GLS sites at Jalan Tembusu and Tampines Street 62 launched for tender
Two residential sites located in Singapore have been released for sale, introducing a 99-year leasehold opportunity to the property market. The Jalan Tembusu site encompasses 20,572.1 sqm while the Tampines Street 62 (Parcel B) site totals 28,000.2 sqm, both of which can yield a maximum of 1,540 housing units between them.
The Jalan Tembusu site is well-located, close to the upcoming Tanjong Katong MRT Station, schools, and other amenities. OrangeTee &Tie CEO Steven Tan comments that the project may be popular among tenants given its proximity to the Canadian International School.
A number of projects nearby are expected to launch this year. The Continuum, a joint venture project by Hoi Hup Realty and Sunway Development, is anticipated to launch in 1Q2023 from their freehold site at Thiam Siew Avenue, which was purchased in a collective sale in November 2021. Grand Dunman, a project by SingHaiyi Group along Dunman Road, is expected to launch sometime near the end of 2Q2023 to early 3Q2023 from its own 99-year leasehold GLS site, which SingHaiyi purchased in June 2022.
The tender Champions Way Condo for the two land parcels closes on July 18 and bidders will look to the Tembusu Grand condo launch to gauge demand for homes in the area. Steven Tan believes developers will form consortiums to share bidding costs and reduce the project’s risks, with bids likely to fall between $1,300 to $1,380 psf ppr.
For the Tampines Street 62 (Parcel B) site, evidence of a strong demand for ECs in the area comes from the 618-unit Tenet, which launched in December 2022 and now has only 10 units left for sale. The site is also close to a land plot earmarked for a mixed-use development on Tampines Avenue 11. With the lack of available new EC supply, it is expected that there will be “healthy interest” from developers for this site, with a final bid price ranging from $630 to $680 psf ppr and future selling prices between $1,380 to $1,450 psf.
Overall, the two sites present a great opportunity for potential developers, investors and tenants alike, providing quick access to an expansive range of amenities and facilities in the local area.
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