SINGAPORE - The tenders for state-owned residential sites in Dunman Road and Pine Grove have been awarded to the highest bidders, the Urban Redevelopment Authority (URA) said on Tuesday (June 14).
Sing-Haiyi Jade, a unit of SingHaiyi Group, was awarded the tender for the mega site in Dunman Road for $1.28 billion, or $14,536.62 per sq m of gross floor area (GFA).
Located near Dakota MRT station and Geylang River, the 99-year leasehold plot spans 25,234.3 sq m and can yield 1,040 private homes, URA said.
The tender for the Pine Grove site was awarded to United Venture Development, a joint venture between UOL Group and Singapore Land Group, for $671.5 million, or $14,189.73 per sq m of GFA.
The 99-year leasehold plot of 22,534.7 sq m can yield 520 homes.
The winning bid for the Dunman Road site - $1,350 per sq ft per plot ratio (psf ppr) - is the highest land rate for a Government Land Sales (GLS) residential site in the city fringe in recent years, said PropNex Realty head of research and content Wong Siew Ying.
It topped the previous record of $768 million, or $1,302 psf ppr, for a site in Jalan Tembusu, awarded in January this year.
The highest land rate for a GLS residential site in the city fringe was $955.4 million, or $1,732.55 psf ppr, for a residential plot in Jiak Kim Street, the former site of popular nightspot Zouk. It was awarded to Frasers Centrepoint in 2017.
The Dunman Road site drew two bids, while Pine Grove attracted five.
As for the Pine Grove site, the close fight between the top two bidders indicates that the winning bid is at market value, noted Huttons Asia’s senior director of research Lee Sze Teck.
United Venture Development’s bid was just $800 ahead of a bid from a unit of Allgreen Properties.
UOL Group chief investment and asset officer Jesline Goh earlier said that the plot near Mount Sinai Rise will be developed into a 520-unit estate.
The site is within 1km from popular schools like Henry Park Primary School and Pei Tong Primary School, and is also near one-north, Holland Village, The Clementi Mall and The Star Vista, as well as the upcoming Clementi Nature Trail, she noted.
"Given the site's strong attributes, we expect to see keen interest from both home buyers and investors," added Ms Goh.
The land parcels, launched under the first half of 2022's GLS programme, are among several sites that can accommodate 2,785 units, a 40 per cent increase from the number on the second half of 2021's GLS programme.
A second site in Pine Grove remains on the reserve list.
Amid strong demand, the supply of private homes under the GLS programme for the second half of the year has been raised by 25.9 per cent to 3,505 units.
There are 14 sites - six confirmed list and eight reserve list ones, the Government announced on June 7.
The confirmed list comprises five private residential sites, including one executive condominium site, and one commercial and residential site.
The first site in Marina South - Marina Gardens Lane next to Gardens by the Bay - can yield 795 residential units.