Singapore Unveils Four New Residential Land Parcels in Latest GLS Launch

[New Reporter]

Singapore Unveils Four New Residential Land Parcels in Latest GLS Launch

Government maintains steady housing supply amid cautious market conditions

October 17, 2024

CONDOsingapore.com

Singapore’s Urban Redevelopment Authority (URA) and Housing & Development Board (HDB) announced the release of four residential land parcels on Thursday (Oct 17) under the second half of the 2024 Government Land Sales (GLS) programme. The sites, located in Lentor Gardens, River Valley Green (Parcel B), Marina Gardens Lane, and Woodlands Drive 17, will add over 1,785 private and executive condominium (EC) units to the market.



Confirmed vs. Reserve List

Two sites—Lentor Gardens and River Valley Green (Parcel B)—were placed on the confirmed list, offering 500 and 475 residential units, respectively. These form part of the 5,050 total private housing units slated for release under the H2 2024 GLS programme. The remaining two sites (Marina Gardens Lane and Woodlands Drive 17) are on the reserve list, with potential yields of 390 private units and 420 EC units.

Confirmed list parcels are launched regardless of demand, while reserve list sites proceed to tender only if developers submit acceptable bids. The government emphasized its commitment to a “steady supply” of housing in future GLS cycles, adjusted to align with economic and market trends.

Tender Deadlines

River Valley Green (Parcel B): Tender closes February 7, 2025 (noon).

Lentor Gardens: Tender closes April 3, 2025 (noon).

Analysts Weigh In on Demand

Lentor Gardens: Muted Interest Expected.

The 20,639.4 sq m Lentor Gardens site marks the seventh land parcel released in the area. Analysts foresee subdued bidding due to cautious market sentiment and existing supply saturation.

Nicholas Mak, Chief Research Officer at Mogul.sg, noted that Guocoland, Hong Leong Holdings, and TID—dominant players in Lentor’s recent developments—could deter competitors. “Aggressive bids are unlikely given their pricing power,” he said.

ERA Singapore CEO Marcus Chu highlighted that past Lentor GLS tenders attracted just one to two bids each. He predicts a similar outcome, with top bids between S$945–995 psf ppr (per square foot per plot ratio).

Despite slower sales, Huttons Asia CEO Mark Yip pointed to strong buyer uptake in Lentor, with 2,477 of 3,454 total units already launched and only 352 unsold as of Oct 17. “This signals confidence in the enclave,” he said.

River Valley Green: Prime Location, Cautious Bids

The River Valley site, adjacent to Great World MRT station, may draw up to three bidders, with Huttons projecting a top bid of S$1,200–1,300 psf ppr. However, analysts warn of restraint due to sluggish market conditions.

Chu forecasts bids of $485 – $529million ($1,100 – $1,200 psf ppr), citing parallels with June’s tender for a nearby River Valley plot, which sold to Wing Tai Holdings at S$1,325 psf ppr after just two bids.

Reserve List Prospects

The Woodlands Drive 17 EC site—Woodlands South’s first since 2013—is expected to attract developer interest, given ECs’ popularity as affordable hybrids with strong resale potential. Huttons estimates four to six bidders and a top bid of S$650–700 psf ppr if triggered.

In contrast, the Marina Gardens Lane site faces stiff competition from confirmed-list plots in Bayshore, Chencharu, and Holland, making it unlikely to be activated, according to Yip.

Market watchers await further signals as Singapore balances housing supply with evolving economic headwinds.

[New Reporter]

Sale sites are now open at Lentor, River Valley, Marina Gardens, and Woodlands, thanks to URA and HDB.

The government says it will keep putting out a steady stream of private homes in upcoming GLS programs.

17.10.2024

CONDOsingapore.com



The Urban Redevelopment Authority (URA) and the Housing & Development Board (HDB) sold four pieces of residential land on Thursday, October 17. This was part of the second half of the 2024 Government Land Sales (GLS) program.

