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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
Business Times
16-06-2025
- Business
- Business Times
New private home sales in May lowest for 2025, but up 40% year on year
[SINGAPORE] With no new projects launched in May, developers in Singapore sold 312 private homes in the month, less than half the 663 units transacted in April. Still, the latest sales figure – which excludes executive condominiums (ECs) – was 39.9 per cent higher than the 223 units moved in May 2024, data released by the Urban Redevelopment Authority (URA) on Monday (Jun 16) showed. May's new home sales were the lowest monthly level recorded in the year thus far, amid the absence of new project launches and slower sales as the nation was preoccupied with the general election, said OrangeTee & Tie chief executive Justin Quek. In fact, it was the first month in 2025 that had no fresh projects put on the market, said Wong Siew Ying, PropNex head of research and content. 'The decline in new home sales in May is not unexpected, as fresh project launches tend to drive transactions each month,' she explained. Nicholas Mak, chief research officer at added that ongoing uncertainties in the economy and job market dampened private housing sales on both the demand and supply sides. 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 'Developers are waiting for a more favourable market condition to launch their residential projects, while homebuyers are waiting for choice project launches and lower prices,' he said. Including ECs, 336 units were sold in May with just 20 units launched, compared with 263 units sold and 238 units launched in the same month in 2024. In April this year, 759 units were sold and 1,344 units were launched. Nonetheless, the sales tally for the first five months of 2025 is around 4,350 units – more than double the 1,688 sold in the same period last year, said Mohan Sandrasegeran, SRI head of research and data analytics. 'The stronger performance (this year) underscores resilient buyer confidence and more compelling project offerings, even amid broader economic uncertainties and cautious sentiment,' he added. Quek noted interest picking up in the luxury market, with nine new non-landed homes sold for between S$5 million and S$10 million in May – up from the two units that transacted for the same price range in April. There were also three transactions worth more than S$10 million recorded in May, similar to the previous month, he said. The priciest deal was for a 4,489-square-foot (sq ft) unit at the freehold 21 Anderson condominium in District 10 – for which marketing began in April – at S$24 million or S$5,347 per square foot (psf). The other two units – spanning 4,209 sq ft and 4,219 sq ft – were in 32 Gilstead in District 11. Both changed hands for S$15.1 million or around S$3,600 psf. All three were bought by permanent residents, noted Lee Sze Teck, Huttons senior director of data analytics. Overall, the proportion of such buyers remained relatively low, accounting for 14.4 per cent of transactions valued at more than S$1.5 million. Singaporeans were behind 83.4 per cent of these purchases, and foreigners a mere 2.2 per cent. Slow sales to persist In June, market watchers expect primary sales to remain sluggish, with no major launches lined up amid the school holiday lull. The only launch is that of freehold Arina East Residences, which released a limited number of units for sale to invited clients in the first week of June. So far, just nine of its 107 units have been sold at a median price of S$2,982 psf, URA data showed. The uncertain macroeconomic landscape, stemming from global trade challenges posed by US tariff policies, may also prompt prospective buyers to be more cautious, added Quek of OrangeTee. 'On the other hand, interest rates have been moderating for the past few months, potentially drawing some investors back into the property market as mortgages become more affordable,' he said. 'Moderating interest rates may also help (public housing) upgraders better afford a private condo, assuming employment and real wages hold stable.' Huttons' Lee estimates that around 16 projects generating more than 7,800 homes may be launched for sale in the second half of this year. These include the 683-unit W Residences Marina View in District 1, the 343-unit LyndenWoods in District 5, and the 600-unit Otto Place EC in District 24. But Tricia Song, CBRE research head for Singapore and South-east Asia, believes that with most of these projects located in the Core Central and Rest of Central regions – which tend to see higher prices – the monthly sales tally is unlikely to surpass 1,000 units, as seen in previous quarters. The full-year figure may therefore come in at 7,000 to 8,000 units, signalling a slowdown in demand, she added. 'There is downside risk to this projection should economic conditions worsen significantly.' Prices may consequently rise 3 to 4 per cent for the year, thanks to a still-low unsold inventory and strong household balance sheets, she said. 'Growth momentum could plateau in the next few quarters on a weaker economic outlook.'
