Are you looking for a new home in Singapore? Look no further! The government has just launched two residential GLS sites at Bukit Timah Link and Hillview Rise for sale. Read on to find out more about these amazing opportunities.
Introduction to GLS Sites
The Government Land Sales (GLS) program is a key part of Singapore’s land use planning and development. The program offers private residential, commercial, and industrial sites to developers through the Confirmed List, which is released twice a year. The Confirmed List includes sites that are well-suited for development and are expected to be popular amongst developers.
On 3 November 2022, the Urban Redevelopment Authority (URA) released two residential sites for sale under the Confirmed List – one at Bukit Timah Link and another at Hillview Rise. Both sites are 99-year leaseholds and offer potential investors an opportunity to develop in a prime location.
The Bukit Timah Link site spans 4,611.1 square metres with a maximum gross floor area (GFA) of 11,811 square metres. This is sufficient for around 200 residential units. Meanwhile, the Hillview Rise site spans 10,395 square metres with a GFA of 29,107 square metres. This could potentially yield 400 residential units when developed.
Under the GLS tender process, developers will be required to submit their bids for each site according to the conditions set by URA. The authority will then select the winning bid based on the criteria of the highest price offered and the best overall proposal submitted.
Competition for the Bukit Timah Link site is expected to be fierce as it is close to Beauty World MRT station. The Hillview Rise site could also attract strong interest due to its larger size and potential for a higher yield of units when developed.
It remains to be seen who will emerge as the winner of these two sites when the tender closes in early December 2022.
Location of Bukit Timah Link and Hillview Rise Sites
The two residential Government Land Sale (GLS) sites at Bukit Timah Link and Hillview Rise have been launched for sale recently. Both sites are located near the Beauty World MRT station, with the Bukit Timah Link site spanning 4,611 sq m and the Hillview Rise site covering 4,814 sq m.
The Bukit Timah Link site is located at the junction of Upper Bukit Timah Road and Jalan Anak Bukit, while the Hillview Rise site is situated at the junction of Hillview Avenue and Jalan Anak Bukit. Both sites are strategically located near major amenities like shopping malls, schools, restaurants, and entertainment outlets.
The proximity to public transport options such as the MRT station is expected to make these sites attractive to potential bidders. The potential yield for the Bukit Timah Link site is 160 units while the Hillview Rise site can yield up to 190 units.
The launch of these two GLS sites comes after a competitive tender process that closed on 3 November 2022. This will be an interesting development for those looking for residential properties in the area due to its strategic location and potential yield.
Competition for the Bukit Timah Link Site
The competition for the Bukit Timah Link GLS site tender is expected to be intense, with 8 to 10 bidders vying for the site. This is according to Tan, an analyst from a local property consultancy firm, who estimates that the top bid for the site could range between S$1,950 and S$2,050 psf.
The Urban Redevelopment Authority (URA) has released two residential sites at Bukit Timah Link and Hillview Rise under the confirmed list of the second part of the 2022 Government Land Sales (GLS) program. The 99-year leasehold sites offer a rare opportunity for potential buyers in an area with limited new private home supply.
The Bukit Timah Link GLS site spans 10,395.2 sqm and has a maximum gross floor area of 29,107 sqm. It is estimated to yield 335 units. The Hillview Rise site is slightly smaller with a maximum gross floor area of 28,521 sqm and an estimated yield of 315 units.
Opposite the Bukit Timah Link GLS site is a GLS plot at Jalan Anak Bukit which was awarded to a joint venture between Far East Organization and Sino Group for $1.028 billion in 2019. This is likely to have implications on the competition for this tender as well as on the eventual selling price.
The competition promises to be stiffer over at Bukit Timah Link due to its larger size and higher yield compared to Hillview Rise’s site. Potential bidders are likely to include property developers who are looking to capitalize on this rare opportunity in an area that is highly sought after by homebuyers. With such strong competition expected in the tender process, buyers can look forward to higher-quality homes in this prime location in the future.
Potential Bidders for the Sites
The two 99-year leasehold sites at Bukit Timah Link and Hillview Rise were recently launched for sale under the confirmed list of the Government Land Sales (GLS) Programme for the second half of 2022. Lee anticipates up to eight bidders for the Hillview Rise site, with the top bid estimated between $1,000 and $1,110 psf ppr. The public tender for the two sites at Hillview Rise and Bukit Timah Link were launched on 31 August 2022 and closed on 3 November 2022.
The winning bid for the Bukit Timah Link site was from Far East Organization, at $1,023.85 psf, or $320.78 million. This only narrowly topped CDL’s bid, the second highest bidder at $1,023 psf. The good news for potential bidders for this site is that already launched condominium projects in the vicinity will not cause any competition.
Potential bidders for the Hillview Rise site are expected to include established developers such as Far East Organization, CDL, and MCL Land, as well as some smaller players who may have missed out on the first GLS site. Steven Tan, CEO of EdgeProp Singapore, said that “the upcoming tender is likely to be an interesting one as there are several potential developers who are keen to acquire this site”. With Hillview Rise being an attractive area due to its proximity to popular amenities and eateries as well as transportation networks such as MRT stations and expressways, it is likely that developers will be competing fiercely in order to secure this site.
It remains to be seen who will come out on top in this tender but with such a large number of potential bidders expected to participate in this GLS sale, it is sure to be an exciting bidding process!
Conclusion
As the GLS tender for Bukit Timah Link and Hillview Rise sites draws to a close, it is clear that these two sites will be hotly contested. With a total yield of 160 units between the two sites, the competition is sure to be intense.
The URA has set out detailed sales conditions for the sites and expects eight to 10 bidders to compete for the two sites. The competition comes from some of Singapore’s biggest private property developers such as CapitaLand, Keppel Land, and Oxley Holdings.
The successful bidder is sure to benefit from the many advantages of living in the area such as easy access to public transportation, and nearby amenities such as shopping malls and schools. Residents can also enjoy the lush greenery and peaceful environment of Bukit Timah Link and Hillview Rise.
The results of the tender will be eagerly awaited by potential bidders and residents alike. Whoever wins will have the opportunity to develop a high-quality residential estate in a prime location.