Tender launched for GLS sites at Canberra Crescent and De Souza Avenue

URA has launched the tender for a site at Canberra Crescent and another site at De Souza Avenue. Both plots have been released under the Confirmed List of the 1H2024 government land sales (GLS) programme.

The GLS site at De Souza Avenue is located off Jalan Jurong Kechil in District 21. The 207,155.8 sq ft site has a maximum gross floor area (GFA) of 331,453 sq ft and could yield up to 355 residential units.

The site is close to the revitalised Beauty World neighbourhood, and Beauty World MRT Station on the Downtown Line. The newest project in the vicinity is the 258-unit Verdale by CSC Land Group and Coli Singapore. The project is fully sold and is expected to be completed this year.

Lee Sze Teck, senior director of data analytics at Huttons Asia, says that the De Souza Avenue site could attract one to three bidders, with a possible top bid that ranges from $397.74 million ($1,200 psf ppr) to $430.88 million ($1,300 psf ppr).

There is keen demand for homes in the Upper Bukit Timah area, says Justin Quek, CEO of OrangeTee & Tie (OTT). He adds that while there has been a steady supply of new homes, the existing residential units in the vicinity have been largely sold.

Existing projects such as Verdale, The Linq @ Beauty World and The Hillford are fully sold, while The Reserve Residences has only 51 unsold units out of a total of 732 units, based on caveats lodged to date.

The 219,985 sq ft GLS site at Canberra Crescent is at the junction of Canberra Crescent and Canberra Street in District 27. The residential site has a maximum gross floor area of 351,980 sq ft and could yield up to 375 units. The site is close to Bukit Canberra, an integrated sports and community hub featuring amenities like a hawker centre, a swimming pool and an indoor sports hall.

New projects in the vicinity include The Commodore by JBE Holdings, and The Watrgardens at Canberra by UOL Group. Both projects are fully sold.

Huttons’ Lee expects the Canberra Crescent site to attract up to three bids, with the top bid landing between $316.78 million ($900 psf ppr) and $351.98 million ($1,000 psf ppr).

“This site is surrounded by a sizeable number of HDB flats that have reached their MOP [minimum occupation period] status in the last five years,” says Marcus Chu, CEO of ERA Singapore. He adds that this provides a critical mass of potential HDB upgraders in the area.

The tender for the Canberra Crescent and De Souza Avenue GLS sites will close on July 18.