Business Times
16-06-2025
- Business
- Business Times
New private home sales lowest for the year in May, but up 40% year on year
[SINGAPORE] With no new projects launched in May, developers in Singapore sold 312 private homes in the month, less than half the 663 units sold in April. Still, the latest May sales figure – which excludes executive condominiums (ECs) – was 39.9 per cent higher than the 223 units moved in the same month a year earlier, data released by the Urban Redevelopment Authority (URA) showed on Monday (Jun 16). May's new home sales were the lowest level recorded in the year thus far, in the absence of new project launches and slower sales with the nation preoccupied with a general election during the month, said OrangeTee & Tie chief executive Justin Quek. In fact, this was the first month in 2025 where there have been no fresh projects put on the market, said Wong Siew Ying, PropNex head of research and content. 'The decline in new home sales in May is not unexpected, as fresh project launches tend to drive transactions each month,' Wong explained. Nicholas Mak, chief research officer at added that ongoing uncertainties in the economy and job market dampened private housing sales on both the demand and supply sides. 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 'Developers are waiting for a more favourable market condition to launch their residential projects, while homebuyers are waiting for choice project launches and lower prices,' he said. Including ECs, 336 units were sold in May with just 20 units launched, versus the 263 units sold and 238 units launched in the same month in 2024. In comparison, 759 units were sold and 1,344 units launched in April. Still, the new sales tally for the first five months of 2025 stands at around 4,350 units – more than double the 1,688 sold in the same period last year, said Mohan Sandrasegeran, Singapore Realtors Inc head of research and data analytics. 'The stronger performance (this year) underscores resilient buyer confidence and more compelling project offerings, even amidst broader economic uncertainties and cautious sentiment,' he said. Quek saw persistent interest picking up in the luxury market, with nine new non-landed homes sold for between S$5 million and S$10 million in May – up from the two units that transacted for the same price range in the month before. There were also three transactions of more than S$10 million recorded in May, similar to the previous month, he said. The priciest deal was for a 4,489 square feet unit at the freehold 21 Anderson condominium in District 10, which started marketing in April, for S$24 million or S$5,347 per square foot (psf). The other two units – spanning 4,209 sq ft and 4,219 sq ft, respectively – were sold at 32 Gilstead in District 11. Both changed hands at S$15.1 million or around S$3,600 psf. All three were bought by permanent residents, pointed out Lee Sze Teck, Huttons senior director of data analytics. Overall, this group of buyers remained relatively low, accounting for 14.4 per cent of transactions valued at over S$1.5 million. Singaporeans were behind 83.4 per cent of such purchases, and foreigners a mere 2.2 per cent. Slow sales to persist In the following month, market watchers expect primary sales to remain sluggish with no major launches lined up amid the school holiday lull. The only launch on the market is the freehold Arina East Residences, which released a limited number of units for sale to invited clients in the first week of June. So far, just nine of its 107 units have been sold at a median price of S$2,982 psf. The uncertain macroeconomic landscape, stemming from global trade challenges posed by US tariff policies, may also prompt prospective buyers to be more cautious, added Quek of OrangeTee. 'On the other hand, interest rates have been moderating for the past few months, potentially drawing some investors back into the property market as mortgages become more affordable,' said Quek. 'Moderating interest rates may also help (public housing) upgraders better afford a private condo, assuming employment and real wages hold stable.' Huttons' Lee estimates that around 16 projects generating more than 7,800 homes may be launched for sale in the second half of this year. These include the 683-unit W Residences Marina View in District 1, the 343-unit LyndenWoods in District 5, and the 600-unit Otto Place EC in District 24. But CBRE research head for Southeast Asia Tricia Song reckons with most of these projects located in the Core Central Region and Rest of Central Region – which tend to see higher prices – the monthly sales tally is unlikely to surpass 1,000 units, as seen in previous quarters. The full-year figure may therefore come in at 7,000 to 8,000 units, signalling a slowdown in demand in the next few quarters, said Song. 'There is downside risk to this projection should economic conditions worsen significantly.' Prices may consequently rise 3 to 4 per cent for the year, thanks to a still-low unsold inventory and strong household balance sheets, she said. 'Growth momentum could plateau in the next few quarters on a weaker economic outlook.'
