URA releases residential sites at Lentor Hills Road, Jalan Tembusu for sale

The sites were released under the Government Land Sales programme for the second half of the year.
The sites were released under the Government Land Sales programme for the second half of the year.PHOTO: URA

SINGAPORE (THE BUSINESS TIMES) - The Urban Redevelopment Authority (URA) has released for sale three residential sites in Lentor Hills Road (Parcels A & B) and Jalan Tembusu, which are expected to garner good interest from developers.

The 99-year leasehold sites were released on Thursday (Sept 30) under the Government Land Sales (GLS) programme for the second half of the year.

The plots in Lentor Hills Road (Parcel A) and Jalan Tembusu are on the confirmed list, while the site at Lentor Hills Road (Parcel B) is available for application under the reserve list.

Confirmed list sites are launched for tender according to schedule regardless of demand, while the tender of reserve list sites will be triggered only if the Government receives an offer of a minimum price that it finds acceptable.

The tender for the sites in Lentor Hills Road (Parcel A) and Jalan Tembusu will close on Jan 18 next year at 12pm.

Huttons Asia's senior director of research Lee Sze Teck said the Jalan Tembusu site sits in "a popular area for many buyers", and expects its successful tender price to be between $1,400 and $1,500 per square foot per plot ratio (psf ppr).

As the absolute quantum will be sizeable, the number of bidders will be capped at 10, Mr Lee added.

Meanwhile, ERA Realty's head of research and consultancy Nicholas Mak said Jalan Tembusu's top bid could range from $1,250 to $1,350 psf ppr and attract five to 10 bids.

As for the Lentor Hills site, Mr Lee expects the successful tender price to be between $1,150 and $1,250 psf ppr with not more than 10 bidders, noting that the site - the second to be launched in the area after Lentor Central - will benefit from amenities located nearby. It is also just across the road from Lentor MRT station, he added.

Mr Mak expects the site's top bid to range from $1,170 to $1,250 psf ppr and attract five to 10 bids, adding that although the tender closing for the Lentor Central site had set a new price record for a GLS site in the outside central region, the top bid for Parcel A could exceed that record high as "some developers are still hungry for land".