The Bukit Timah Road Government Land Sales (GLS) site, located adjacent to the Newton MRT interchange, is expected to draw significant interest from developers, according to Mark Yip, CEO of Huttons Asia. The site, part of transitional office spaces returned to the government, benefits from its proximity to key transport links and educational institutions, including ACS (Junior) and SJI (Junior), both within 1km.
Recent launches in the Core Central Region (CCR) have demonstrated strong demand, with 765 out of 1,173 units (65.2%) sold during launch. This trend suggests a robust underlying demand for prime CCR homes, a factor that could influence developer interest in the Bukit Timah site. The site’s location near an MRT station mirrors the appeal of recent successful CCR launches.
Developers have shown increased interest in CCR sites, evidenced by firm bids in recent GLS tenders at Dunearn Road and Holland Link. Yip predicts the Bukit Timah Road site could attract up to five bidders, with top bids ranging between $1,300 and $1,400 per square foot per plot ratio (psf ppr).
The anticipated competition for the Bukit Timah Road site underscores the ongoing demand for prime residential locations in Singapore, particularly those with convenient transport links and proximity to amenities. The outcome of the bidding process will be closely watched as an indicator of market sentiment and developer confidence in the CCR.
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