HDB launches executive condo site opposite Downtown East in Pasir Ris for tender
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The 99-year Jalan Loyang Besar site is located opposite the recreational and entertainment hub Downtown East.
PHOTO: SCREENGRAB FROM GOOGLE MAPS
Mia Pei
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SINGAPORE – The Housing Board has launched an executive condominium (EC) site in Jalan Loyang Besar for sale via tender, under the Government Land Sales programme’s confirmed list for the first half of 2024.
Analysts expect healthy demand from developers looking to ride on any pent-up demand for ECs in Pasir Ris, seeing that the last EC launch in the area was Sea Horizon in 2013.
There has also been an absence of Build-To-Order flat launches in Pasir Ris since 2015, noted project director Ngiam Juyong of property firm Huttons Asia.
He added that Sea Horizon’s resale prices averaged $1,239 per square foot (psf) in 2024, up 50 per cent from its launch price of $800 psf.
The 99-year Jalan Loyang Besar site, which spans 28,405.5 sq m, could yield about 710 residential units, said HDB on May 16. It is opposite recreational and entertainment hub Downtown East.
Ms Wong Siew Ying, head of research and content at real estate company PropNex, expects healthy demand from HDB upgraders in the Pasir Ris and Tampines neighbourhoods.
Mr Justin Quek, chief executive at real estate firm OrangeTee & Tie, said demand for ECs in the east of Singapore could also be strong, as supply remains relatively limited. Only two out of nine EC plots awarded since 2020 are in the east, he added.
Property analysts are projecting a top bid ranging between $650 and $760 psf per plot ratio (ppr), with five to eight developers vying for the plot.
Mr Marcus Chu, chief executive of property firm ERA Singapore, also expects a keen bidding contest. He noted, however, that developers must balance their land costs against buyers’ purchasing abilities, as EC buyers are subjected to a monthly household income ceiling of $16,000.
“This can limit (buyers’ capacities) to purchase some of the four- or five-bedroom units,” he said.
The 99-year Jalan Loyang Besar site, which spans 28,405.5 sq m, could yield about 710 residential units, said HDB on May 16.
PHOTO: SCREENGRAB FROM URA.GOV.SG
He added that the Jalan Loyang Besar EC development, expected to be launched in early 2026, may coincide with improved economic conditions that could raise buyers’ confidence.
Recent EC launches in the wider eastern region include Tenet in Tampines in 2022. Another plot in Tampines Street 62 was awarded in October 2023 to Sim Lian Land and Sim Lian Development at a bid of $721 psf ppr.
The tender for the Jalan Loyang Besar site will close on Aug 1 at noon. Its closing will be batched together with a residential site in Margaret Drive, which the Urban Redevelopment Authority will launch for sale later in May.
This move, said ERA’s Mr Chu, “could help dilute” the interest of developers, in alignment with the Government’s “effort to drive more sustainable growth in new home prices”. THE BUSINESS TIMES
