The latest Government Land Sales (GLS) tenders for two 99-year leasehold housing sites have been met with keen interest as developers seek to replenish their depleting land bank in OCR.
The top bid for an executive condo (EC) housing site in Bukit Batok was $661.67 per square foot per plot ratio (psf ppr), setting a new record price for EC land. The top bid, from a tie-up between Qingjian Realty and Santarli Group, topped the previous record for EC land price of $658.93 psf ppr in July 2021 by the same consortium for an EC plot in Tampines Street 62. The Bukit Batok land parcel is about 1km away from the Bukit Gombak MRT station on the North-South Line.
The other site on offer, along Dairy Farm Walk and designated for private housing saw the highest bid come in at $970 psf ppr from a tie-up between United Engineers’ unit UED Alpha and Soilbuild Group. Located about 700m from Hillview MRT station on the Downtown Line, the 168,600 sqft plot can yield about 385 housing units.
Land prices have remained firm despite the recent cooling measures announced in December 2021. Analysts estimates the EC site could be launched at a selling price of $1,300 psf and above and a selling price of $1,800 to $1,900 psf for the Dairy Farm plot.