East Coast Road and Serangoon North View Private Housing Sites Launched for Sale
The Urban Redevelopment Authority released two residential sites on 29 September. The East Coast Road parcel, on the confirmed list, can house 85 private units and is the first residential government land sale plot in the Siglap area in a decade. The Serangoon North View plot, on the reserve list, can yield 235 homes.
Units, East Coast Road
Units, Serangoon North View
East Coast Road Site Area
Since The Last Siglap GLS Plot
Confirmed List Versus Reserve List
The parcel in East Coast Road is on the confirmed list, while the Serangoon North View plot is being released on the reserve list.
Confirmed-list sites are launched on schedule regardless of demand. Reserve-list sites are tendered only when developers make an offer acceptable to the government, which means a reserve-list plot may never come to market at all.
East Coast Road: Small, Unusual, and the First in Siglap for a Decade
Located not far from Siglap MRT station, the East Coast Road site comprises two plots separated by an open drain. It is bounded by two other roads, East Coast Terrace and Siglap Road, and spans a total site area of just 5,503 square metres with a maximum gross floor area of 8,805 sq m, which works out to a plot ratio of about 1.6.
This makes the 99-year leasehold site one of the smallest private housing parcels under the government land sales programme in several years, noted Wong Siew Ying, PropNex head of research and content. It is also the first residential GLS plot in the Siglap area in a decade.
With the site’s small size, analysts expect demand to be selective but healthy, especially from small and medium-sized developers.
An unusual condition applies. Units must average at least 100 sq m in size, as the site sits within an area identified as having traffic issues, Wong added. On 85 units across 8,805 sq m of gross floor area, that requirement is effectively built into the yield.
The successful tenderer may also develop long-stay serviced apartments on one of the two plots. Alternatively, developers can build a single project over both parcels, or two separate projects on each plot.
Serangoon North View: Ample Supply Nearby
The Serangoon reserve-list site spans 8,085.9 sq m with a maximum gross floor area of 20,214 sq m, a plot ratio of about 2.5. It sits beside the 613-unit The Garden Residences, which a Keppel Land and Wing Tai joint venture acquired for S$965 per square foot per plot ratio in August 2017.
Market watchers do not expect the site to be triggered for sale, as there is ample supply nearby. This includes two recently awarded GLS sites in Chuan Grove, which can yield more than 1,000 units. There is another Chuan Grove GLS plot on the reserve list, which will be made available in October and could yield an estimated 935 units.
Frequently Asked Questions
What is the difference between the confirmed and reserve lists?
Confirmed-list sites are launched on schedule regardless of demand. Reserve-list sites are tendered only when a developer makes an offer acceptable to the government, so they may never be sold.
How big is the East Coast Road site?
A total site area of 5,503 sq m with a maximum gross floor area of 8,805 sq m, able to house 85 private units. It comprises two plots separated by an open drain, bounded by East Coast Road, East Coast Terrace and Siglap Road.
Why must units average at least 100 sq m?
PropNex’s Wong Siew Ying said the requirement applies because the site sits within an area identified as having traffic issues. Larger average units mean fewer homes and therefore less traffic generated.
Can the developer build something other than apartments?
Yes. The successful tenderer may develop long-stay serviced apartments on one of the two plots, build a single project over both parcels, or build two separate projects.
Will the Serangoon site be sold?
Market watchers do not expect it to be triggered, citing ample nearby supply including two recently awarded Chuan Grove GLS sites yielding more than 1,000 units and another Chuan Grove reserve-list plot of about 935 units coming in October.
Watching District 15 or the north-east?
A first Siglap land sale in a decade, with a minimum unit size that rules out small-format pricing. Happy to talk through what it could mean for values nearby.