The Urban Redevelopment Authority (URA) has recently launched tenders for two Government Land Sales (GLS) sites located at Canberra Crescent and De Souza Avenue, both included in the Confirmed List of the 1H2024 GLS programme. These tenders represent exciting opportunities for property developers to contribute to Singapore's growing housing landscape.
Key Details of the GLS Sites:
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De Souza Avenue Site:
- Located off Jalan Jurong Kechil in District 21.
- Site area: 207,155.8 sq ft
- Maximum Gross Floor Area (GFA): 331,453 sq ft
- Expected yield: Up to 355 residential units
- Proximity to the revitalised Beauty World neighbourhood, new amenities, and integrated transport hub.
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Canberra Crescent Site:
- Situated at the junction of Canberra Crescent and Canberra Street in District 27.
- Site area: 219,985 sq ft
- Maximum Gross Floor Area (GFA): 351,980 sq ft
- Expected yield: Up to 375 residential units
- Close to Bukit Canberra, an integrated sports and community hub.
Market Outlook and Expectations:
- Demand in the Upper Bukit Timah area remains strong, driven by steady supply and high absorption rates.
- Existing nearby projects such as Verdale, The Linq @ Beauty World, and The Hillford are fully sold, highlighting market demand.
- Expectations suggest one to three bidders for each site, with potential top bids ranging from $397.74 million to $430.88 million for De Souza Avenue and $316.78 million to $351.98 million for Canberra Crescent.
The launch of tenders for these GLS sites underscores the continued confidence in Singapore's property market. Both sites are strategically located in desirable neighborhoods with access to key amenities, making them attractive for residential development. The strong interest expected from developers reflects the positive sentiment and sustained demand for quality housing options in these areas.
As a real estate agent, staying informed about these developments is crucial for providing clients with valuable insights and investment opportunities. Reach out to stay updated on the progress of these tenders and understand how they might impact the market dynamics in Upper Bukit Timah and Canberra Crescent areas.