On the 21 June 2023, the government announced the Government Land Sales (GLS) Programme for the second half of 2023 (2H2023), which comprises eight Confirmed List sites and nine Reserve List sites. These sites can yield about 8,590 private residential units, 98,250 sqm gross floor area (GFA) of commercial space and 530 hotel rooms.
Of the sites announced, the Upper Thomson Road Parcel B land plot was amongst the sites under the Confirmed List.
| Item | Details |
|---|---|
| Location | Upper Thomson Road (Parcel B) |
| Planning Area | Yishun |
| Land Use | Residential (Non-Landed) |
| Est Site Area | 3.2 ha |
| Gross Plot Ratio | 2.5 |
| Est. Housing Units | 940 |
| Sales Agent | URA |
| Est Tender Launch Date | Dec 2023 |
| Est Public Sales | Q2 2025 |
| PARAMETERS | PROVISIONS/REQUIREMENTS |
|---|---|
| Site Area (Subject to final cadastral survey) | 32,023.7 m2 |
| Land Use/Zoning | Residential |
| Type of Proposed Housing Development | The proposed residential development shall be for: a. Condominium; or b. Flats; or c. With prior written approval, a combination of flats and strata landed houses. Serviced Apartments and Serviced Apartments II (SA2) will not be allowed. |
| Permissible Gross Floor Area (GFA) | Maximum GFA3 : 80,060 m2 (This shall include the existing GFA of the Conserved Building. The estimated GFA of the Conserved Building is 3,447.4 m2 .) Minimum GFA: 72,054 m2 |
| Building Height | a. No-build Zone The no-build zone includes the conservation area and the setback area from Upper Thomson Road. b. Low-Rise Zone Up to a maximum of 5 storeys high in front of the Conserved Building c. High-Rise Zone Up to the technical height control of 90 – 100 m SHD |
| Allowed Uses in the Conserved Building | The Land Parcel includes a Conserved Building which is to be retained and restored. The details of the conservation guidelines are set out in Part V and as shown in the Control Plans. The Conserved Building shall be adapted for residential and/ or indoor recreation spaces, such as private clubhouse or communal facilities use only. |
16 April 2024
The Urban Redevelopment Authority (URA) has awarded the tender for the site at Zion Road (Parcel A) to CDL-MFA Vega Property Pte. Ltd. and CDL-MFA Altair Property Pte. Ltd., and the tender for the site at Upper Thomson Road (Parcel B) to GuocoLand (Singapore) Pte. Ltd. and Intrepid Investments Pte. Ltd.
The tenders for these sites were launched on 4 December 2023 and closed on 4 April 2024. The sites were offered for sale on 99-year lease terms.
Details of the awarded sites and the successful tenderers are provided below:
| LOCATION | ALLOWABLE DEVELOPMENT | SITE AREA | MAXIMUM PERMISSIBLE GROSS FLOOR AREA (GFA) | SUCCESSFUL TENDERER | TENDERED PRICE ($PSM of GFA) | TENDERED PRICE ($PSF of GFA) |
|---|---|---|---|---|---|---|
| Zion Road (Parcel A) | Residential with Commercial at 1st Storey | 15,277.9 m² | 85,557 m² * | CDL-MFA Vega Property Pte. Ltd. and CDL-MFA Altair Property Pte. Ltd. | $1,106,888,000.00 ($12,937.43) | $1,201.9 PSF of GFA |
| Upper Thomson Road (Parcel B) | Residential | 32,023.7 m² | 80,060 m² | GuocoLand (Singapore) Pte. Ltd. and Intrepid Investments Pte. Ltd. | $779,555,000.00 ($9,737.13) | $904.6 PSF of GFA |
Tender outcome reflects recognition of current market conditions, need to push out fresh supply
16 April 2024
THE Urban Redevelopment Authority (URA) has awarded the two large sites put up for sale at Zion Road and Upper Thomson Road, after tenders closed on Apr 4 with single bids at lower-than-expected offers.
Zion Road (Parcel A) was awarded to a City Developments Limited-Mitsui Fudosan tie-up at its bid of S$1.1 billion or S$1,202 per square foot (psf) of gross floor area. The site is the first to be released for sale in the government’s pilot project for long-stay serviced apartments, a new rental category designed to address a supply crunch that sent housing rents shooting up in the last few years.
The Upper Thomson Road (Parcel B) plot went to a GuocoLand-Hong Leong group joint venture at its bid of S$779.6 million or S$905 psf of gross floor area. The parcel is near a new cluster of private housing projects coming up in the Lentor Hills precinct, where six plots have been sold so far and five projects launched.
Single bid of S$780 million or S$905 psf ppr comes in a shade under expectations and 8 per cent below most recently sold Lentor plot
4 Apr 2024
THE latest state tender closing in the Upper Thomson area showed developers sitting out land sales as caution prevails in the market.
The site drew just one bid – a joint venture between GuocoLand and Hong Leong Holdings, with an offer of around S$780 million or S$904.60 per square foot per plot ratio (psf ppr).
The sole offer came in just under expectations polled by The Business Times before the tender closed on Thursday (Apr 4). Consultants had expected the plot to fetch three to five bids, with the highest bid ranging between S$1,000 and S$1,100 psf ppr.
Single bid comes in a shade under expectations and 8 per cent under most recently sold Lentor plot
4 Apr 2024
A STATE land site in the Upper Thomson area drew just one bid - a joint venture between two developers at a tender on Thursday, with a bid of around S$780 million or S$904.60 per square foot per plot ratio (psf ppr).
The sole offer, from GuocoLand and Hong Leong Holdings, came in just under expectations forecast by property consultants polled by The Business Times before the tender closed on Thursday (Apr 4). Consultants had, however, expected the tender to fetch around three to five bids, with the highest bid ranging between S$1,000 and S$1,100 psf ppr.
The Upper Thomson Road (Parcel B) plot spans 32,023.7 square metres (sq m), with a maximum gross floor area of 80,060 sq m. It is expected to yield 940 private homes.
4 April 2024
The Urban Redevelopment Authority (URA) closed the tender for the two sites at Zion Road (Parcel A) and Upper Thomson Road (Parcel B) today.
The public tender for the two sites at Zion Road (Parcel A) and Upper Thomson Road (Parcel B) was launched on 04 December 2023.
This is not an announcement of tender award. A decision on the award of the tender will be made after the bids have been evaluated. This will be publicised at a later date.
LAND PARCEL AT UPPER THOMSON ROAD (PARCEL B)
ALLOWABLE DEVELOPMENT : RESIDENTIAL
SITE AREA : 32,023.7 m²
MAXIMUM PERMISSIBLE GFA : 80,060 m²
DATE OF LAUNCH : 4 DECEMBER 2023
DATE TENDER CLOSED : 4 APRIL 2024
LEASE PERIOD : 99 YEARS
| RANKING | NAME OF TENDERER | TENDERED SALE PRICE ($) | TENDERED SALE PRICE IN $PSM OF GFA |
|---|---|---|---|
| 1 | GuocoLand (Singapore) Pte. Ltd. and Intrepid Investments Pte. Ltd. | 779,555,000.00 | 9,737.13 |
21 Jun 2023
Land supply for private housing has been further beefed up for the second half of 2023, taking the total confirmed supply for the year to its highest in a decade.
In all, the eight sites on the confirmed list of the Government Land Sales (GLS) programme announced on Wednesday will yield about 5,160 private residential units, including 560 executive condominium (EC) units, and 4,900 sq m gross floor area (GFA) of commercial space.
