Focus of residential sites appears to be in central area, and could yield 8,040 units
For the first time in five years, the Government is offering sites for hotel rooms in its Government Land Sales (GLS) programme for the second half of this year, amid a rosier tourism outlook for Singapore in the next few years.
On the Urban Redevelopment Authority’s (URA) list of sites for sale is one in Club Street near Raffles Place which is a hotel site on the confirmed list, while a “white” site in Marina View on the reserve list allows for hotel rooms to be built. White sites are flexible-use sites.
The provision comes on the back of a 6.2 per cent growth in international visitor arrivals last year to 17.4 million people.
“Given the bright tourism prospects ahead, we believe the hoteliers would be very keen on the hotel offerings on both the confirmed list and reserve list,” said Mr Govinda Singh, executive director of valuation and advisory for Asia at Colliers International.
“The Club Street plot sits within a high-demand area in Chinatown for both corporate and leisure, and plugs well into the rejuvenation of the Tanjong Pagar district nearby.
“The Marina View white site also presents good opportunities, being in the prime downtown, which has been earmarked as an exciting waterfront destination in the future.”
Yesterday’s release featured sites on the confirmed list and reserve list yielding up to 8,040 private residential units, 124,200 sq m of commercial gross floor area and 930 hotel rooms. The residential land supply in the second half of this year’s GLS programme is similar to that for the first half, when the Government made available 2,775 residential units under the confirmed list and 5,270 units under the reserve list.
JLL national research director Ong Teck Hui noted that the focus for residential GLS sites in the second half seems to be in the central region.
“Although the three GLS sites (on the confirmed list) could help to meet demand from developers, it is uncertain as to whether they will mitigate optimistic land prices,” he said. “They are also unlikely to dilute demand for collective sale sites, especially those in the prime districts for which there is keen interest.”
The three sites are in Middle Road, Kampong Java Road near Newton Circus, and Sims Drive. A fourth is an executive condominium site.
“Source:[Hotel sites among those offered in land sales scheme] © Singapore Press Holdings Limited. Permission required for reproduction”
