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The Ministry of National Development on Wednesday (8 June) announced the launch of four sites on the Confirmed List and 11 sites on the Reserved List under the Government Land Sales (GLS) Programme for the second half of 2016.
These sites can yield up to 277,1000 sq m of gross floor area (GFA) of commercial space.
The Confirmed List comprises three private residential sites and a commercial & residential site which can yield 15,500 sq m GFA of commercial space. The Reserve List—which includes seven private housing sites (including 1 Executive Condominium (EC) site), one commercial & residential site, two commercial sites and a White site—can yield 261,600 sq m GFA of commercial space.
The 15,500 sqm GFA of commercial space on the Confirmed List is mainly from the predominantly residential site at Upper Serangoon Road, and will provide retail amenities for the future live-in population at the Bidadari HDB estate.
In a post on MND’s blog, Nation Development Minister Lawrence Wong said “We are also offering a site at Upper Serangoon Road, close to the upcoming HDB estate at Bidadari, for a mixed-use development comprising residences and a commercial complex. This complex will house retail and food outlets, offering many conveniences to the future residents of Bidadari Estate.”
According to CBRE’s head of Research for Singapore and Southeast Asia, Desmond Sim, the mixed-use site is expected garner a healthy number of bids as the precinct is “earmarked to be a new public and private housing estate.”
“The site is right next to Woodleigh MRT Station. The state planners have taken into account the current imbalance in supply and demand for retail space and have put a sharper focus on sites with strong attributes and have in fact reduced the retail space at the Holland Village and Beach Road sites. With the recent strong investor interest in commercial sites, we will not be surprised should any of the commercial sites on the reserve list be triggered.”
Meanwhile, the Reserve List sites at Beach Road and Woodlands Square for commercial use and Central Boulevard for mixed-use developments are mainly for office spaces. “These sites will allow developers to initiate the development of more office space if they assess that there is demand,” the government said.
image: Location of the Upper Serangoon Road site. (Source: URA Space)
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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