Business Times
13-06-2025
- Business
- Business Times
Newton, Tanjong Rhu, Dover and Bedok plots among 11 new housing sites unveiled for sale; two EC parcels also on offer
[SINGAPORE] Eleven new sites for private residential projects have been made available under the government land sales (GLS) programme, including prime plots in Newton, Bukit Timah and Tanjong Rhu. Ten of the sites announced on Friday (Jun 13) are on the Confirmed List for the GLS programme for the second half of 2025. The last site, a 0.23-hectare (ha) plot in Cross Street in the Central Business District (CBD) for long-stay serviced apartment use, is on the Reserve List. Market watchers expect to see strong demand for the Newton and Tanjong Rhu sites – the first state land plots in these planning areas that have been unveiled for sale in almost three decades. The 0.59-ha site in Newton along Bukit Timah Road is expected to be hotly contested, and can be built into 340 units. The site is anticipated to launch in August. In 2007, it was set aside for transitional office use for a 15-year period to address the shortage of office space, said PropNex's head of research and content, Wong Siew Ying. Knight Frank Singapore's head of research, Leonard Tay, said that the last residential GLS site in the Newton Planning Area was awarded in July 1997. It has been developed into Draycott 8. The plot should draw strong interest from both developers and homebuyers due to its proximity to Newton MRT station, he added. 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 The Tanjong Rhu site, which can house around 525 units, is expected to be available for tender in November. It is next to the Singapore Swimming Club and a 10-minute walk away from Katong Park MRT station. Marcus Chu, ERA Singapore's chief executive officer, said: 'This is the first residential GLS plot to be released along Tanjong Rhu Road in nearly three decades, making it a rare opportunity for developers seeking to cater to sustained upgrader demand in the city fringe.' The last GLS residential site released in Tanjong Rhu was awarded in 1997, said Wong. The 99-year leasehold site was developed by Far East Organization into Water Place. Developers will also be able to bid for a Dunearn Road site, the second private residential site to be offered in the new Turf City housing estate, said Lee Sze Teck, Huttons Asia's senior director of data analytics. The site's launch date is expected to be in December. The 1.91-ha site can accommodate 335 private residential units and 1,400 square metres of gross floor area of retail space. It is within walking distance of Sixth Avenue MRT station and is near several popular schools, including Nanyang Girls' High School and Hwa Chong Institution, said PropNex's Wong. A 1.35-ha site along Dover Road set to launch in November is expected to yield 625 units – the biggest project on the H2 GLS 2025 list. 'Located near Singapore's (research and development) hub, one-north, and the Singapore Science Park, the Dover site addresses the housing shortage relative to the area's employment. Given the 50,000-strong workforce in one-north, this parcel… will bring residents closer to key employment hubs,' said Lee. Meanwhile, competition for a 380-unit Bedok Rise site – expected to be up for tender in September – could be strong, given the limited supply of unsold stock in this locale amid healthy demand for mass-market homes, said Wong. This is the last development site around Tanah Merah MRT station following the sale of Sceneca Residence in November 2020, she added. Based on caveats lodged, as at May 31, Sceneca Residence has sold 264 of its 268 units since the project hit the market in January 2023. Robust demand for ECs Two executive condominium (EC) sites are also being offered among the 11 residential sites announced on Friday, in a nod to robust demand for EC projects in recent years. The first, in Woodlands Drive 17, can be developed into 560 units. The other EC site, in Miltonia Close, can yield around 430 units. Together with the three EC sites released in the H1 GLS exercise, the supply of EC units on the Confirmed List now stands at 1,970 units, the highest number annually since 2014, said Wong. 'Increasing EC supply not only provides more housing options, but also mitigates the 'fear of missing out' effect that often drives prices higher during periods of limited availability,' SRI's head of research and data analytics, Mohan Sandrasegeran, said. EC land prices have risen steadily, with the most recent EC land tender awarded in November 2024 to Sim Lian. At S$768 per square foot (psf) per plot ratio for a Tampines site, it set a record. In the first quarter, there were about 735 new EC units sold at or above S$1,600 psf, based on URA Realis data, he said. 'Notably, this included at least 149 units sold at S$1,800 psf or more – crossing a pricing threshold that had previously not been breached in the EC market.' The last three plots on offer are a 1.4-ha site in Dairy Farm Walk which will allow for about 500 units, a 1.12-ha parcel in Kallang Avenue which can house 450 units, and a 1.65-ha plot in Lentor Central which can be built into 580 homes. Tricia Song, CBRE's head of research for Singapore and South-east Asia, said: 'There has been a scarcity of private home supply in the location – the most recent sizeable project was 212-unit freehold Kallang Riverside at Kampong Bugis, which was launched in 2014.' The Lentor Central site will be the eighth to be made available in the area, Huttons' Lee noted. It is next to GuocoLand's fully sold Lentor Modern and the recently launched Lentor Central Residences, which sold 93.3 per cent of its 477 units at an average price of S$2,200 psf over its launch weekend in March. 'The area is popular among buyers for its attractive entry price. Around 100 units from launched projects remain unsold,' he added. Cautious outlook Apart from the Confirmed List sites, there are six residential sites on the Reserve List. The Cross Street plot announced on Friday is next to Telok Ayer MRT station and can yield 300 long-stay serviced apartments. It may be attractive to investors keen on renting out units to foreign professionals working in the area, said Knight Frank's Tay. 'However, it remains to be seen whether demand for CBD residences will lead any developers to trigger this site in the Reserve List,' he added. PropNex's Wong said: 'This plot is not likely to be triggered soon, in view of long-stay serviced apartments being still an untested product, and the potential supply of residential units that may come on the leasing market, owing to several new launches in the city.' Among the remaining five residential sites on the Reserve List is Media Circle (Parcel B), which closed with no bids in April 2025. The rest are sites in Marina Gardens Lane, Holland Plain, River Valley Green and another Media Circle plot. CBRE's Song said: 'We believe placing more supply in the Reserve List is an appropriate response, taking into consideration the slower home sales since April, still-rising prices (and an uncertain) macroeconomic climate. Developers in the recent land tenders have also been measured in their bids, signalling their cautious outlook.'
