Latest news with #GovernmentLandSales
Straits Times
08-07-2025
- Business
- Straits Times
Chuan Grove GLS site snags top bid of $703.6m from Sing Holdings-Sunway joint venture
Sign up now: Get ST's newsletters delivered to your inbox This plot, which can yield 555 private homes, is the larger of two Chuan Grove GLS sites slated for sale. SINGAPORE – A plum state land parcel in Chuan Grove secured a top bid of $703.6 million on July 8 from a joint venture between Sing Holdings Residential and Sunway Developments. This site – the first Government Land Sales (GLS) site in Chuan Grove since 2009 – drew seven bids, signalling optimism about the Lorong Chuan location. This came on the heels of a hotly contested state tender in June for a Dunearn Road site, which drew nine bids, and a Lakeside Drive tender, which attracted six bids. The top bid of $703.6 million, which translates to $1,376 per sq ft per plot ratio (psf ppr), is 7.3 per cent higher than the next bid of $1,282 psf ppr tabled by City Developments. It is the second-highest bid ever for a private GLS plot in the suburbs, after a Bayshore Road plot was awarded at $1,388 psf ppr in March. Sing Holdings, in a Singapore Exchange filing on July 8, said it will form a joint venture with Sunway with equity interests of 65 per cent and 35 per cent, respectively, to complete the land purchase and develop a new residential project with a gross floor area of 47,495 sq m. Mr Lee Sze Hao, chief executive of Sing Holdings, said: 'Subject to the tender award by URA (Urban Redevelopment Authority), we plan to develop a residential development comprising three high-rise towers of approximately 550 units with full facilities and community-centric features.' Top stories Swipe. Select. Stay informed. Asia Why Japan and South Korea are on different paths in the latest US trade salvo Singapore NDP celebrations to be held at 5 heartland sites, including Bishan and Punggol, on Aug 10 Singapore Keep citizens at the centre of public service, Chan Chun Sing tells civil servants Singapore Man arrested for allegedly throwing bottle at SMRT bus, injuring passenger Asia As Trump plays tariffs hard ball, Asean has little choice but to play on Asia PM Anwar called out by his own lawmakers as Malaysia's judicial crisis heats up Singapore SIA flight from Brisbane to Singapore diverted to Perth due to technical issue The Chuan Grove site is one of the more attractive suburban sites bordering the city fringe area, said Mr Justin Quek, deputy group CEO of Realion, the entity formed after a merger between OrangeTee and real estate consultancy ETC. He noted that the $1,376 psf ppr bid for the suburban site was only 2.4 per cent lower than the Dunearn Road prime district parcel, which was awarded on July 3 at $1,410 psf ppr. ERA Singapore CEO Marcus Chu said: 'With the site's desirable location and excellent connectivity, the developer likely anticipated healthy demand, giving them the confidence to place a strong bid.' Developers' appetite for land did not cool despite the announcement of the extension of the seller's stamp duty (SSD) holding period to four years and heightened SSD rates from July 4, PropNex Realty CEO Ismail Gafoor noted. He said this signals healthy land-banking interest and developers' optimism that the site will mostly appeal to genuine home buyers, who are less affected by the revised SSD framework. This plot, which can yield 555 private homes, is the larger of two Chuan Grove GLS sites slated for sale. Even with impending supply from an adjacent plot, which can offer 505 new units , developer interest did not cool for the larger site, Mr Gafoor added. The state tender for the second Chuan Grove plot will close in September. Strong take-up at nearby launch Chuan Park encouraged developers to bid more confidently for the Chuan Grove site, said Ms Tricia Song, head of research for South-east Asia at CBRE. Chuan Park moved 696 of its 916 units – 76 per cent – at an average price of $2,537 psf on its launch weekend in November 2024. To date, 766 units, or 84 per cent, have been sold at a median price of $2,591 psf, CBRE said. Given the low unsold inventory in the area, there could still be ample demand from HDB upgraders, or potential downgraders from landed estates in Serangoon, Bishan and Ang Mo Kio nearby, Ms Song said. The number of unsold units in the suburbs stood at 4,361 in the first quarter of 2025, the lowest since the fourth quarter of 2022, Huttons Asia CEO Mark Yip noted. Knight Frank research head Leonard Tay said that there have been no new condo launches in Lorong Chuan since the 468-unit The Scala hit the market in 2010. Hong Leong Group beat 14 other bidders to be awarded the GLS parcel on which The Scala sits in Serangoon Avenue 3 for $221 million or $529 psf ppr in October 2009. Among its attributes, the Chuan Grove site is located near Lorong Chuan MRT station, as well as Serangoon and Bishan MRT stations, and near the NTP+ mall in New Tech Park, Bishan's Junction 8 and Serangoon's Nex.
