Singapore, 15 Mar 2023 The first two of seven confirmed list sites have been launched for sale under the Government Land Sales (GLS) programme for the first half of 2023, with developers expected to bid cautiously in the face of higher interest rates, acquisition and construction costs.
The Urban Redevelopment Authority‘s site in Jalan Tembusu and the Housing Board’s Executive Condominium (EC) site in Tampines Street 62 (parcel B) can yield a total of 1,540 new private homes. These are part of 4,090 residential units to be made available under the first half 2023 GLS programme, which represents a 17 per cent increase from 3,505 units released in the second half 2022.
But Ms Christine Sun, OrangeTee & Tie senior vice-president of research and analytics, noted a lack of new EC supply in Tampines. “Parc Central Residences EC in Tampines is fully sold out, while Tenet has a few unsold units left. As prices of new condos continue to climb and the price gap between new ECs and new condos widens, eligible buyers will choose more affordable ECs,” she said.
She expects bids of between $630 and S$680 psf ppr, and selling prices of new EC units on this site to be between $1,380 and $1,450 psf.