Latest news with #GLS
The Star
6 days ago
- 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
Business Times
7 days ago
- Business
- Business Times
Frasers, Sekisui, CSC Land consortium tops nine bids for Dunearn Road site with S$1,410 psf ppr bid
[SINGAPORE] A consortium comprising Frasers Property, Sekisui House and CSC Land has placed the top bid for a 99-year private housing site in Dunearn Road. Its bid of S$491.5 million works out to S$1,410 per square foot per plot ratio (psf ppr). The state tender for the site, which closed on Thursday (Jun 26), drew nine bids. Also bidding at the tender were City Developments; a partnership between Sim Lian Land and Sim Lian Development; and a tie-up involving UOL, Singapore Land and Kheng Leong Company. Other bidders include Kingsford Group and Wee Hur Development. The plot, which can generate about 380 homes, is the maiden government land sale (GLS) site in Bukit Timah Turf City. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up An adjoining plot, zoned residential with commercial at first storey, is slated for launch in December under the confirmed list of the second-half 2025 GLS programme announced recently. It can generate 335 private homes and 1,400 square metres gross floor area of commercial space. The government has planned for 15,000 to 20,000 public and private housing units for Bukit Timah Turf City. Apart from the two GLS sites in Dunearn Road, there are three white sites and more than 20 residential plots (including those with commercial at first storey) that could be made available under the Draft Master Plan (DMP) 2025 unveiled on Wednesday, PropNex noted. 'The plans outlined will establish Bukit Timah Turf City as a self-sustaining neighbourhood with a mix of commercial offerings, healthcare amenities, as well as a school,' said PropNex chief executive officer Ismail Gafoor.
Business Times
7 days ago
- Business
- Business Times
Frasers, Sekisui, CSC Land consortium tops bids for Dunearn Road site with S$1,410 psf ppr bid
[SINGAPORE] A consortium comprising Frasers Property, Sekisui House and CSC Land has placed the top bid for a 99-year private housing site in Dunearn Road. Its bid of S$491.5 million works out to S$1,410 per square foot per plot ratio (psf ppr). The state tender for the site, which closed on Thursday (Jun 26), drew nine bids. Also bidding at the tender were City Developments; a partnership between Sim Lian Land and Sim Lian Development; and a tie-up involving UOL, Singapore Land and Kheng Leong Company. Other bidders include Kingsford Group and Wee Hur Development. The plot, which can generate about 380 homes, is the maiden government land sale (GLS) site in Bukit Timah Turf City. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up An adjoining plot, zoned residential with commercial at first storey, is slated for launch in December under the confirmed list of the second-half 2025 GLS programme announced recently. It can generate 335 private homes and 1,400 square metres gross floor area of commercial space. The government has planned for 15,000 to 20,000 public and private housing units for Bukit Timah Turf City. Apart from the two GLS sites in Dunearn Road, there are three white sites and more than 20 residential plots (including those with commercial at first storey) that could be made available under the Draft Master Plan (DMP) 2025 unveiled on Wednesday, PropNex noted. 'The plans outlined will establish Bukit Timah Turf City as a self-sustaining neighbourhood with a mix of commercial offerings, healthcare amenities, as well as a school,' said PropNex chief executive officer Ismail Gafoor.
