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Thread: Two plum sites in latest land sales; Bt Timah plot to revive Jln Anak Bukit vicinity

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    Default Two plum sites in latest land sales; Bt Timah plot to revive Jln Anak Bukit vicinity

    Two plum sites in latest land sales; Bt Timah plot to revive Jln Anak Bukit vicinity

    DEC 04, 2019


    TWO plum sites - Jalan Anak Bukit for mixed development and Tanah Merah Kechil Link residential site - have been offered in the latest Government Land Sales (GLS) programme for 1H 2020.

    The sites are well located near MRT stations, with the Jalan Anak Buikit site having an integrated bus interchange which will provide amenities for commuters and residents in the area.

    "We would expect both sites to receive a healthy number of bidders," said Christine Sun, OrangeTee & Tie, head of research & consultancy.

    The predominantly residential Jalan Anak Bukit site comprises 22,000 square metres of commercial space, with a retail cap of 7,500 sq m of gross floor area and 865 residential units.

    In line with the 2019 Master Plan to transform the Beauty World area, the government has decided to push out an integrated transport hub site on the 1H 2020 GLS programme, said Lee Sze Teck, director (research), at Huttons Asia. "This is definitely the choicest site of all and will be on the radar of a lot of developers," said Mr Lee.

    "The development will help to spruce up the Beauty World precinct where there is a lack of office space, and retail stock is predominantly aged," said Desmond Sim, CBRE head of research, South-east Asia.

    Furthermore, the injection of 865 residential units will rejuvenate the mature precinct, said Mr Sim.

    He expects more land parcels to be released in the area as reflected in the URA Master Plan 2019.

    "The 7,500 sq m designated for retail will support the residential catchment, and is in line with URA's plan to enhance street-level activities and add vibrancy to the area. A stipulated tender condition for this site is the inclusion of a bus interchange which will create a transport hub in the Beauty World area," said Mr Sim.

    But smaller developers may not be able to tender given the scale and complexity of the Jalan Anak Bukit site, which could dampen the developers' appetite, said Christine Li, Cushman & Wakefield's head of research, Singapore and South-east Asia. Building an integrated bus interchange is not the core expertise of developers, she noted.

    The Tanah Merah Kechil Link site is expected to garner the most interest as it is directly adjacent to Tanah Merah MRT station, said Ms Li.

    This is because demand has been well-tested in the area, as the nearby Grandeur Park Residences is 98 per cent sold, with the latest median price at approximately S$1,550 per square foot (psf) per plot ratio (ppr). Accordingly, the site is expected to fetch bids in the range of S$850 to S$900 psf ppr, which depending on sentiment at the time of launch could fetch between S$1,700 to S$1,900 psf, said Ms Li.

    Tricia Song, Colliers International head of research for Singapore, agrees that the Tanah Merah Kechil Link site is "probably the most attractive among the new sites as it is next to the above-ground Tanah Merah MRT station in the eastern part of Singapore, and is of a palatable size of 310 units.

    Ms Song also said the residential and commercial plot in Jalan Anak Bukit is the most interesting site in the latest land sales programme.

    It is perhaps timely to offer such sites seeing the good response to recently launched residential and commercial developments such as One Holland Village and Sengkang Grand Residences, she said. The site is also near Beauty World MRT station along the Downtown line.

    "However, there are more conditions attached to such sites, such as the requirement to build an integrated bus interchange (estimated 5,000 sq m GFA) and up to 7,500 sq m GFA for retail. The site is also relatively sizeable (865 residential units) which entails a relatively large land price quantum of over S$1 billion."
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