Straits Times
01-07-2025
- Business
- Straits Times
Private home price growth continues to slow in Q2 2025
Flash estimates show that the private residential property price index grew by 0.5 per cent in the second quarter of 2025 over the previous quarter. ST PHOTO: LIM YAOHUI SINGAPORE – The growth in private residential property prices continued to lose momentum in the second quarter of 2025, according to flash estimates released by the Urban Redevelopment Authority (URA) on July 1. The private residential property price index rose by 0.5 per cent in the second quarter, compared with the 0.8 per cent growth in the first quarter. 'In line with the decline in the number of units launched for sale, sale transaction volume fell by about 40 per cent on a quarter-on-quarter basis in Q2 2025,' said URA. There were 4,340 private homes sold in the second quarter , compared with 7,261 in the previous quarter. Across all areas in Singapore, prices of non-landed properties increased by 0.5 per cent in the second quarter , after a 1 per cent rise in the previous quarter. However, the price movements were mixed across regions. In the core central region, prices of non-landed properties increased by 2.3 per cent, picking up from a 0.8 per cent gain previously. Elsewhere in the central region, non-landed property prices dropped by 1.1 per cent, reversing a 1.7 per cent growth in the previous quarter. Outside the central region , prices of non-landed homes increased by 0.9 per cent, compared with a 0.3 per cent increase previously. As for landed properties, prices rose by 0.7 per cent, up from a 0.4 per cent gain in the first quarter. To meet housing demand and maintain market stability, URA said the Government is sustaining a 'high level of private housing supply' in the Government Land Sales programme. On June 24, URA announced that 4,725 private residential units will be launched in the second half of 2025 under the confirmed list, bringing the total confirmed supply for the year to nearly 10,000 units. Join ST's WhatsApp Channel and get the latest news and must-reads.
The Star
26-06-2025
- Business
- The Star
Maiden plot in Singapore's Bukit Timah Turf City snags nine bids as developers jostle for first-mover advantage
SINGAPORE: A consortium led by Frasers Property, Sekisui House and CSC Land Group (Singapore) has submitted a top bid of S$491.5 million in a hotly contested tender exercise for the first residential site in Turf City along Dunearn Road. A total of nine bids were submitted by developers jostling for first-mover advantage in Turf City, which is among key new housing areas in more central locations identified in the Draft Master Plan 2025, and will bring 15,000 to 20,000 new public and private homes to the prime Bukit Timah area. This 13,492 sq m prime district Government Land Sales (GLS) site, which could yield 380 homes, has attracted the highest number of bids since October 2021, when 10 bids were submitted for two smallish sites at one-north, and nine bids were put in for a plot at Lentor, now Lentor Modern, in July 2021, said Tricia Song, CBRE research head for Singapore and South-east Asia. 'We believe the Draft Master Plan 2025 may have boosted sentiment for this Turf City maiden site,' she said. 'The plans for Bukit Timah Turf City look promising, with 15,000 to 20,000 homes, lush greenery, good transport connectivity and 22 heritage buildings being proposed for conservation, including the two grandstands, which will be rejuvenated as community nodes,' she added. Apart from the Dunearn Road plot and an adjacent site that is slated to be launched for tender in December 2025, Wong Siew Ying, PropNex head of research and content, noted there are '20 pure residential plots, three white sites and two residential with commercial at first storey plots potentially lined up in Turf City over the next 10 to 15 years'. Mark Yip, chief executive of Huttons Asia, said the draft masterplan has provided 'more clarity on the land usage in Turf City and reduced risks for developers'. 'The two adjacent residential sites with commercial use at the first storey will provide amenities for the new housing area. Community and recreational facilities and parks will be within a 10-minute walk,' he added. The top bid of $1,410 per square foot per plot ratio (psf ppr) is also the highest since the River Valley Green (Parcel B) plot was awarded to GuocoLand for $627.8 million, or $1,420 psf ppr, in February 2025. Among the nine bidders for the site, the top bid is 3.7 per cent higher than the second highest of $1,360 psf ppr tabled by City Developments. The two close bids suggest that the developers share a good measure of confidence for the site, despite more housing supply slated for this area, Wong noted. Nonetheless, the $1,410 psf ppr bid is still lower than land prices in December 2017, when a nearby plot in Fourth Avenue – now Fourth Avenue Residences – drew seven bids, with a top bid of $1,540 psf ppr, Song said. 