Market observers anticipate a further dilution in bids, as 10 sites on the list are scheduled to be released during the first half year of 2024.

A developer will probably try to grab a first-mover’s advantage in the Bayshore area, due to the site location and proximity of the Bayshore MRT.

With 3,000 private residences to be built within the precinct, competition is likely to be intense in the future.

Analysts anticipate many bids at the Jalan Lorang Besar, Pasir Ris EC, because these hybrid private homes offer a more affordable option and are attractive to both upgraders and new homebuyers.

This includes 41,900 planned units and 17,200 units sourced from GLS sites as well as sites awarded for collective sale that do not have planning approval.

The Bayshore Road Green Parcel B and River Valley Green Parcel B on the Reserve List are the two “most captivating” sites and have the best chance of being triggered.

Sea Horizon launched in 2013 was the last EC satellite launch in Pasir Ris.

Excluding ECs residential sites averaged 5.2 bids each in the first six months of 2022. The number has since moderated to 3.7 in the second six months of 2023.

Amidst rising interest rates on the market and increased uncertainty, the increase in land supplies should help developers to reduce their bids.

Developers would be able to take advantage of the prime plots that are offered, instead of having to go to the collective market.

The Ministry of National Development has stated that with the list supply confirmed, the total pipeline of private houses including ECs is expected to reach 59.100 unit.

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The Bayshore Road location will draw developers’ attention, especially with the development of Long Island and its eastern coast along Singapore.

Developers will be able to mitigate the risk of ABSD by utilizing a portion (of the GFA) of the River Valley Green Site for long-stay apartments.

Analysts pointed out that Media Circle’s site in One North, with 515 apartments for long-stay, is the site with the most confirmed number of apartments.

Two sites were opened in Upper Thomson Road & Zion Road on 4 Dec under the Second-Half 2023 programme, but they included both residential units and long-stay ones.

The Margaret Drive property (Margaret Ville), previously sold in 2016, was fiercely contested. 14 bids were received. The Tampines property will be the site of a future, mixed-use development near the Tampines West MRT. This future mall will also be supported by a growing number of residents.

Media Circle’s site is reserved for long-stay serviced apartment projects. Developers need not complete their project in the next five years to get absd remission.

The Government will also provide nine sites to developers on the Reserve List that could yield 3,460 more units, depending on how they evaluate demand.

The list includes six private residential areas, including 2 EC sites in River Valley Green with 855 unit and 1 site in River Valley Green with 220 long stay serviced apartments. Additionally, there is one commercial area, one white area – which allows a mixture of uses – and one hotel property with 530 room.

MND notes that the release on reserve of the first Bayshore Road private housing sale will help to kickstart development in Bayshore estate.

This new 60ha property will have 10,000 homes on it – 3,000 HDB apartments and 7,000 HDB private homes.

The sites in Holland Drive Avenue, and De Souza Avenue should also generate a high level of interest. These two locations were transferred from the reserve list to the confirmed first-half list 2024, after they had been placed on the reserve second-half list 2023.

Holland Drive could be worth over $1 billion dollars based upon the size and ratio of the land. This would attract joint bids from consortiums.

Experts also expect demand for the Margaret Drive 94 and Tampines Street 95 plots because they are located near popular residential precincts Queenstown, and Tampines.

For the first two-thirds of 2024, the supply of land for private houses has been increased. This will include the pilot site for long stay serviced apartments at one-north along with the Bayshore housing precinct.

All in all, 10 sites from the Government Land Sales program (GLS), announced Dec 6, are expected to yield 8,910 units of private residential space, 107.750 sq. m. of commercial and hotel space, and 530 room.

The ten confirmed list sites – one executive condominiums (EC) site and the third long-stay services apartments site – together can yield 5,450 units of private residential space, including 515 long term serviced units and 710 ECs.

It is a 5,6 percent increase from 5160 units in the 2nd half of 2023.