GLS sites draw interest with MRT access and unit potential

The three plots are expected to yield around 575, 380, and 420 units respectively.

The recently launched three residential sites for sale under the first half of the 2025 Government Land Sales (GLS) Programme is expected to receive moderate interest from bidders, analysts said.

Wong Siew Ying, head of Research and Content at PropNex, said the sites may attract developers due to their proximity to MRT stations and the current strength in new home sales, although bid prices could remain measured given global economic uncertainties and recent market volatility.

The three plots are expected to yield around 575, 380, and 420 units respectively, according to Justin Quek, CEO of OrangeTee & Tie.

The Lakeside Drive site, located next to Lakeside MRT station and near the Jurong Lake District, is one of the last two plots in the area.

It is within 1km of Rulang Primary School, a key attraction for families. The last plot sold near Lakeside MRT was Lake Grande in 2015.

With more than 2,500 nearby HDB flats having fulfilled their minimum occupation period, there could be pent-up demand.

Huttons Asia CEO Mark Yip expects up to three bidders and a top bid in the range of $900 to $1,000 per square foot per plot ratio (psf ppr).

The second location, Dunearn Road parcel is the first site launched in the new Turf City housing estate under the Stables Commune neighbourhood.

It is within walking distance of Sixth Avenue MRT station and is close to several top schools. The last sale near this location was for Fourth Avenue Residences in 2017.

With foreigners now facing a 60% Additional Buyer’s Stamp Duty, locals account for nearly 80% of transactions in the Core Central Region.

For Quek, he expects 3 to 6 bids for this site, with the highest bid likely to range from $1,300 to $1,400 psf ppr.

Lastly, the Executive Condominium (EC) site at Woodlands Drive 17 is the first EC plot in Woodlands South since 2013, when Bellewoods was sold. It is within a five-minute walk to Woodlands South MRT station, one stop from Woodlands Regional Centre and two stops from the future RTS link.

There are an estimated 6,500 HDB flats in the area completed between 2016 and 2018, which could provide a pool of potential upgraders.

Huttons’ Yip projects four to six bidders and a top bid between $700 and $750 psf ppr.

The Woodlands Regional Centre is undergoing several major developments, including the completion of Woodlands Health Campus this year, the Johor-Singapore Special Economic Zone agreement expected by end-2024, and the RTS link scheduled to open in 2027.

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