URA launches three residential sites under H1 GLS programme
Together, the three sites can yield about 1,545 residential units.
The Urban Redevelopment Authority (URA) has released one residential with commercial at 1st storey and two residential sites for sale under the H1 2019 Government Land Sales (GLS) programme, an announcement revealed.
Together, these three sites can yield about 1,545 residential units, URA said.
The residential with commercial at 1st storey site at one-north Gateway, launched for sale under the confirmed list, has a site area of 5,778.7 sqm with a maximum gross floor area (GFA) of 14,447 sqm. The site has a maximum building height capped at between 23-25 m above mean sea level (AMSL) for the first two stories of the proposed development, and between 61-87.5 m (AMSL) for the roof vertices.
The release of the site is said to be part of JTC Corporation (JTC)’s continued efforts to inject more residential spaces in the one-north estate to meet the housing needs and enhance the area as a mixed use business park.
According to Colliers International’s head of research Tricia Song, the one-north Gateway site could appeal to niche developers.
“We expect a top bid of $155m or $1,000 psf ppr, and the developer could look to sell at $1,600 psf, taking into account the minimum average unit size requirement of 85 sqm,” she said.
The tender for the land parcel at one-north Gateway will close at 12 noon on 5 September. The tender closing for this site will be batched with two other sites at Tan Quee Lan Street and Bernam Street.
Meanwhile, the residential sites at Hillview Rise and Dunman Road, which are located in close proximity to Hillview and Dakota MRT stations respectively, are released under the reserve list.
The site at Hillview Rise has an area of 10,395.2 sqm and a maximum GFA of 29,201 sqm, whilst the Dunman Road site has an area of 25,234.7 sqm and a GFA of 88,322 sqm. The maximum building height for the Hillview Rise property is capped at 120 m AMSL, with a project completion period of 60 months. The maximum building height for the Dunman Road site is restricted at 64 m AMSL, with a project completion period of 60 months as well.
The Dunman Road site is expected to appeal to larger developers or joint ventures. “It could attract a top bid of $1.1b or $1,160 psf ppr and could potentially pave the way for a new benchmark pricing to be set for the area,” Song said.
With regard to the Hillview Rise site, Song noted the property is not expected to be triggered soon given the ample supply and lukewarm responses to some sites in the vicinity post-cooling measures.
“The new Hillview Rise site is just across another Hillview Rise plot that was awarded to Hong Leong Group on a Concept-and-Price dual envelop basis on 3 July 2018 at $460m or $1,068 psf ppr,” she explained. |Hong Leong Group’s site named Midwood will house 564 units and could be launched soon. Nearby relatively newly completed and 99-year leasehold projects, Hillier (completed in 2016) and Kingsford Hillview Peak (completed in 2017) transacted at $1,380-1,480 psf in YTD 2019.”