'The lower land bids (today) generally reflect higher construction costs, lower efficiency from gross floor area harmonisation and higher potential Additional Buyer's Stamp Duty (ABSD) on both developers and buyers,' she said. Tight competition for the Dunearn Road site was expected as District 10 has only seen a few GLS sites made available in recent years,' Marcus Chu, chief executive of ERA Singapore, said. The most recent site awarded in District 10 was in Orchard Boulevard, now Upperhouse at Orchard Boulevard, which sold for $1,617 psf ppr in January 2024, he added. Justin Quek, chief executive of OrangeTee & Tie, noted that the Dunearn Road site is close to Sixth Avenue MRT Station and some top schools in Bukit Timah, which may fuel pent-up demand from families. Dr Lee Nai Jia, head of real estate intelligence PropertyGuru Group, noted that demand for non-landed homes in District 10 grew steadily in the first quarter in 2025 but fell in April due to heightened macroeconomic uncertainty from geopolitical and trade tensions. 'In May, demand started to rebound, but activity remained below that from a year ago. But a renewed projects pipeline, coupled with (the future project) on the Dunearn Road GLS site, could re-energise interest in this area,' he said. Soon Su Lin, chief executive of Frasers Property Singapore, said this will be 'an exciting opportunity for us to be part of the Turf City masterplan', if awarded. 'Given that the last GLS site in the vicinity was awarded nearly a decade ago, we believe that quality developments, specifically in prime districts 9, 10 and 11, will continue to be highly attractive to home buyers,' she said. - The Straits Times/ANN
Straits Times
25-06-2025
- Business
- Straits Times
New housing areas in Dover, Defu, Newton and Paterson unveiled in URA's Draft Master Plan 2025
New private homes will be developed in the Paterson area (foreground), alongside a mixed-use development above Orchard MRT station. ST PHOTO: SHINTARO TAY New housing areas in Dover, Defu, Newton and Paterson unveiled in URA's Draft Master Plan 2025 SINGAPORE – New neighbourhoods are set to be established in areas such as Dover, Defu, Newton and Paterson, offering a mix of public and private homes islandwide. Also in the pipeline are new office spaces and amenities in Bishan, more parks in Singapore's north-west, as well as community hubs in Sengkang, Woodlands North and Yio Chu Kang fashioned after Our Tampines Hub. These development plans were laid out on June 25 at the launch of the Urban Redevelopment Authority's (URA) Draft Master Plan 2025 exhibition, which presents the agency's latest blueprint that will guide Singapore's development for the next 10 to 15 years. Besides new housing areas and recreational facilities, the draft masterplan also includes proposals to revitalise Singapore's city centre and preserve its heritage by conserving buildings like the NatSteel Steel Pavilion and former Pasir Panjang English School. The launch follows an extensive public engagement campaign since October 2023, with the URA getting feedback from nearly 220,000 people through exhibitions, dialogues, focus groups and surveys. National Development Minister Chee Hong Tat said this was URA's most extensive public engagement yet, and that the exhibition brings together ideas that Singaporeans have put forth into a 'shared vision' for the coming years. Homes will be built in areas such as Kranji, Dover and Newton, he said at the launch at The URA Centre in Maxwell Road. Minister for National Development Chee Hong Tat speaking at the launch of the Urban Redevelopment Authority Draft Masterplan 2025 on June 25. ST PHOTO: SHINTARO TAY New amenities and recreational spaces will be built in the upcoming Dover-Medway neighbourhood, which is near one-north and education institutions such as the National University of Singapore and Singapore Polytechnic. The first phase will focus on the eastern section near one-north and Kent Ridge MRT stations, and provide around 6,000 public and private homes. Development is set to begin in November 2025 with a Government Land Sales site in Dover Road that can yield 625 private apartments. Plans for the development of Medway Park, which currently houses colonial bungalows, will be studied in the coming years, URA added. The development of the Dover-Medway neighbourhood will be kick-started later in 2025 when a Government Land Sales site in Dover Road is launched. ST PHOTO: TARYN NG In Newton, a new neighbourhood that draws on the area's greenery and identity will be introduced. The precinct will have 5,000 private homes, and be anchored by a high-density, mixed-used development to be built next to Newton MRT station and Newton Food Centre. Monk's Hill Road will be turned into a linear park, said URA, adding that existing mature trees and heritage buildings will be integrated in the neighbourhood so that it retains its sense of place. Private homes will also be developed in Paterson, with about 1,000 new units planned for the area – including some in a mixed-use hub above Orchard MRT