Snubbed and sidestepped: New GLS programme shatters Woodlands sales momentum

Development in the area will just have to wait.

Developers welcomed new commercial sites with the recently released 2H 2014 GLS Programme, but promising Woodlands was surprisingly absent in the government’s list.

Colliers International noted that this absence is surprising after the successful sale of the Woodlands Avenue 5/Woodlands Square site in April.

“It is surprising that a similar intent is lacking in Woodlands as no sites have been made available in this locality in the 2H 2014 GLS Programme. It was expected that the Government would have kept the development momentum going in the presently under-developed Woodlands Regional Centre,” said Chia Siew Chuin, Colliers International’s Director of Research & Advisory.

Here’s more from the report:

It is encouraging that the Government has strategically released a site at Paya Lebar Road/Sims Avenue to continue to drive the development of this key decentralized commercial growth node.

This site in the Confirmed List comprises a commercial parcel that was placed on the 1H 2014 Reserve List and another new plot of land immediately south of Paya Lebar MRT Station.

Even though there is adequate supply of office space within the Downtown Core with the anticipated completions of CapitaGreen, South Beach, Duo and Marina One, the Government has nonetheless released a new site on the Reserve List at Beach Road that is close to 1.0 million sq ft in commercial GFA.

Perhaps the introduction of this site in the Reserve List shows the Government’s intent to develop the Rochor Corridor as a vibrant commercial area when the market is ready for it.