Business Times
25-06-2025
- Business
- Business Times
New private homes planned in prime Paterson, Newton areas
[SINGAPORE] The Urban Redevelopment Authority has unveiled plans for new neighbourhoods in the Paterson, Newton, Greater one-north and Defu areas, among other locations, under the Draft Master Plan 2025. A roughly 10-hectare stretch in the Paterson Road area near Orchard Road is proposed for development as a predominantly residential neighbourhood, comprising about 1,000 new private homes. These will be complemented by a mix of uses (such as retail, food and beverage and office spaces) and public spaces and amenities in a proposed integrated development. The site for this mixed-use integrated development, which will sit atop the Orchard MRT interchange, is about 3.5 ha. The Paterson neighbourhood will have frontages along Paterson Road, Orchard Boulevard and Grange Road; the entire site is on state land, which should facilitate the realisation of the plans through the government land sales (GLS) Programme, observers said. Nearly two decades ago, the Orchard Turn site across the road – above the Orchard station on the North-South Line – was sold at a GLS tender for S$1.38 billion (or S$1,020 per square foot per plot ratio) to a partnership between CapitaLand and Sun Hung Kai Properties. This eventually became the Ion Orchard mall and The Orchard Residences. The new Newton neighbourhood to come up on a 26-ha site next to the namesake MRT interchange station, is envisaged as a 'vibrant, mixed-use 'urban village' set amid greenery and anchored on its unique identity', said URA. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up New homes will be introduced progressively around three distinct clusters in Newton Circus, Scotts Road and Monk's Hill, and provide current and future residents with a wide range of community living experiences. URA said: 'A new amenity node with high-density and mixed-use developments anchored by a central public space envisaged as a 'village square' will be introduced next to Newton MRT station (on the North-South Line) and Newton Food Centre to provide residents with amenities and more food options.' Public spaces will be created for residents to unwind and interact as a community. Monk's Hill Road will be turned into a linear park, framed by existing mature trees and heritage buildings that will be integrated within the new neighbourhood. This green corridor will link Newton MRT interchange to Emerald Hill. An artist's impression of the proposed linear park on Monk's Hill Road. VISUAL: URA The Newton neighbourhood is expected to generate about 5,000 private homes. In the Greater one-north knowledge hub, a new neighbourhood, Dover-Medway, has been earmarked for a mix of public and private homes complemented by new amenities and recreational spaces. The new housing will help bring homes closer to work. The development of Dover-Medway will be paced over many years. The first phase will focus on the eastern section near one-north and Kent Ridge MRT stations, capitalising on the transport connectivity to benefit future residents. About 6,000 housing units will be provided in the first phase. A 99-year private housing site along Dover Road in the Dover-Medway area is on the confirmed list of the second-half 2025 GLS Programme announced last week. It can accommodate about 625 housing units and 3,000 square metres (sq m) gross floor area of commercial space. The land parcel is on vacant state land. More land in the area will become available for redevelopment into homes when Singapore Institute of Technology @ Dover and United World College of South East Asia (Dover Campus) relocate to Punggol and Tengah, respectively. State-owned bungalows are located in the western section, where development will take place only in the longer term, URA said. 'Agencies will study the plans in further detail in the coming years,' it added. The Defu industrial belt next to Paya Lebar Air Base is on land leased to JTC and state-owned land. The locale is slated to be turned into a community-centric neighbourhood with live, work and play options. The area's connectivity will be boosted with an MRT station on the Cross Island Line. Paya Lebar Air Base will be relocated from the 2030s, freeing up about 800 ha of land for the development of a new town in eastern Singapore, lifting some building height restrictions around it. It will feature a network of green and blue spaces, well-connected mobility options and a civic heart built around the area's aviation heritage. Historical elements such as the old airport structures and a section of the runway will be adaptively reused and integrated into the new community. In the north, the site occupied by the former Singapore Racecourse in Kranji will be redeveloped into a new housing estate with about 14,000 public and private homes in a lush, riverine setting, with new leisure and recreational activities, said URA. After the relocation of existing uses from 2028, the Sembawang Shipyard area will be 'progressively transformed into a distinctive mixed-use waterfront district' with housing, amenities and jobs, said URA. The Singapore Institute of Architects and the Singapore Institute of Planners have proposed concept schemes and ideas.
