The government has released three sites in Kampong Java, Tampines and Marina View as part of its Government Land Sales (GLS) with the last site being on reserve list. Once the reserve price is met, the site will be triggered for tender and will hence officially be open from bids from developers.
File pic: Tampines New Town
All three sites are attractive in their own way and are likely to attract aggressive bids from developers. These are the 2 districts which may potentially see 2,000 new homes sprouting in their midst.
The Kampong Java site is located near Newton MRT station just outside the Orchard Road shopping belt and is close to many amenities and schools.
The Tampines site is zoned for Executive Condominiums (ECs) and is expected to attract at least 6 to 10 developers with bidding prices ranging from $500 psf ppr to $600 psf ppr.
ECs are usually popular among first-time buyers and HDB upgraders due to their appreciation potential and the provision of government grants to purchase them.
The last EC launch in Tampines was in February 2013 for Citylife@Tampines.
The site on Marina View can potentially hold 540 hotel rooms and 905 homes. It is unique for being an integrated site meaning that developers can house residential and commercial units under one roof. Given the paucity of such developments in the Marina Bay area, it is likely to attract interest from local and foreign developers.