Tag Archives: Government Land Sales

URA launches sale of River Valley site

Martin Place residential site resize

Location of the land parcel at Martin Place.

A prime residential site at Martin Place in River Valley has been launched for sale by public tender, according to the Urban Redevelopment Authority (URA).

Released under the confirmed list of the first half 2016 Government Land Sales (GLS) Programme, the approximately 171,535 sq ft site has a maximum gross floor area of 480,307 sq ft. It could potentially yield about 450 condo units.

The 99-year leasehold site is located close to the future Great World MRT station on the Thomson-East Coast Line. Nearby condominiums include Martin Place Residences, Rivergate and Martin 38.

Desmond Sim, Head of CBRE Research in SEA, said: “This is a site that is expected to draw much interest due to its prime location. The last time a site was made available in the vicinity was back in March 2011 at Robertson Quay ($938 psf ppr). In addition, the last site awarded in District 9 was the Mount Sophia site back in September 2013 ($1,157 psf ppr).

“This shows that sites in the prime area from the GLS Programme are far and few between. As such, CBRE Research will not be surprised if the site garners eight to 12 bids, which will come from established property developers as well as a handful of joint ventures. CBRE Research expects the top bid to be in the region of $1,000 psf ppr.”

The tender for the land parcel will close on 28 June 2016, said the URA.

Martin Place sale site

Aerial view of the sale site. (Photo: URA)

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Govt to release 19 land sites yielding 8,770 homes

To meet the demand for private residential units and commercial space over the next few years, six confirmed and 13 reserve list sites will be released in the Government Land Sales (GLS) Programme for the first half of 2015, according to the Urban Redevelopment Authority (URA).

These sites will generate up to 8,770 homes, including 1,010 executive condominium (EC) units.

Around 3,020 homes can be generated from the confirmed list, including one EC site of 490 units. The plots are located in the Outside Central Region (OCR) and Rest of Central Region (RCR).

The reserve list consists of nine private residential sites (including one EC site), one commercial and residential site, two commercial sites and one White site. Altogether, they could yield some 5,750 residences and 265,000 sqm gross floor area of commercial space.

Located at Holland Road, the commercial and residential site is the first one to be launched under the Holland Village Extension plan unveiled in the Master Plan 2014. According to URA, a Concept and Price Revenue Tender will be adopted for this site. This is to ensure its future development enhances the unique charm and distinctive urban village character of the Holland Village Identity Node.

The other two commercial plots are at Woodlands Square in Woodlands Regional Centre and at Beach Road.

The site in Woodlands will sustain the development momentum of Woodlands Regional Centre as a major commercial node outside the city. It is also in line with the government’s objective of decentralising employment centres to bring job opportunities closer to homes.

The White site at Marina View is slated for mainly office development. Together with the Beach Road and Woodlands Square sites, it will allow developers to build more office space if there is demand.