GLS sites in Dunman Road, Pine Grove awarded to highest bidders

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 yesterday.

Sing-Haiyi Jade, a unit of SingHaiyi Group, clinched the mega site in Dunman Road for $1.28 billion. 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.

The Pine Grove site was bagged by United Venture Development, a joint venture between UOL Group and Singapore Land Group, for $671.5 million.

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 $1,302 psf ppr, or $768 million, 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 $1,732.55 psf ppr, or $955.4 million, for a residential plot in Jiak Kim Street, the former site of popular nightspot Zouk.

It was awarded to Frasers Centrepoint in 2017.

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.

The winning bid was just $800 ahead of one from an Allgreen Properties unit.

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 of Henry Park Primary School and Pei Tong Primary School, and is near one-north, Holland Village, The Clementi Mall and The Star Vista, as well as the upcoming Clementi Nature Trail, she noted.

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 in the second half of 2021's GLS programme.

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 a commercial and residential site.

The first site in Marina South can yield 795 residential units.