First private housing sites at former Keppel Golf Course, Bukit Timah Turf City to be sold in H1 2025
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Private housing supply has steadily increased, with inventory rising from 16,100 units at the end of 2021 to around 21,000 units by November 2024.
ST PHOTO: LIM YAOHUI
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SINGAPORE – More private housing will be made available in the first half of 2025, including in two new housing precincts at Bukit Timah Turf City and the former Keppel Golf Course.
A total of 8,505 units will be made available, up from 8,140 units in the second half of 2024.
The confirmed list supply for the first half of 2025 will raise the total supply of private housing, including executive condominiums (ECs), to about 57,200 units.
This is expected to meet the housing needs of the population over the next few years, said the Ministry of National Development (MND) on Dec 6.
There will be 10 confirmed list sites and nine reserve list sites.
Besides the sites at the former Keppel Golf Course and Bukit Timah Turf City, the others are in Lakeside Drive, Chuan Grove, Upper Thomson Road, Dorset Road and Hougang Central.
The three EC sites are in Senja Close, Woodlands Drive 17 and Sembawang Road.
The confirmed list sites will yield approximately 5,030 private residential units, including 980 EC units, and 43,000 sq m of gross floor area (GFA) for commercial use.
The reserve list, which allows developers to start development based on market demand, will contribute an additional 3,475 residential units, 199,900 sq m of commercial GFA and 530 hotel rooms.
Four private residential sites, one commercial site, three white sites and one hotel site are included on the reserve list.
White sites are areas where a range of uses is allowed, such as a combination of commercial, hotel, residential, sports and recreational spaces.
The Government Land Sales (GLS) programme includes a mix of residential, commercial and hotel developments aimed at meeting housing demand and maintaining market stability.
Private housing supply has steadily increased, with inventory rising from 16,100 units at the end of 2021 to approximately 21,000 units by November 2024. This ramp-up through the GLS programme has helped stabilise the residential market, moderating property price momentum, MND said.
The first half of 2025 will see the sale of the first private housing sites at the former Keppel Golf Course and Bukit Timah Turf City.
The former Keppel Golf Course site, spanning 48ha, will yield approximately 9,000 new homes,
The first private housing site in Telok Blangah Road, which will yield about 740 units, will be launched for sale in the first half of 2025.
ERA Singapore chief executive Marcus Chu said the Telok Blangah Road site – the former location of the golf course – will be the largest site in the first-half 2025 GLS launch, offering 740 units in high-rise towers with a 4.7 plot ratio.
Located near Telok Blangah MRT station, the site provides convenient access to work hubs such as one-north, Buona Vista and the National University of Singapore.
HarbourFront station, which is just one stop away, connects residents to the Central Business District in under 10 minutes, adding to the appeal of this centrally located new estate, said Mr Chu.
Bukit Timah Turf City, meanwhile, is set for long-term development,
Bukit Timah Turf City is set for long-term development, with plans for 15,000 to 20,000 public and private homes over the next 20 to 30 years.
PHOTO: URA
The area will be developed as a car-lite, pedestrian-friendly estate, with integration of heritage buildings and green spaces to create a unique living environment.
The private residential site in Dunearn Road will yield about 370 units, and will kick-start the longer-term rejuvenation of Bukit Timah Turf City and its surrounding area.
Mr Leonard Tay, research head at Knight Frank, believes developers who successfully bid for this site will enjoy first-mover advantage in Bukit Timah Turf City.
The project will provide residents – including retirees who have lived in the landed areas of Bukit Timah – the opportunity to downsize to flats and yet enjoy the attributes of the traditional prime Bukit Timah locality, he said.
Analysts also emphasised the inclusion of the three EC sites as the Government’s timely response to strong demand for ECs from both developers and home buyers.
Mr Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), noted that new EC prices have steadily risen due to their scarcity and strong buyer demand.
PropNex chief executive Ismail Gafoor highlighted the record land rate of $768 per sq ft per plot ratio for a recent EC site in Tampines Street 95.
“As EC land prices go up, the selling price to end users will inevitably rise as well,” said Mr Gafoor.
Hence, he hopes that by increasing the EC land supply, competition among developers for tenders can be eased, which could help control escalating land costs and selling prices for ECs.
Mr Wong Xian Yang, Cushman & Wakefield’s research head for Singapore and South-east Asia, expects buyers to be discerning and price-sensitive, driven by uncertain borrowing costs in 2025, and so prioritising projects that offer good value propositions.
He also pointed out that the residential collective sale market would continue to face competition from still-ample supply and sites from the GLS confirmed list, highlighting developers’ preference for GLS due to its straightforward acquisition process.
