The Clementi Avenue 1 site has a maximum gross floor area of 47,079 sq m and can yield 500 units. PHOTO: SCREENGRAB FROM GOOGLE MAPS
SINGAPORE – Two 99-year leasehold government land sites in Clementi Avenue 1 and Pine Grove in Ulu Pandan have been launched for sale via public tender.
The two sites can yield a total of 1,065 residential units, which are among 5,160 homes under the confirmed list of the Government Land Sales (GLS) programme for the second half of 2023.
To cater to demand, the Government has boosted the supply of public housing under GLS by 26 per cent in the second half of 2023, compared with the preceding half-year, the Urban Redevelopment Authority (URA) said on Tuesday.
The confirmed list supply of 9,250 units for the whole of 2023 will be at its highest level in a decade, including private housing and executive condominiums.
The tenders for both sites will close at noon on Nov 7.
Spanning 13,451 sq m, the Clementi Avenue 1 site has a maximum gross floor area (GFA) of 47,079 sq m and can yield 500 units. The site in Pine Grove, named Parcel B, spans 25,039 sq m, has a GFA of 52,583 sq m, and can yield 565 units.
Pine Grove (Parcel B) was initially released under the reserve list of the GLS for the second half of 2021.
An adjacent site in Pine Grove, named Parcel A, was awarded to UOL Group and Singapore Land Group in June 2022. The joint venture placed the highest bid of $671.5 million, or $1,318 per sq ft per plot ratio (psf ppr).
The site in Pine Grove spans 25,039 sq m, has a GFA of 52,583 sq m, and can yield 565 units. ST PHOTO: JOYCE FANG
At the site, the developers launched Pinetree Hill condominium, which sold nearly 29 per cent of its 520 units at an average of $2,460 psf during its launch weekend in July.
PropNex Realty head of research and content Wong Siew Ying said she expects developers to be cautious in bidding for the Pine Grove (Parcel B) site due to competing supply from Pinetree Hill.
But the project at the site will be attractive to families, due to its proximity to popular schools like Henry Park Primary School, and Pei Tong Primary School, she added.
The project in Clementi Avenue 1 will likely attract Housing Board upgraders and investors, as it is located in a mature estate with many amenities and good schools, said Huttons Asia senior director of data analytics Lee Sze Teck.
“The project on the site can potentially go up to 40 storeys, offering panoramic views of the sea and city,” he added.
Ms Wong noted that caveat data for new home sales at Clavon and The Clement Canopy, located in the vicinity, shows that 41 per cent of buyers have an HDB address, indicating healthy demand from upgraders.
She said the top bid for the Clementi plot could come in at about $557 million to $608 million, or a land rate of $1,100 psf ppr to $1,200 psf ppr, and may attract four or five bids.
URA said a residential site in Lorong 1 Toa Payoh will be launched in September.
“Source:[Two government sites in Clementi, Pine Grove released for sale] © Singapore Press Holdings Limited. Permission required for reproduction”