Business Times
25-06-2025
- Business
- Business Times
New private homes planned in Paterson, Newton areas
[SINGAPORE] The Urban Redevelopment Authority has unveiled plans for new neighbourhoods in the Paterson, Newton, Greater one-north and Defu areas, among other locations, under the Draft Master Plan 2025. A roughly 10-hectare stretch in the Paterson Road area near Orchard Road is proposed for development as a predominantly residential neighbourhood, comprising about 1,000 new private homes. These will be complemented by a mix of uses (such as retail, food and beverage and office spaces) and public spaces and amenities in a proposed integrated development. The 3.5-ha section will sit atop the Orchard MRT interchange. The Paterson neighbourhood will have frontages along Paterson Road, Orchard Boulevard and Grange Road; the entire site is on state land, which should facilitate the realisation of the plans through the government land sales (GLS) Programme, observers said. Nearly two decades ago, the Orchard Turn site across the road – above the Orchard station on the North-South Line – was sold at a GLS tender for S$1.38 billion (or S$1,020 per square foot per plot ratio) to a partnership between CapitaLand and Sun Hung Kai Properties. This eventually became the Ion Orchard mall and The Orchard Residences. The new Newton neighbourhood to come up on a 26-ha site next to the namesake MRT interchange station, is envisaged as a 'vibrant, mixed-use 'urban village' set amid greenery and anchored on its unique identity', said URA. New homes will be introduced progressively around three distinct clusters in Newton Circus, Scotts Road and Monk's Hill, and provide current and future residents with a wide range of community living experiences. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up URA said: 'A new amenity node with high-density and mixed-use developments anchored by a central public space envisaged as a 'village square' will be introduced next to Newton MRT station (on the North-South Line) and Newton Food Centre to provide residents with amenities and more food options.' Public spaces will be created for residents to unwind and interact as a community. Monk's Hill Road will be turned into a linear park, framed by existing mature trees and heritage buildings that will be integrated within the new neighbourhood. This green corridor will link Newton MRT interchange to Emerald Hill. An artist's impression of the proposed linear park on Monk's Hill Road. VISUAL: URA The Newton neighbourhood is expected to generate about 5,000 private homes. In the Greater one-north knowledge hub, a new neighbourhood, Dover-Medway, has been earmarked for a mix of public and private homes complemented by new amenities and recreational spaces. The new housing will help bring homes closer to work. The development of Dover-Medway will be paced over many years. The first phase will focus on the eastern section near one-north and Kent Ridge MRT stations, capitalising on the transport connectivity to benefit future residents. About 6,000 housing units will be provided in the first phase. A 99-year private housing site along Dover Road in the Dover-Medway area is on the confirmed list of the second-half 2025 GLS Programme announced last week. It can accommodate about 625 housing units and 3,000 square metres (sq m) gross floor area of commercial space. The land parcel is on vacant state land. More land in the area will become available for redevelopment into homes when Singapore Institute of Technology @ Dover and United World College of South East Asia (Dover Campus) relocate to Punggol and Tengah, respectively. State-owned bungalows are located in the western section, where development will take place only in the longer term, URA said. 'Agencies will study the plans in further detail in the coming years,' it added. The Defu industrial belt next to Paya Lebar Air Base is on land leased to JTC and state-owned land. The locale is slated to be turned into a community-centric neighbourhood with live, work and play options. The area's connectivity will be boosted with an MRT station on the Cross Island Line. Paya Lebar Air Base will be relocated from the 2030s, freeing up about 800 ha of land for the development of a new town in eastern Singapore, lifting some building height restrictions around it. It will feature a network of green and blue spaces, well-connected mobility options and a civic heart built around the area's aviation heritage. Historical elements such as the old airport structures and a section of the runway will be adaptively reused and integrated into the new community. In the north, the site occupied by the former Singapore Racecourse in Kranji will be redeveloped into a new housing estate with about 14,000 public and private homes in a lush, riverine setting, with new leisure and recreational activities, said URA. After the relocation of existing uses from 2028, the Sembawang Shipyard area will be 'progressively transformed into a distinctive mixed-use waterfront district' with housing, amenities and jobs, said URA. The Singapore Institute of Architects and the Singapore Institute of Planners have proposed concept schemes and ideas.
