SINGAPORE – The tenders for Government Land Sale (GLS) sites in Pine Grove and Dunman Road have been awarded to the top bidders, said the Urban Redevelopment Authority (URA) on Tuesday (June 14).
Sing-Haiyi Jade, a unit of SingHaiyi Group, won the tender for the huge site along Dunman Road for $1.28 billion, or $14,536.62 per square meter of gross floor area (GFA).
Sited near Geylang River and Dakota MRT station, this 99-year leasehold land spans 25,234.3 square meters and can yield up to 1,040 private homes, said URA. This is developed into Grand Dunman.
The tender for the Pine Grove plot was awarded to United Venture Development, a joint venture between Singapore Land Group and UOL Group, for $671.5 million, or $14,189.73 per square meter of GFA.
The 99-year leasehold site of 22,534.7 square meters can yield up to 520 homes.
The winning bid for the Dunman Road land is at $1,350 per square feet per plot ratio (psf ppr), the highest land rate for a GLS residential land in the city fringe in recent years, said Wong Siew Ying, PropNex Realty head of content and research.
It exceeded the earlier record of $768 million, or $1,302 psf ppr, for a site in Jalan Tembusu, which was won in January 2022.
The highest land price for a GLS residential plot in the city fringe was $955.4 million, or $1,732.55 psf ppr, for a housing land in Jiak Kim Street, the previous site of popular nightspot Zouk. It was won by to Frasers Centrepoint back in 2017.
The Dunman Road site attracted 2 bids, while Pine Grove drew 5.
As for the Pine Grove plot, the close contest between the top 2 bidders shows that the winning bid is at market value, commented Huttons Asia’s senior director of research Lee Sze Teck.
UVD’s bid was just $800 more than the bid from a unit of Allgreen Properties. UVD had previously sold out the Clavon project at the nearby estate of Clementi.
UOL Group chief investment and asset officer Jesline Goh earlier mentioned that the site near Mount Sinai Rise will be developed into a 520-unit residence.
The plot is within 1 kilometer from primary schools like Pei Tong Primary School and Henry Park Primary School, and is also close to Holland Village, One-north, The Star Vista, and The Clementi Mall, as well as the upcoming Clementi Nature Trail, she stated.
“Given the site’s strong characteristics, we predict keen interest from both home buyers and investors,” said Ms Goh.
The land sites, launched under the first half of 2022’s GLS programme, are among many sites that can accommodate a total of 2,785 units, a 40% hike from the number on the second half of 2021’s GLS programme.
Amid strong demand, the supply of private residences under the GLS programme for the later half of the year has been increased by 25.9% to 3,505 units.
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