Jalan Tembusu GLS land parcel tender closed on 18 Jan 2022. It is one of the two URA (Urban Redevelopment Authority) sites opened for tender on 30 Sep 2021. After the new cooling measures were announced on 16 December 2021, Lentor Hills GLS Land Parcel A and Jalan Tembusu GLS Land Parcel were the two firsts to close their tenders.
Developers are still seeking land to replenish their land bank, though they are taking a moderate and cautious approach.
There were four to eight bids received at each site. This is below the nine to fifteen bids that were usually received for GLS tenders before the Dec 16, 2021 cooling measures for private residential properties came into effect.
Jalan Tembusu GLS Land Parcel won by CDL:
On 26 Jan 2022, URA awarded the tender to the highest bidder for the District 15 Jalan Tembusu GLS site. It is won by City Developments Limited (CDL) through its wholly-owned subsidiary CDL Triton, a Singapore-listed real estate firm.
Eight bidders competed for the 99-year leasehold property.
Jalan Tembusu GLS Land Parcel Site Area:
Jalan Tembusu land plot is 210,545 sq ft in size and it garnered the top bid of S$768 million, or S$1,302 per square foot per plot ratio (psf ppr). The land parcel has a gross plot ratio of 2.8 and CDL is able to build about 640 new condo units with 4 towers of 20 to 21 storeys.
Some streets north of the Jalan Tembusu site sits the Thiam Siew Avenue landed properties owned by the Wee family. A total of 22 land parcels with 25 residences at Thiam Siew Avenue has been put in the market for sale by tender.
The second-highest bid was submitted by Hong Leong Holdings, TID and Hong Realty, placing them 7.7% below CDL.
There are several schools in the area such as Chung Cheng High School (Main), Tanjong Katong Secondary School and Tanjong Katong Primary School.
600m away is the Tanjong Katong MRT station which is scheduled for completion in 2024. This will improve commuter connectivity and provide access to the Thomson-East Coast Line (TEL).
PSF launch price for site in Jalan Tembusu:
Tricia Song of CBRE said that CDL may launch the east coast highly sought-after district 15 Jalan Tembusu Condo Singapore at S$2,1xx to S$2,2xx psf.
Here are the average prices in January 2022 of some new Singapore condo launches in the nearby Amber area:
Amber Park by City Developments Limited S$2,468 psf
With so many different and exciting new condo launches in the Singapore property market, it will not be easy for you to decide which new launch condo is suitable for your purchase. Allow us to help you assess your finances, plan your priorities and determine your best options. Thereafter, we will go and view the list of developments that you have shortlisted.
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