Bayshore Estate Source HDB

Top Draws Expected in H1 2024 Land Sales: River Valley, Queenstown, Pasir Ris

The Government Land Sales (GLS) programme for private residential housing in the first half of 2024 is anticipated to see heightened interest in ten new sites, with eight on the confirmed list and two on the reserve list.

Confirmed List Highlights:

  1. River Valley: A prime central area parcel, River Valley Green (Parcel A), spanning 0.93 hectares, is expected to launch in March 2024. With around 380 potential private homes, analysts predict strong interest due to its central location and accessibility.
  2. Margaret Drive (Queenstown): A 0.95-hectare site near Queenstown MRT station is set to launch in May 2024. If sold, it will mark the first land sale in the area since 2017, attracting attention for its proximity to popular housing and potential upgrader demand.
  3. Jalan Loyang Besar (Pasir Ris): The sole executive condo (EC) site on the confirmed list, spanning 2.84 hectares, is within walking distance of Pasir Ris MRT interchange. Anticipated to be hotly contested when it launches for tender in May 2024, ECs are seen as an attractive option for mass-market buyers.

Other Confirmed List Sites:

  • Tampines Street 94 (Mixed-use development)
  • Media Circle in Buona Vista (Long-stay serviced apartments)
  • Canberra Crescent
  • Dairy Farm Walk
  • Tengah Garden Avenue

Reserve List:

  1. River Valley Green: A plot for 575 homes.
  2. Bayshore Road: Expected to be triggered for tender due to its first private housing land sale in the area. Keen interest is expected from developers and buyers because of its proximity to East Coast Park and the upcoming Bayshore MRT station.

Programme Impact:

  • The GLS programme for H1 2024 is projected to boost the supply of private homes, including executive condos, by 5.6% to 5,450 units, up from 5,160 units in H2 2023.
  • This marks the highest supply on the confirmed list since H2 2013, regulating bids and land prices while signaling the government’s commitment to ensuring sufficient supply to control prices.

Note: Quotes and insights from various industry experts and analysts have been incorporated throughout the article for a comprehensive overview.

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