Developers' interest is expected to be healthy for two 99-year leasehold government sites in Bukit Timah and Hillview areas, Singapore. The two sites where new private home supply is limited amid strong demand from owner occupiers and Housing Board upgraders, have been released for sale via public tender.
The two parcels, which can yield a total of 495 homes, are on the confirmed list of the Government Land Sales (GLS) Programme for the second half of this year, the Urban Redevelopment Authority announced.
Located next to Beauty World MRT station, the Bukit Timah Link site spans 4,611.1 sq m and can yield 160 units, while the Hillview Rise site spans 10,395.2 sq m and can yield 335 units.
Most analysts expect the Bukit Timah Link site to attract top bids ranging between $1,200 and $1,300 psf per plot ratio (ppr) or a total quantum of below $200 million. The tender for both sites will close at noon on 3rd November 2022.