3 sites up for tender under govt land sales scheme

HILLVIEW RISE This residential site released under the reserve list is near Hillview station on the Downtown Line.
Dated: 28-Jun-2019

The Urban Redevelopment Authority (URA) yesterday released three sites for sale under the first half of the 2019 Government Land Sales programme.

They are at one-north Gateway, Hillview Rise and Dunman Road, and each has a lease tenure of 99 years. All in all, the three sites can yield about 1, 545 residential units, said the URA.

The site at one-north Gateway is launched for sale under the confirmed list as part of industrial land and infrastructure agency JTC's efforts to inject more residential spaces in the one-north estate - to meet housing needs and to enhance the area as a mixed-use business park, the URA said.

Zoned residential with commercial in the first storey, the one-north Gateway site covers 5, 778.7 sq m and has a maximum gross floor area (GFA) of 14, 447 sq m.

Analysts are expecting between six and 10 bids for this site.

OrangeTee & Tie research and consultancy head Christine Sun said residential sites with a commercial component are popular, given their "rarity, attractive rental yield and convenience enjoyed by both residents and tenants".

"Private homes in the vicinity have high investment potential, given that the area has good rental demand and healthy capital appreciation, " she said.

Mr Desmond Sim, CBRE's head of research for South-east Asia, noted that the last time a site was launched in the one-north precinct was in 2005.

"It is likely to receive competitive bids from developers who need to replenish their land bank, " he said.

Height control for the first two storeys stands at 23m to 25m above mean sea level (AMSL), while the overall building height control is about 61m to 87.5m AMSL. The site is estimated to yield about 165 housing units.

The tender for this site will close at noon on Sept 5.

Separately, the two residential sites in Hillview Rise and Dunman Road - which are close to Hillview and Dakota MRT stations, respectively - are released under the reserve list and are now available for application.

A site on the reserve list is triggered for launch if a developer's indicated minimum price in its application is acceptable to the Government. This is as opposed to confirmed-list sites which are launched according to a schedule, regardless of demand.

The land parcel in Hillview Rise has a site area of 10, 395.2 sq m and a maximum GFA of 29, 107 sq m. Its maximum building height is 120m AMSL. The site is estimated to yield about 340 housing units.

Meanwhile, the Dunman Road site has an area of 25, 234.7 sq m and a maximum GFA of 88, 322 sq m. The maximum building height is 64m AMSL, with the site expected to yield about 1, 040 housing units, according to URA estimates.

Ms Tricia Song, Colliers International's head of research for Singapore, said some of the attributes of the Dunman Road site include its proximity to Dakota MRT station and the predominantly unblocked views of the East Coast area. "However, a concern could be its relatively larger size - 1, 040 buildable units, " she said.

Ms Sun said the probability of either site being triggered may not be high. The increasing supply of new homes may lead to developers scaling back on land acquisition. "Some may prefer to pare down their existing stock before expanding their current land bank, " she added.

Source: Straits Times