station that also has retail and office spaces. URA also outlined longer-term plans for towns in larger areas such as Sembawang Shipyard, which will cease operations in 2028, and the former Singapore Racecourse in Kranji, which held its final race in October 2024. Another new town with public and private homes will be built in the Defu industrial area, after Paya Lebar Air Base is relocated in the 2030s. Defu, which is located just outside the air base, will be prepared for development when leases of existing firms expire in the coming years. Residents of the new neighbourhood will have essential services and amenities within a 10-minute walk. Plans for the future town will not affect the ongoing leases of businesses in the industrial estate, URA said, without stating when these leases will end. URA also gave more details for the Greater Southern Waterfront, which will have its first flats launched in October. In the area's next phase of development, residential precincts will be built at Keppel Distripark and Keppel Terminal. The authorities are looking to rejuvenate existing neighbourhoods as well, with towns such as Pasir Ris and Yishun set to get new homes and amenities. Plans to liven up the Orchard and Downtown areas are also underway, URA said, announcing an elevated pedestrian link bridge at Dhoby Ghaut Green that will link the expanded Istana Park to Fort Canning Park. An artist's impression of a new destination park in the heart of Orchard Road that includes the existing Istana Park. PHOTO: NATIONAL PARKS BOARD Another new bridge will be built by 2029 to give cyclists and pedestrians a direct link between Marina Centre and Bay East Garden. Meanwhile, as part of ongoing studies for a 'Long Island' to be reclaimed off East Coast, investigation works will begin in July in the waters off East Coast Park, to obtain data on the site's geological and seabed conditions. This is expected to take a few months. URA's exhibition also touched on efforts to spread jobs across the island and to optimise the country's limited land. In Bishan, new office and retail spaces will be built, alongside a new hawker centre, a revamped bus interchange and a polyclinic. An artist's impression of future mixed-use development within Bishan sub-regional centre. PHOTO: URBAN REDEVELOPMENT AUTHORITY URA said some Government agencies may move to Bishan, which will be positioned as a sub-regional centre, with office space equal to that of Paya Lebar Central. Sub-regional centres are business nodes such as Paya Lebar that bring jobs closer to homes, but are not as large as regional centres in Woodlands, Jurong and Tampines. Agencies such as JTC Corporation are pressing on with studies for Gali Batu Cavern, an underground aggregate storage facility to be built near Mandai to free up surface land. Mr Chee said land use plans continually need to be refined to deal with new challenges, such as a more uncertain global environment and its impact on business activities and supply chains, the effects of climate change and the need to meet housing demand and refresh older towns. 'Tackling these challenges will require a concerted effort by government, stakeholders and all Singaporeans,' he said. 'We need to work together to shape our collective future. Along the way, there will be some difficult trade-offs that we need to discuss and find a way to strike a careful balance.' URA's masterplan is reviewed once every five years. The current edition came into force in 2019. The Draft Master Plan 2025 exhibition will run until Nov 29, 2025, at The URA Centre from Mondays to Saturdays. The exhibition will also be brought to locations across the island from Aug 2 and Nov 9. More details are available at Ng Keng Gene is a correspondent at The Straits Times, reporting on issues relating to land use, urban planning and heritage. Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
24-06-2025
- Business
- Business Times
URA launches residential sites at Dorset Road, Upper Thomson Road, Telok Blangah Road
[SINGAPORE] The Urban Redevelopment Authority (URA) on Tuesday (Jun 24) has released three residential sites at Dorset Road, Upper Thomson Road (Parcel A) and Telok Blangah Road for sale under the H1 2025 Government Land Sales (GLS) Programme. The parcel area at Dorset Road can potentially yield around 425 residential units, while the others at Upper Thomson Road (Parcel A) and Telok Blangah Road can potentially yield about 595 and 745 of the same type of units respectively. All three sites form part of the 5,030 residential units to be released via the confirmed list of the GLS programme for H1 2025. The tender for the Dorset Road site will close at 12pm on Oct 9. As for the Upper Thomson Road (Parcel A) and Telok Blangah Road sites, their tenders will close at the same time on Oct 23 and Nov 4. According to a statement by URA on Tuesday, 4,725 private residential units will be launched via the H2 2025 confirmed list, bringing the total confirmed list supply for 2025 to close to 10,000 units.
