Analysts see stronger interest in the Tengah Garden Avenue site.

The Bayshore site from the Reserved List could also be triggered for sale.

The tender for the Tengah Garden Avenue site will likely garner more attention from developers being the first ever private residential plot to be auctioned off in the area, according to property analysts.

PropNex research and content head Wong Siew Ying expects to see a “measured participation” for the two GLS tenders the Urban Redevelopment Authority (URA) opened late last week: Dairy Farm Walk and Tengah Garden Avenue.

Wong estimated the 860-unit Tengah Garden Avenue plot to attract two to three bids with a top bid ranging from $740m to $806m, or $900 to $980 per square foot of buildable area.

She sees that developers keen to gain a first-mover advantage in Tengah will be particularly drawn to the site being the maiden private residential, non-EC project in the area. 

Justin Quek, CEO of OrangeTee & Tie, highlighted the plot’s prime location near the upcoming Hong Kah MRT station on the Jurong Region Line. 

“The limited number of private homes in this area may result in high demand from potential homebuyers for this plot, including those who do not qualify for executive condominiums (ECs),” Quek said.

Quek estimated up to four bids could be submitted for the plot with the highest offer as high as $950 psf ppr. The site also includes 3,000 sqm of commercial space in addition to residential units.

Dairy Farm Walk 

Meanwhile, Quek expects developers to be more cautious in bidding for the Dairy Farm Walk site due to the scale of the project and the flurry of new projects in the area. The site can accommodate up to 530 units when developed.

“There may be moderate interest in the site, with relatively few homes remaining in the area. However, developers may still exercise caution due to the large land size,” he said.

He expects two to three bidders participating with the highest bid likely to reach as high as $1,000 psf ppr.

PropNex’s Wong said the tender might only register one to two bids with the top bid likely ot range from $435m to $470m, or $880 to $950 psf ppr.

The tenders for the Dairy Farm Walk and Tengah Garden Avenue sites will close on 14 January 2025 at 12 pm.

From the reserved list, the URA also made the Bayshore Road site available for application late last week.

“[Being] the first site in the upcoming Bayshore precinct, it is a very attractive site,” said Huttons Senior Director for Data Analytics, Lee Sze Teck. “There is a possibility of the site being triggered for sale. If triggered, the top bid may be between $900 and $950 psf ppr.”