H2 2022 GLS: First condo in Marina South, second EC in Tengah and more sites at Lentor

The government has announced today that the government land sales (GLS) for the second half of this year will yield around 7,310 residential units, 94,750 sqm gross floor area (GFA) of commercial space and 530 hotel rooms.

H2 2022 GLS Confirmed List

The Confirmed List for H2 GLS comprises five residential sites (including one executive condo (EC) site), and one commercial and residential site. Altogether, this will yield about 3,505 residential units and 14,750 sqm GFA of commercial space.

“To ensure sufficient supply of private housing to meet market demand and to maintain market stability, the Government has decided to increase the supply of private housing on the Confirmed List further, to 3,505 units for the 2H2022 GLS Programme, from 2,785 units for the 1H2022 GLS Programme,” MND said in the press release.

This translates to a 25.9% increase compared to the previous H1 2022 GLS, through which the government has increased the private housing supply as well given the strong demand.

Lam Chern Woon, Head of Research and Consulting at Edmund Tie, highlighted that three sites, Bukit Timah Link, Hillview Rise and Lentor Gardens, were previously under the H1 GLS Reserve List.

“In a nutshell, this reflects the government’s targeted approach to guide the growth of active residential communities in various neighbourhoods. We expect healthy bidding interest for these sites given the locational attributes and their relatively healthy demand-supply dynamics.”

H2 2022 GLS Reserve List

In addition, the Reserve List comprises six residential sites (including two EC sites), one White site and one hotel site. These sites will yield 3,805 units, 80,000 sqm GFA of commercial space and 530 hotel rooms.

First residential site in Marina South

The H2 GLS will also see the first condo to be launched in Marina South, with the tender to open in December.

First unveiled in the Draft Master Plan 2013, the Marina South precinct is situated next to Gardens by the Bay and overlooks the Marina Reservoir and the Straits of Singapore. The precinct is envisioned to be a sustainable and car-lite precinct, yielding more than 10,000 housing units and comprising a mix of retail, office, recreational and hotel uses.

Steven Tan, CEO of OrangeTee & Tie, believes the Marina Gardens Lane site may be the most popular under the H2 2022 GLS, attracting 3 to 5 bids.

“Developers who buy this site will have the first-mover advantage in the development of the Marina South Precinct as it is the first residential site out of 5 sites along the same stretch according to the URA Master Plan. The future development will also be the first residential development next to the popular tourist attraction Gardens by the Bay.”

Lam added that the site is likely to be a testbed for reception to an extension of the Marina Bay live-work-play precinct, despite downtown living gaining traction over the years. He also highlighted that the site enjoys strong connectivity to the upcoming Marina South MRT on the Thomson-East Coast Line (TEL).

“However, as the site is capped with 750 sqm of retail GFA space and is not directly connected to the current Marina Bay nexus, the site will likely appeal largely to developers with a strong track record of curating artisanal retail spaces to attract homebuying demand.”

6 new condos in Lentor

Other notable sites in the H2 2022 GLS are the Lentor Gardens and Lentor Central sites. The Lentor Gardens site was previously under the H1 2022 GLS Reserve List, while the Lentor Central site is a new plot.

Around three weeks ago, URA launched the sale for two sites in the area, which will close on 13 September. On top of that, two sites in the area have been awarded to developers, with Lentor Modern expected to launch this year.

Including the site in the Reserve List, this will translate to six new condos in the area, yielding around 3,000 new units, Lam commented.

“Residents would be well-served by the Lentor MRT station on the Thomson-East Coast Line, whose connectivity would be further enhanced when 11 more stations are opened later this year. The sizeable upcoming supply is likely to help satiate pent-up demand for the tranquil neighbourhood amid a low inventory market environment.”

A second EC in Tengah

Tengah will also have its second EC, with the Tengah Plantation Loop plot to be launched in December. This comes after the Tengah Garden Walk EC site that was awarded last year, which set a record at the time for an EC. The EC is expected to launch this year.

Tan expects the plot to be another popular site among the H2 2022 GLS sites, attracting 6 to 9 bids.

“As the Tengah area continues to develop and more HDB dwellers shift into their flats, the introduction of more EC units in Tengah can help to meet the housing needs of young Singaporeans who wish to move near their parents living there and desire to live in a condo at a subsidised rate.”

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