Government releases 2 GLS Executive Condominium sites for sale

30 Dec 2019

                                                                  Nicholas Mak
Government releases 2 GLS
                                                                  Head of Department
Executive Condominium sites                                       Research & Consultancy

for sale
                                                                  ERA Realty Network Pte Ltd
Fernvale Lane GLS executive condominium site launched             229 Mountbatten Road #03-01
for sale; Tampines Street 62 executive condominium site           Mountbatten Square
                                                                  Singapore 398007
made available in December 2019                                   T : (65) 6226 2000

Introduction

The Housing Development Board (HDB) launched the 99-year
leasehold Executive Condominium (EC) development site at
Fernvale Lane under the Confirmed List of the second half
2019 (2H 2019) Government Land Sales (GLS) Programme.
At the same time, the EC development site at Tampines Street
63 is made available under the Reserve List of the 2H 2019
GLS Programme.

The Fernvale Lane site has a land area of 184,385 sq ft and a
plot ratio of 2.8. This site can be developed into an estimated
470 to 500 housing units. Meanwhile, the EC site at Tampines
Street 62 is zoned with a plot ratio of 2.5. This site measures
256,172 sq ft and can be developed into 585 to 620 units.

Both EC sites are located about a 10 to 15-minute walk to its
respective nearest MRT or LRT station. The Tampines Street
62 GLS site is located about 950 metres southwest of the
Pasir Ris MRT station. The site on Fernvale Lane, on the other
hand, is located near 790 metres southwest of the Fernvale
LRT station and 2.3 km west of the Buangkok MRT station.

Fernvale Lane GLS site (Confirmed List)

The subject site is located in Postal District 28, with close
proximity to Fernvale Primary School, Sengkang Green
Primary School. While it is not located near a MRT station,
compared to the Tampines Street 62 site, the Fernvale Lane
GLS site has better access to retail amenities such as The
Seletar Mall and Greenwich V Shopping Mall.

30 Dec 2019

This site will be popular among EC developers as there is a
limited supply of unsold EC units in the primary market.
Currently, there are less than 380 launched and unsold new
EC units in the market. Although there are four EC
developments that could be launched in the next 15 months,
each launch is very likely to be months apart from each other.
Therefore, with the exception of the two EC projects which is
next to each other at Canberra Link, the other EC launches
should be able to avoid direct head-on competition.

The table below shows the comparable condominiums near
the subject site.

Table 1: Comparable condominiums near Fernvale Lane GLS site
 Project                    Address                Tenure        Year of         No. of units    Median price
                                                                 TOP                             ($psf)*

 The Topiary (EC)           Fernvale Lane          99 years      2016            700             $852
 Lush Acres (EC)            Fernvale Close         99 years      2016            380             $938
 High Park Residences       Fernvale Road          99 years      2019            1390            $1,239
 Parc Botannia              Fernvale Street        99 years      u/c             735             $1,325

* Note: Median price is the median transacted unit price $per square foot from Jan - Nov 2019.
Source: URA, ERA Research & Consultancy

Figure 1: Location map of Fernvale Lane site

Source: HDB

30 Dec 2019

Tampines Street 62 GLS site (Reserve List)

The subject site is located in Postal District 18. The last
executive condominium GLS site sold within the same postal
district was at Tampines Avenue 10 in January 2019. That GLS
tender was awarded to Hoi Hup Realty and Sunway
Developments for $434.5 million or $579 psf per plot ratio (ppr)
on 22 January 2019.

Below is a table showing the comparable condominiums near
the subject site.

Table 2: Comparable condominiums near Tampines Street 62 GLS site
 Project                          Address                  Tenure       TOP       No. of         2019 Median
                                                                                  units          price ($psf)*
 Belysa (EC)                      Pasir Ris Drive 1        99 years     2014      315            $873
 The Tampines Trilliant (EC)      Tampines Central 7       99 years     2015      670            $993

 Coco Palms                       Pasir Ris Grove          99 years     2018      944            $1,217
 The Palette                      Pasir Ris Grove          99 years     2015      892            $1,024

* Note: Median price is the median transacted unit price $per square foot from Jan - Nov 2019.
Source: URA, ERA Research & Consultancy

Figure 2: Location map of Tampines Street 62 site

 Source: HDB

30 Dec 2019

This site is located in the mature town of Tampines and within
close proximity to Tampines Eco Green Park. Compared to the
previous EC site at Tampines Avenue 10, the Tampines Street
62 site is further away from the town centre. Given that
Tampines Street 62 is still under construction and there are
empty plots of land adjacent to the subject site which could
potentially add on to the supply of residential land; demand
from developers might be muted. Hence, this Reserve List site
is not expected to be triggered for tender in the coming
months.

Table 3: Details of Land Parcels

                                                                                       Gross Floor Area (GFA,
  Site Location                      Site Area (sq ft)              Plot ratio                                               Expected no. of units
                                                                                               sq ft)

  Fernvale Lane                         184,385 sq ft                   2.8                    516,280 sq ft                          470 - 500

  Tampines Street 62                    256,172 sq ft                   2.5                    640,430 sq ft                          585 - 620

 Source: HDB, ERA Research & Consultancy

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