Colliers names most attractive sites in 2H12 GLS programme

The property analyst picks out the top residential, commercial and hotel sites based on their proximity to public transport and activity hubs.

Overall, residentials sites situated near MRT stations received a big thumbs up. While the new commercial sites and hotel sites were expected to garner developer interest due to their well-located addresses that should attract shopper and tourist traffic.

Here's the full assessment from Colliers:

Residential Sites. A number of sites for residential development have attractive attributes and are expected to garner interest from developers.

Dairy Farm Road: The site is located within an established residential enclave and is near to the upcoming Hillview MRT Station.

New Upper Changi Road/Bedok Road (Parcel A): The site is located adjacent to the Tanah Merah MRT Station.

Bishan Street 14: The site is located near to the Bishan MRT Interchange Station, Junction 8 Shopping Centre and reputable schools such as Raffles Institution and Ai Tong Primary School. The Bishan neighbourhood and the cluster of residential developments have been much sought after by homebuyers.

Ang Mo Kio Avenue 2/Ang Mo Kio Street 13: The site is located in the mature estate of Ang Mo Kio where there is a host of amenities. It is also situated adjacent to the CHIJ St Nicholas Girls’ School.

Jurong West Street 14/Boon Lay Way (Parcel A): The site is located near to the Lakeside MRT Station.

Commonwealth Avenue: The site is located in the central region, within the mature estate of Commonwealth/Queenstown. It is also conveniently located near the Commonwealth MRT Station.

The 2H 2012 Reserve List also offers some sites with good locational attributes. Sites that can be potentially triggered for open tender could include those that are located next to MRT stations, as well as those in the popular central region.

New Upper Changi Road/Bedok Road (Parcel B): The site is located adjacent to the Tanah Merah MRT Station.

Jurong West Street 41/Boon Lay Way (Parcel B): The site is located near to the Lakeside MRT Station.

Stirling Road: The site is located in the central region, within the mature estate of Commonwealth/Queenstown. It is also conveniently located near the Commonwealth MRT Station.

Alexandra View (Parcel A) and Alexandra Road/Alexandra View (Parcel B): The sites are located in the central region, within the mature estate of Redhill. They are also conveniently located near the Redhill MRT Station.

Kim Tian Road: The site is located in the central region, within the popular Tiong Bahru area. It is also situated near the Tiong Bahru MRT Station and Tiong Bahru Plaza.

Farrer Road/Lutheran Road: The site is a smallish plot located in the established Farrer Road residential enclave and is near to a number of reputable schools such as Raffles Girls Primary School, Nanyang Girls’ School, Anglo-Chinese School, Hwa Chong Institution and National Junior College, as well as the Botanical Gardens. The small plot size, and in turn, the comparatively-smaller development cost quantum, is also expected to be attractive to some developers.

Tai Thong Crescent (Parcel C): The site is within walking distance to the Potong Pasir MRT Station and a supporting commercial component with some 2,000 sq m is allowed on the site.

Commercial Sites. Interestingly, two commercial sites have been introduced to the Confirmed List of the 2H 2012 GLS Programme. The addition of the new site located at Venture Avenue (Jurong Gateway) is generally welcomed, as it is expected to draw interests from developers in view of the government’s commitment to develop the district into a vibrant commercial hub.

In addition to the new site at Cecil Street/Telok Ayer Street, a commercial site at Sims Avenue/Tanjong Katong Road has also been added to the Reserve List. The set of revised sale conditions for the latter site is expected to be welcomed by the market, as it offers greater flexibility for the developer in terms of the mix of uses for the site. Hence, this site is expected to garner interest from developers, especially given that the government remains committed to keep up the pace of development in Paya Lebar growth area.

It is unlikely that the sites in the CBD with a very significant office component will be triggered from the Reserve List, as M+S Pte Ltd, the consortium of Khazanah Nasional and Temasek Holdings, has already committed to developing some 2.8 million sq ft office space that is envisaged to be ready by 1Q 2017.

Hotel sites. Notwithstanding the global economic uncertainties, Singapore achieved a record high of 13.2 million visitor arrivals in 2011 and the Singapore Tourism Board has an even higher projection of 13.5 to 14.5 million visitors for 2012. This has set the tone for the government’s decision to include an additional prime hotel site on top of those already on the Reserve list, while removing the two existing sites at Kallang Riverside from the list for further review.

The new site at Victoria Street/Ophir Road on the Reserve List is expected to be triggered sooner rather than later, possibly within the course of this year. It boasts good locational attributes, being close to the retail and entertainment activities in the Bugis area. The site is within walking distance of the existing Bugis MRT and the upcoming station from the Downtown Line. A hotel on this site would likely to be occupied by a significant volume of medical tourists using the facilities at Raffles Hospital.