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 Zion Road Parcel A land plot was amongst the sites under the Confirmed List.
| Item | Details |
|---|---|
| Location | Zion Road (Parcel A) |
| Planning Area | Bukit Merah |
| Land Use | Residential (Non-Landed) |
| Est Site Area | 1.51 ha |
| Gross Plot Ratio | 5.6 |
| Est. Housing Units | 955 |
| Est Commercial Space | 2,400 sqm of GFA |
| Sales Agent | URA |
| Est Tender Launch Date | Dec 2023 |
| Est Public Sales | Q2 2025 |
| PARAMETERS | PROVISIONS / REQUIREMENTS |
|---|---|
| Site Area | 15,276.8 sqm (Subject to final cadastral survey) |
| Land Use / Zoning | Residential with Commercial at 1 st Storey |
| Type of Proposed Housing Development | The proposed residential development shall be for a combination of Flats and Serviced Apartments II (SA2). Condominiums and strata landed houses will not be allowed. |
| Permissible Gross Floor Area (GFA) | Overall GFA Maximum GFA: 85,551 m2 Within the Maximum Permissible GFA Minimum GFA of 54,000 m2 shall be for flats use Minimum GFA of 20,000 m2 shall be for Serviced Apartments II (SA2) Minimum GFA of 600 m2 shall be for Early Childhood Development Centre (ECDC); Minimum GFA of 1,500 m2 , but not exceeding 2,400 m2 shall be for commercial uses, comprising: a. Shop and Restaurant uses (inclusive of any Outdoor Refreshment Areas (ORAs); and b. Other complementary commercial uses as may be permitted by the Competent Authority under the Planning Act. |
| Building Height | Low-rise Zone Maximum 4 storeys fronting Havelock Road, subject to LTA’s loading provision Minimum 1 storey Building Edge along Havelock Road High-Rise Zone 1 Maximum 36 storeys High-Rise Zone 2 Up to the technical height control of a maximum of 240.0m SHD |
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$905 psf of gross floor area. The parcel is near a new cluster of private housing projects coming up in the Lentor Hills precinct, where six plots have been sold so far and five projects launched.
16 April 2024
The Urban Redevelopment Authority (URA) has awarded the tender for the site at Zion Road (Parcel A) to CDL-MFA Vega Property Pte. Ltd. and CDL-MFA Altair Property Pte. Ltd., and the tender for the site at Upper Thomson Road (Parcel B) to GuocoLand (Singapore) Pte. Ltd. and Intrepid Investments Pte. Ltd.
The tenders for these sites were launched on 4 December 2023 and closed on 4 April 2024. The sites were offered for sale on 99-year lease terms.
Details of the awarded sites and the successful tenderers are provided below:
| LOCATION | ALLOWABLE DEVELOPMENT | SITE AREA | MAXIMUM PERMISSIBLE GROSS FLOOR AREA (GFA) | SUCCESSFUL TENDERER | TENDERED PRICE ($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 |
Bid is also 30.6 per cent lower than cost of the last state land plot sold in River Valley area
4 April 2024
A CITY Developments Ltd (CDL) joint venture placed the sole bid in a state land tender for a residential plot in Zion Road, which will be the first of its kind to pilot a new category of long-stay serviced apartments.
The consortium made a S$1.1 billion bid for the site, which sits on the fringe of the prime River Valley residential district and close to Orchard Road.
The bid of S$1,202 per square foot (psf) per plot ratio (ppr) fell below the S$1,300 to S$1,700 psf ppr that most analysts polled by The Business Times expected. They had expected to see between one and three bids.
4 April 2024
The Urban Redevelopment Authority (URA) closed the tender for the two sites at Zion Road (Parcel A) and Upper Thomson Road (Parcel B) today.
The public tender for the two sites at Zion Road (Parcel A) and Upper Thomson Road (Parcel B) was launched on 04 December 2023.
LAND PARCEL AT ZION ROAD (PARCEL A)
ALLOWABLE DEVELOPMENT : RESIDENTIAL WITH COMMERCIAL AT 1ST STOREY
SITE AREA : 15,277.9 m²
MAXIMUM PERMISSIBLE GFA : 85,557 m² *
DATE OF LAUNCH : 4 DECEMBER 2023
DATE TENDER CLOSED : 4 APRIL 2024
LEASE PERIOD : 99 YEARS
| RANKING | NAME OF TENDERER | TENDERED SALE PRICE ($) | TENDERED SALE PRICE IN $PSM OF GFA |
|---|---|---|---|
| 1 | CDL-MFA Vega Property Pte. Ltd. and CDL-MFA Altair Property Pte. Ltd. | 1,106,888,000.00 | 12,937.43 |
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.
