Huttons Asia has revealed insights into the Town Hall Link Government Land Sales (GLS) site, which is expected to draw significant interest from developers. The site, offering approximately 1,200 residential units and 83,200 square metres of commercial space, is anticipated to attract bids exceeding $1b.
The Town Hall Link site, classified as a “white site,” includes a substantial office component, which may lead to higher holding costs and risks for developers. Mark Yip, CEO of Huttons Asia, noted that developers might form consortiums to bid for the site, with potential bids reaching as high as $2b. The office component is expected to attract a few bids due to its scale and potential.
In comparison, other upcoming mega GLS sites in the Outside Central Region (OCR), such as Bayshore Drive and New Upper Changi Road, also offer over 1,000 units. Bayshore Drive, an integrated transport hub, and New Upper Changi Road, a purely residential site, may appeal to developers seeking different project profiles.
The supply of office space is projected to peak in 2028, with a subsequent reduction over the following three years. Town Hall Link’s office space could appeal to occupiers seeking Grade A premium offices, potentially creating thousands of jobs and boosting residential demand in the area. This development is seen as a positive step for the growth of the Jurong Lake District.
