2H 2024 GLS programme

25 June 2024

The Government has pushed out 9 sites for private residential homes under its 2H 2024 GLS programme. This will add 4,090 private dwelling units to supply.

It is worth noting that there is no site for SA2 in 2H 2024 GLS programme. River Valley Green (Parcel B) had SA2 units in 1H 2024 GLS programme but this was changed to service apartments in 2H 2024 GLS programme. This may be a response to the recent response to a GLS tender which has a SA2 component.

The sites that are likely to attract interest may be Bayshore Road, Chencharu Close and Chuan Grove.

The Bayshore Road site is the first site to be sold in the upcoming Bayshore precinct. With a direct connection to Bayshore MRT station and unblock views of the sea, this is bound to attract a lot of interest from buyers. The most recent major non-landed launch in the vicinity was Seaside Residences. Seaside Residences had seen the average prices appreciating by more than 30% since its launch, attesting to the popularity of seaside living in East Coast.

A mixed-use site will be offered for sale in Chencharu Close, an upcoming housing precinct in Yishun. This site is within a short walk to Khatib MRT station. There are a few primary schools within 1km of this site. Mixed-use sites are in demand from buyers for the convenience it offers hence interest in this site is likely to be robust.

It is more than 10 years since the last completed project in the Lorong Chuan vicinity. There may be potential pent up demand for homes. There will be an upcoming project, The Chuan Park which will be above Lorong Chuan MRT station. This mid-size site at Chuan Grove will help to address potential demand.

The site at River Valley Green (Parcel B) shares similar attributes to Parcel A such as a direct connection to Great World MRT station which will bring residents to Great World City mall. This site is right next to Kim Seng Park and Singapore River. However, developers need to build 220 serviced apartments. Developers will be mindful of this additional holding costs as well as competition from Parcel A and Parcel C in formulating their bids for the site.

The Holland Link site is the first site to be launched in the upcoming Holland Plain precinct. The Holland Plain housing area was highlighted in the Master Plan 2019. It will be nestled in a private residential enclave and near to vast stretches of greenery at Clementi Forest and the Rail Corridor.

The Tampines Street 95 (EC) site is close to a mixed-use site at Tampines Street 94 which will be offered for tender in Jun 2024. This will offer buyers more options to stay close to a mixed-use site and the Tampines West MRT station. EC sites in Tampines have always been popular among developers and this site is likely to see good interest.

The sites in the Reserve List may not be triggered for sale except for Woodlands Drive 17 (EC) site. The Woodlands Drive 17 (EC) site is near Woodlands South MRT station, the Singapore Sports School and other primary schools. The last EC site in Woodlands was in 2015 and there could be pent-up demand for EC.