The Urban Redevelopment Authority (URA) has announced the release of two government land sales (GLS) sites in Singapore, located at East Coast Road and Serangoon North View. The East Coast Road site, available under the Confirmed List, is expected to yield approximately 85 new private homes. Meanwhile, the Serangoon North View site, available under the Reserve List, could potentially offer 235 new units.
The East Coast Road site is notable for being one of the smallest private residential sites offered under the GLS programme in recent years. It is divided into two plots by an existing open drain, with the option for developers to create long-stay serviced flats on one of the plots. The location is attractive due to its proximity to Siglap MRT station and several primary schools, making it appealing for family-oriented homes. PropNex anticipates the tender for this site to attract three to five bids, with the top bid estimated between $1,550 and $1,650 per square foot per plot ratio (psf ppr).
In contrast, the Serangoon North View site, whilst not immediately close to an MRT station, will benefit from the future Serangoon North station on the Cross Island Line, set to open in 2030. The plot is near several schools, including Rosyth School and Zhonghua Primary School. However, PropNex does not expect developers to trigger this plot for sale soon due to the existing and upcoming housing supply in the area.
These developments highlight the ongoing interest and strategic planning in Singapore’s residential property market, with a focus on location and future infrastructure developments.
