potential of HDB upgraders, given the rising prices of 5-room HDB flats in The Peak @ Toa Payoh, with some units breaching the $1 million mark. Justin Quek, Deputy CEO of Orange Tee & Tie, further enhances the site's appeal by highlighting its proximity to the Braddell MRT Station and several esteemed schools.
As industry experts project the number of bidders ranging from four to eight, with bid prices anticipated to fall between $1,100 to $1,250 per sq ft per plot ratio, the competitive landscape is set. However, it's worth noting that developers may exercise prudence in their bidding strategies, considering recent trends of lukewarm responses in GLS tenders and the diversified property market.
Also note that 2 other GLS (Clementi Ave 1 and Pine Grove B) will close on the same day; and developers have to make a choice on which to focus
With this promising GLS site on the horizon, it's an opportune moment for prospective homeowners and investors to stay updated with Singapore's real estate developments. If you're looking to navigate the ever-evolving property landscape or seek tailored advice, don't hesitate to reach out to us. Your property aspirations are our priority.
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