These include an executive condominium (EC) site on Woodlands Drive 17, a residential plot at Lentor Gardens, and residential-zoned sites on Marina Gardens Lane and River Valley Green (Parcel B). The first floor of these sites can be used for business.

The sites at Lentor Gardens and River Valley Green (Parcel B) were put on the confirmed list for sale. They could be turned into 500 and 475 residential units, respectively.

Two of the 5,050 homes that will be released through the confirmed list of the H2 2024 GLS program are on these two sites.

The sites on Marina Gardens Lane and Woodlands Drive 17 can be applied for through the reserve list. They could produce 390 residential units and 420 EC units, respectively.

If a site is on the confirmed list, it is built on time, no matter how much demand there is. If a site is on the reserve list, it is put up for bids when a developer makes an offer that the government agrees to.

The government said it would "continue to release a steady supply of private residential units in coming GLS programs, with supply calibrated to account for current economic and property market conditions."

Next year, the bids for the River Valley Green (Parcel B) site end at noon on February 7 and for the Lentor Gardens site end at noon on April 3.

Possible demand

The 20,639.4 square metre (sq m) plot at Lentor Gardens is the seventh piece of land to be put up for sale in the Lentor residential area. Analysts expect low demand because the market is cautious and there is plenty of new supply in the area.

Nicholas Mak, chief research officer at Mogul.sg, said that five of the six sites that have been sold in the Lentor so far have been bought by Guocoland, Hong Leong Holdings, TID, or a group of all three developers.

Other developers don't have much of a reason to bid aggressively for the seventh GLS site at Lentor because they would be going up against these three developers, who have a stronger presence in the market and more pricing power in that sub-market, Mak said.

Marcus Chu, CEO of ERA Singapore, pointed out that previous Lentor GLS sites had only gotten one or two bids each in the previous two years.

"We can expect the same number of bids, or about one," he said. "The upcoming Lentor Gardens site will likely get the same number of bids."

Still, buyers have liked previous launches in the Lentor area, so Chu thinks that some developers may feel "confident enough" to go after the site. He thinks that the bids won't be very high, with the highest one coming in at between S$945 and S$995 per square foot per plot ratio (psf ppr).

Huttons Asia CEO Mark Yip said that Lentor will have about 3,454 units with this site. Of those, 2,477 units from five projects have already been launched, leaving only 352 units that haven't been sold as of October 17.

"This shows buyers are interested in living in the Lentor private residential enclave, and it should ease worries that there are too many homes for sale in Lentor," he said.

Huttons thinks there could be up to three bidders for the River Valley Green (Parcel B) site. The site is in a great area for living and will have direct access to the Great World MRT station. The highest bid could be between S$1,200 and S$1,300 psf ppr.

Even though the site is in a good spot and has direct access to the station, Yip thinks developers might be cautious in their bidding, even though market sentiment has improved and interest rates have lowered.

In the same way, Chu thinks that the River Valley site will have a "muted outcome" because the market is currently slow.

"Based on what we saw at the nearby River Valley Green and Zion sites, we expect this site to get about the same low number of bids—one or two—and a price range of S$485 million to S$529 million, or S$1,100 to S$1,200 psf ppr," he said.

In June, there were only two bids on another plot at River Valley Green. It was eventually sold to Wing Tai Holdings for close to S$464 million, which is about S$1,325 per square foot per year.

Of the sites on the reserve list, Yip thinks the Woodlands Drive 17 site is most likely to be put up for sale. It would be the first site in Woodlands South to be open for business since 2013.

Developers have been very interested in EC land tenders in the past because the mixed-use projects usually sell quickly and well.

People like to buy ECs because they are cheaper than private condos in the same area. Mak also said that owners have recently made a lot of money when they sell their EC units after the five-year minimum occupancy period.

If the site is put up for sale, Huttons thinks there will be four to six bidders, with a high bid of between S$650 and S$700 psf ppr.

But Yip doesn't think the Marina Gardens Lane site will be put up for sale because the H2 2024 GLS confirmed list also includes other good sites like Bayshore Road, Chencharu Close, Chuan Grove, and Holland Link.