In order to meet the increasing demand for new homes, the Singapore government has released 6 sites out of 16 for real estate development. The second list revealed by the MND under the GLS program includes prime real estate land in districts 9 & 10. The real estate auction is scheduled for the 2nd half of 2017 and global real estate developers will soon file their bids for land at prime zones 9 & 10.
The two other sites from the list will be auctioned in the month of November 2017 which includes private housing land block located in the Handy Road which is close to Dhoby Ghaut Mass Rapid Transit(MRT) station. Another site is a commercial and residential plot in Holland Road. According to reports in the local newspaper, the Government has mentioned the remaining sites from the list of 16 will be auctioned to the developers through reserve list. One of the sites in the list is a private condo land block located near the top residential location Cuscaden Road. The other site is located near the Fourth Avenue which is closer to the Sixth Avenue MRT station.
The Cuscaden Road land site will attract the highest interest from the developers as many offices are located nearby and a large number of people wanting to live in the Central region will rush to buy homes there when a private condo project is announced at the location. The Cuscaden plot is expected to attract more than a dozen bids and it is expected to have highest per square foot per plot ratio price(psf ppr) in the range of $1,300 – $1, 1500. Real estate experts like Karamjeet Singh who is the head of the Residential at JLL says the Cuscaden plot might fetch more – around S$1,500 – S$1,600 psf ppr.
Holland Road is attractive to developers for many reasons such as its proximity to the MRT station, Central Business District, and the Orchard Road. People looking to stay near their families and relatives will like to purchase residential homes in this area. Also, the demand for rental homes is also expected to grow as the project comes up in Holland road.
Ms Tan Wan Ting of Knight Frank Pte Ltd, a Singapore real estate property agent has predicted – the Sengkang Central residential & commercial site that will be up for sale in the month of December 2017 will also attract a large number of developers. The proximity of the site to the Buangkok MRT station makes the site attractive and more than 10 applications are expected for this land block. The top auction bid for this plot is expected to be in the range of S$750 – S$850 psf ppr.
The Singapore real estate industry is brimming with options, and one of the projects worth considering is Martin Modern project by Guocoland which is coming up in the mainland. The project is expected to be completed by 2020 or 2021. This condo project will make a huge difference to the urban residential home sector and buyers have multiple options starting from 2 Bedroom to 4 Bedroom residential units. For interested buyers, contact a property agent to view the show suites and get an estimated price for a unit.