This is the maiden GLS site to be offered in the new Bayshore precinct

leasehold private housing site in Bayshore Road can yield about 515 units. GRAPHIC: HYRIE RAHMAT, BT

[SINGAPORE] A tie-up between SingHaiyi Group and Haiyi Holdings has placed the top bid of S$658.9 million or about S$1,388 per square foot per plot ratio (psf ppr) for a 99-year leasehold private housing plot next to Bayshore MRT station.

 

The Urban Redevelopment Authority (URA) tender for the land parcel, which closed on Tuesday (Mar 18), fetched eight bids in total. The plot can generate about 515 private homes.

 

The second-highest bid, from Sing Holdings, was S$1,377 psf ppr. This was followed by a bid from City Developments, which offered S$1,308 psf ppr.

 

The lowest bid, S$1,022 psf ppr, was from a tie-up between Sim Lian Land and Sim Lian Development.

 

Also bidding at the tender was a consortium comprising Frasers Property, Sekisui House and KH Capital, which offered S$1,285 psf ppr for the site.

 

Kingsford Group also participated in the tender, as did a partnership between Hoi Hup Realty and Sunway Developments. Also bidding was a consortium comprising Intrepid Investments, TID Residential and CSC Land Group (Singapore).

 

This is the maiden government land sale (GLS) site to be offered in the Bayshore precinct, a new waterfront residential neighbourhood that will have about 10,000 new homes, comprising 3,000 private homes and 7,000 Housing and Development Board (HDB) flats.

 

The Bayshore area was primarily sand and mudflats, and subsequently reclaimed.

 

The plot tendered by URA is at the western end of Bayshore precinct. In October 2024, HDB launched the first two Build-To-Order projects in the precinct: Bayshore Vista and Bayshore Palms.

Transacted units net average selling price of S$2,160 psf

 

JURONG Lake District&rsquo s latest residential development project Sora sold 102 &ndash or 23.2 per cent &ndash of its total units as at 6 pm on Sunday (Jul 7), during its launch weekend, at an average selling price of S$2,160 per square foot (psf), said its developers SingHaiyi and TK 189 Development.

 

Over the weekend, 320 of the 440 total units in the 99-year leasehold project were launched for sale.

 

Of the available units, more than 80 per cent of the one-bedroom units, which also include a study, were sold. Most of the remaining units sold were two-bedroom units or two-bedders with a study.

 

Raymond Chia, chief executive of SingHaiyi, said that more than half the buyers are below 40 years old, which indicates &ldquo the rejuvenation of the area and the confidence in Sora&rsquo s relevance and potential&rdquo .

 

&ldquo A home like this &ndash in the heart of the dynamic Jurong Lake District &ndash especially at this price point, was very well-received by the market,&rdquo he added.

 

PropNex Realty CEO Ismail Gafoor said: &ldquo The launch weekend saw a healthy interest from buyers residing beyond the western areas. Only 30 per cent of the buyers are from Jurong and Clementi.&rdquo

 

Based on data from Huttons Asia, the one-bedders with a study and two-bedroom units were the most popular among owner-occupiers and investors.

 

Mark Yip, chief executive of Huttons Asia, said: &ldquo Almost 95 per cent of the units sold were in the sweet spot pricing of below S$2 million.&rdquo

 

ERA Singapore&rsquo s CEO Marcus Chu noted that units priced up to S$1.5 million are perceived to be &ldquo more prudent options for now&rdquo for owner-occupiers and investors in their 30s and 40s, due to higher-for-longer interest rates and elevated Additional Buyer&rsquo s Stamp Duty (ABSD).

 

ERA&rsquo s data, as at 4 pm on Jul 6, showed that 81 per cent of the 538 sq ft one-bedders with a study with prices starting from S$996,000 &ndash as well as 70 per cent of the 646 sq ft to 667 sq ft two-bedroom units priced from S$1.3 million &ndash were snapped up.

 

&ldquo As such, the take-up is within expectations,&rdquo said Chu.

 

No hurry to commit

In contrast, Nicholas Mak, chief research officer of Mogul.sg, said the &ldquo mediocre sales&rdquo at Sora shows that some buyers are not in a hurry to commit to a purchase.

 

This is despite Sora having several appealing factors in favour, such as its proximity to Lakeside Garden and Jurong&rsquo s potential as the next central business district.

