Tender launched for GLS site at Lorong 1 Toa Payoh

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URA has launched the tender for a Government Land Sale (GLS) site at Lorong 1 Toa Payoh. The site, measuring 169,456 sq ft on a 99-year leasehold, could yield about 775 residential units and will close on Nov 7. Located within the Confirmed List of the 2H2023 GLS Programme, this mature location will draw developers’ interest due to its limited new private home supply in the Toa Payoh estate.

Wong Siew Ying, head of research and content at PropNex Realty, notes that the last GLS site to be tendered in the area was the plot on Lorong 6 and Lorong 4 Toa Payoh, which was awarded at $755 psf per plot ratio in June 2015. Eventually launched as Gem Residences in May 2016, the development saw 50% of its 578 units taken up at an average price of $1,425 psf and was fully sold out by October 2019.

Caveat data at Gem Residences further suggests strong upgraders’ demand in the neighbourhood, with more than 50% of new launch buyers having an HDB address. Lee Sze Teck, senior director of data analytics at Huttons Asia, concurs, adding that 5-room HDB flats at The Peak @ Toa Payoh have exceeded $1 million in prices recently while several flats that are near their minimum occupation period have also crossed the $800,000 mark.

The Lorong 1 Toa Payoh GLS site is further bolstered by its proximity to the Braddell MRT Station on the North-South Line as well as to several schools in the vicinity, including Raffles Girls School (Secondary), Pei Chun Public School, CHIJ Primary (Toa Payoh), CHIJ Secondary (Toa Payoh), and Kheng Cheng School.

Realtors anticipate that five to eight bids may be put forth for this site, with a top bid price ranging from $1,100 to $1,250 psf per plot ratio.

However, given the lukewarm response to recent GLS tender closings, less robust take-up at launches, and the abundant choices available in the market, there may be some restraint in the bidding. PropNex’s Wong forecasts four to five bids at a land rate of $1,100 to $1,200 psf ppr, while Huttons’ Lee suggests five bidders at a top bid of around $1,200 psf ppr.

These projections could be affected, however, by the other two GLS tenders for sites at Clementi Avenue 1 and Pine Grove (Parcel B) that will also close on the same day. Interest for those two sites may cause developers to divide their focus, resulting in lukewarm bids.