Tender launched for Zion Road Parcel B GLS site

The Zion Road (Parcel B) site under the Reserve List of the 1H2024 Government Land Sales (GLS) programme has been launched for tender, URA announced in a press release on May 13. The 99-year leasehold site can house about 610 units.

This is the first triggering of a site from the Reserve List since 2018. It comes after URA received an application from an undisclosed developer last month, with the developer committing to submit a bid not lower than a minimum price of $604.57 million. This works out to a land rate of about $1,080 psf per plot ratio (ppr).

The Zion Road (Parcel B) site follows the award of five GLS residential sites to date this year. The most recent site was the adjacent Zion Road (Parcel A), which was awarded to a City Developments Ltd (CDL)-Mitsui Fudosan joint venture on April 16.

The consortium was the sole bidder for the 164,439 sq ft site and had submitted a bid of $1.1 billion, or $1,202 psf ppr. The award of Zion Road (Parcel A) at $1,202 psf ppr gives developers clarity on the possible range of acceptable bids for the Parcel B site, says Lee Sze Teck, senior director of data analytics at Huttons.

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The site is a few minutes’ drive away from the CBD. Among the nearby amenities are the Great World City mall, the upcoming retail space at Zion Road (Parcel A) and the Zion Road food centre. It is also a short walk to the Havelock and Great World MRT stations. River Valley Primary School is within 1km of the site.

To be competitive, the top bid for Zion Road (Parcel B) could be capped at $1,200 psf ppr, Lee notes. He anticipates up to three bidders, with the top bid coming in between $1,100 and $1,200 psf ppr.

Though the plot is attractive, Wong Siew Ying, head of research and content at PropNex, anticipates that developers will proceed with caution in view of the upcoming new private housing supply in the vicinity.

The adjacent Parcel A plot and nearby River Valley Green Parcel A site can collectively yield up to 1,550 units, including 435 long-stay serviced apartments at Zion Road (Parcel A). Wong expects the Zion Road (Parcel B) site to receive one or two bids, with the top bid to come in at around $644 million to $700 million.

The tender for the site closes at noon on July 18. The closing will be batched with the two residential sites at Canberra Crescent and De Souza Avenue, which were launched on April 16 under the Confirmed List of the 1H2024 GLS Programme.

According to Private home prices up 1.4% q-o-q in 1Q2024 even as sentiment turns cautious.

The site is zoned for residential use and measures approximately 99,953 sq ft. The 99-year leasehold site can house about 610 units. This is the first triggering of a site from the Reserve List since 2018. It comes after URA received an application from an undisclosed developer last month, with the developer committing to submit a bid not lower than a minimum price of $604.57 million.

The Zion Road (Parcel B) site follows the award of five GLS residential sites to date this year. The most recent site was the adjacent Zion Road (Parcel A), which was awarded to a City Developments Ltd (CDL)-Mitsui Fudosan joint venture on April 16. The consortium was the sole bidder for the 164,439 sq ft site and had submitted a bid of $1.1 billion, or $1,202 psf ppr.

The award of Zion Road (Parcel A) at $1,202 psf ppr gives developers clarity on the possible range of acceptable bids for the Parcel B site, says Lee Sze Teck, senior director of data analytics at Huttons.

To be competitive, the top bid for Zion Road (Parcel B) could be capped at $1,200 psf ppr, Lee notes. He anticipates up to three bidders, with the top bid coming in between $1,100 and $1,200 psf ppr.

The site is a few minutes’ drive away from the CBD. Among the nearby amenities are the Great World City mall, the upcoming retail space at Zion Road (Parcel A) and the Zion Road food centre. It is also a short walk to the Havelock and Great World MRT stations. River Valley Primary School is within 1km of the site.

Though the plot is attractive, Wong Siew Ying, head of research and content at PropNex, anticipates that developers will proceed with caution in view of the upcoming new private housing supply in the vicinity. The adjacent Parcel A plot and nearby River Valley Green Parcel A site can collectively yield up to 1,550 units, including 435 long-stay serviced apartments at Zion Road (Parcel A).

Wong expects the Zion Road (Parcel B) site to receive one or two bids, with the top bid to come in at around $644 million to $700 million. This translates to a projected land rate of between $1,150 and $1,250 psf ppr.

The tender for the site closes at noon on July 18. The closing will be batched with the two residential sites at Canberra Crescent and De Souza Avenue, which were launched on April 16 under the Confirmed List of the 1H2024 GLS Programme. The site is a few minutes’ drive away from the CBD. Among the nearby amenities are the Great World City mall, the upcoming retail space at Zion Road (Parcel A) and the Zion Road food centre. It is also a short walk to the Havelock and Great World MRT stations. River Valley Primary School is within 1km of the site.

The Zion Road (Parcel B) site is a prime location for residential use. It is a few minutes’ drive away from the CBD and is surrounded by amenities such as the Great World City mall, Zion Road food centre, and upcoming retail space at Zion Road (Parcel A). Additionally, the Havelock and Great World MRT stations are just a short walk away, making it easily accessible. This prime location paired with the 99-year leasehold and large size of the site, measuring approximately 99,953 sq ft, make it an attractive investment opportunity.

This is the first triggering of a site from the Reserve List since 2018, showing the high demand for residential land in the area. The award of five GLS residential sites to date this year further emphasizes the potential and value of this site. The most recent site, the adjacent Zion Road (Parcel A), was awarded to a City Developments Ltd (CDL)-Mitsui Fudosan joint venture on April 16 at an attractive land rate of $1,202 psf ppr.

Given the high demand and value of the neighboring Parcel A plot, developers can have a clearer range of acceptable bids for the Zion Road (Parcel B) site. Senior director of data analytics at Huttons, Lee Sze Teck, notes that to be competitive, the top bid could be capped at $1,200 psf ppr. He anticipates up to three bidders, with the top bid coming in between $1,100 and $1,200 psf ppr.

However, wong Siew Ying, head of research and content at PropNex, predicts that developers will proceed with caution due to the upcoming new private housing supply in the area. The adjacent Parcel A plot and nearby River Valley Green Parcel A site can yield up to 1,550 units, including 435 long-stay serviced apartments at Zion Road (Parcel A).

Despite this, Wong expects the Zion Road (Parcel B) site to receive one or two bids, with the top bid to come in at around $644 million to $700 million. This translates to a projected land rate of between $1,150 and $1,250 psf ppr. Overall, the highly desirable location of this site and its potential for a large number of residential units make it a promising investment opportunity for developers.

The tender for the site closes at noon on July 18, and will be batched with two other residential sites under the Confirmed List of the 1H2024 GLS Programme. These factors combined show the high interest and competition for this plot of land. With such a prime location and potential for a large number of units, it is expected that the Zion Road (Parcel B) site will receive a competitive bid and attract multiple interested parties. Don’t miss out on this rare opportunity to invest in the upcoming Plantation Close EC development. Submit your bid before the deadline and secure your place in one of the most coveted residential areas in Singapore.