 

Private residences in Jurong are also not dependent on foreigners, with units in that area mostly purchased by Singaporeans and permanent residents &ndash indicating that the 60 per cent ABSD applied to foreign homebuyers would not affect housing demand in Jurong, said Mak.

 

However, as there are about 20 residential projects set to launch in the next six months and several unsold units in launched projects, homebuyers are &ldquo spoilt for choice&rdquo and becoming more price-sensitive, he noted.

 

&ldquo Property developers may have to accept that in the current market climate, the days of selling more than 50 per cent of the units in a major residential project within the first weekend of the launch are over,&rdquo he added.

 

He pointed to the launch of Wing Tai&rsquo s The LakeGarden Residences, which sold 71 &ndash or 23 per cent &ndash of its total 306 units in its August launch weekend last year. Units at this 99-year leasehold project transacted at an average selling price of S$2,120 psf during that weekend.

 

Caveats lodged as at Jun 30 indicate that The LakeGarden Residences has sold 141, or 46.1 per cent, out of its total units.

 

Gafoor said: &ldquo We believe that the sales at Sora and the upcoming launch of Kassia later this month would give the new home sales segment a much-needed boost and liven things up, ahead of more launches to come.&rdquo

 

Sora occupies a site area of 191,974 sq ft, with a gross plot ratio of 2.1. The area was secured with a S$260 million bid at a collective sale tender in July 2022, at a land rate of S$1,023 psf per plot ratio.

 

The majority of the development&rsquo s units are two- and three-bedders, which start at 646 sq ft and 936 sq ft, respectively. It also has one-bedders with a study, which are between 538 sq ft and 689 sq ft.

 

The four-bedroom units start from 1,528 sq ft, while five-bedders begin at 1,679 sq ft. The larger four- and five-bedroom units will feature a private lift.

 

Previews for Sora began on Jun 22. Its gallery on Prinsep Street will be closed from Jul 8 to 12, and will reopen for viewing from Jul 13.

 

Sora is the largest of recent launches in Jurong.

 

The LakeGarden Residences occupies 134,176 sq ft and has 306 units, while CapitaLand Development&rsquo s mixed-use development J&rsquo den is located on a site measuring 83,648.5 sq ft.

 

J&rsquo den, which is a redevelopment of former mall JCube, sold 88 per cent of its 368 residential units at an average selling price of S$2,451 psf when it launched on Nov 11 last year. Caveats data showed that J&rsquo den has sold a total of 334 units, or 90.8 per cent, as at end-June.

The condominium project occupies a site area of 17,834.8 square metres, with a gross plot ratio of 2.1

 

A SINGHAIYI-LED joint venture will start previews for its new Jurong project, Sora, on Jun 22, with prices pitched at S$2,180 per square foot (psf) on average.

 

Prices for the 440 units in the 99-year leasehold project will start at S$1,850 psf, developers SingHaiyi and TK 189 Development said on Tuesday (Jun 18).  

 

The condominium project occupies a site area of 17,834.8 square metres, with a gross plot ratio of 2.1. It was secured with a S$260 million bid at a collective sale tender in July 2022, at a land rate of S$1,023 psf per plot ratio. 

 

Sora is located along Yuan Ching Road, just beside Jurong Lake Gardens and near the upcoming Jurong Lake District, which is slated to be Singapore&rsquo s second central business district. 

 

One-bedders, including a study, are between 538 and 689 square feet (sq ft), with prices starting from less than S$1 million. Two-bedroom units start at 646 sq ft and are priced from S$1.3 million, three-bedroom units from 936 sq ft and S$2 million, and four-bedroom units from 1,528 sq ft and S$3.05 million. Five-bedroom units are sized from 1,679 sq ft.

 

The majority of units at 80 per cent, or 368 units, are two- and three-bedders. The larger four- and five-bedroom units will feature a private lift. 

 

In July 2023, Wing Tai&rsquo s The LakeGarden Residences, also located along Yuan Ching Road, launched with prices starting at just under S$2,000 psf. 

 

Caveats data showed that nearly 40 per cent, or 119 units, of its 306 units have been sold since then at a median price of S$1.54 million and a median unit price of S$2,124 psf. 

 

CapitaLand Development launched its J&rsquo den mixed-use development, located in the Jurong East vicinity, in October last year. Prices started at S$2,100 psf. 

 

Since then, more than 90 per cent, or 332 units, of its 368 units have been sold at a median price of over S$2 million and median unit price of S$2,480 psf.