Singapore’s Ministry of National Development (MND) announced that it has placed four sites on the confirmed list and another 11 sites on the reserve list under the Government Land Sales (GLS) programme. The sites will be put up for sale in the second half of 2016.
There are a total of 2,170 residential units on the confirmed list which is higher than the 1,560 units found on the list in the first half of the year. The MND revealed that sites on Fernvale Road, Perumal Road and West Coast Vale are on the list along with a commercial and residential site on Upper Serangoon Road. The total amount of commercial space available is 15,500 sqm. of gross floor area.
RHB Securities noted that it is expecting a strong participation from developers for the Perumal Road site since it is a mixed-use development in a prime location opposite the Farrer Park MRT station. The Upper Serangoon Road site could also attract some interest but RHB Securities pointed out that the number of bids could be limited.
There are a total of seven residential sites on the reserve list along with one mixed-use site, two commercial sites and one White site. Roughly 5,380 residential units can be found on this list. Beach Road, Woodlands Square and Central Boulevard are the sites with commercial space available and this consists of mostly room for offices. RHB Securities believes the Central Boulevard site in particular could receive a public tender given the recent record sale of the Asia Square Tower 1 site located across from it.
All of the sites on the confirmed list will be put up for sale regardless of if there is stated interest from developers. Reserve list sites are only put up for sale if a developer makes an acceptable opening offer for them.
