Which of the GLS sites are the most attractive?

On the confirmed list, it’s Holland Road.

Singapore has launched a total of sixteen sites under the Government Land Sales (GLS) Programme which comprises six on the Confirmed List and 10 on Reserve List.

National director of research and consultancy Ong Teck Hui at JLL said the most attractive site on the confirmed list are the Holland Road and Sengkang Central parcels, both mixed development sites with residential and commercial uses allowed.

"Riding on the popularity of Holland Village as an eating and niche shopping destination as well as demand for homes in that area, the Holland Road site could be the most appealing site to developers. Proximity to the Holland Village MRT station is an added boost to the site, enhancing its accessibility and connectivity advantages. Strong interest is expected in the tender for this site," Ong said.

Meanwhile, the Sengkang Central site could benefit with the Buangkok MRT station. "Due to this, we can expect keen interest from developers in bidding for the site."

Ong also noted that the Handy Road residential site would be popular by virtue of its prime location, just off Orchard Road, enjoying abundant amenities nearby and proximity to the Dhoby Ghaut MRT station.

Cushman & Wakefield director for research Christine Lee agreed, saying the Handy Road site can yield an estimated 130 units, is expected to be hotly contested with 12-15 bidders and fetch approximately $1,100 - $1,300 psf per plot ratio.

Lee also pointed out the attractiveness of the Sengkang Central site, which is directly adjacent to Buangkok MRT station and has an estimated yield of 700 residential units and 12,000 sm of retail space.

"Developers which did not prevail in the recent Upper Serangoon Road tender at Bidadari may be drawn to this integrated development, as mixed-use projects within close proximity to the MRT stations always seem to be selling well," Lee said.

She added, "Assuming the developer is required to bear the cost of the integrated community and bus interchange facilities, there could be approximately 10-12 bids for the site with bids expected to fall in the range of $850 – $950 psf ppr."

Interestingly, the Cuscaden Road site on the Reserve List which is situated close to the upcoming Orchard Boulevard MRT station could also pique the interest of developers.

"The appeal of this site may be dependent on the performance of the upcoming Martin Modern project. Developers may opt to trigger the Cuscaden Road site to take advantage of the lack of new projects in the Orchard area assuming the launch of Martin Modern is well-received with strong take-up. If triggered, the number of bids may be similar to that of Martin Modern’s 13 bids and fall in the range of $1,300 - $1,500 psf ppr," Lee explained.

For Tricia Song, Colliers International head of research, the Cuscaden Road offers developers an alternative to sourcing a luxury property other than a collective sale.

She also cited the Mattar Road site as attractive. The site is next to the Mattar MRT station on the Downtown line and the only GLS site in the East.

"[There is a] very limited condo supply in the location, where residential supply is low-rise landed area/HDB flats; near industrial area which is zoned B1, which could be seen as negative but it does provide potential rental catchment," Song said.