No Bids Submitted Upper Thomson Road Gls Site

By June 19, no bids were submitted for the residential Government Land Sale (GLS) site along Upper Thomson Road. The tender closing is batched with another site, River Valley (Parcel A). No submission was seen for the 99-year leasehold land parcel with a gross plot ratio of 2.2, which measures 262,875 sq ft. The site is estimated to produce around 640 residential units, including 100 long-stay serviced apartments. It comes with commercial space of approximately 21,528 sq ft and is zoned for residential use with commercial on the first floor. This is the second GLS site to feature long-stay serviced apartments with a minimum stay of three months. The first site was awarded to a joint venture between City Developments Ltd (CDL) and Mitsui Fudosan on April 16. The JV submitted the only bid of $1.107 billion for the 164,439 sq ft plot, which translates to $1,202 psf per plot ratio.Read also: GLS sites at Dairy Farm Walk and Tengah Garden Ave launched for sale, Bayshore Rd site open for applicationMark Yip, CEO of Huttons Asia, says that it is not surprising that there were no bids for the Upper Thomson site as this type of serviced apartment is relatively untested in the area. He adds that the government may be aware of this and has reserved only 100 units for long-stay serviced apartments. Yip believes that even with a small number of SA2 units, developers may have seen the risks as too high and decided to sit out this tender.Marcus Chu, CEO of ERA Singapore, says that the location of the site in a non-key commercial area may have also contributed to the lack of bids. This could have been a deterrent as it would not support rental demand. Knight Frank’s head of research, Leonard Tay, notes that the Upper Thomson/Springleaf area is not typically associated with “mid-term tenants”. He adds that the minimum rental period might result in the operator competing with individual private landlords in the surrounding landed estate. Tay believes that the concept of long-stay serviced apartments for GLS sites has yet to be fully tested in a suburban area.Besides taking on a high-risk project involving long-stay serviced apartments, Chu points out that the developer of the Upper Thomson site will also have to face stiff competition for potential buyers from the adjacent Upper Thomson Road (Parcel B) residential site. The Parcel B plot was awarded to a joint venture between GuocoLand and Hong Leong Holdings in April for $779.6 million, or $905 psf per plot ratio. The site can potentially yield 940 residential units.Read also: GuocoLand-Hong Leong JV submit sole bid for Upper Thomson Road GLS site at $905 psf pprThe head of research and content at PropNex, Wong Siew Ying, says that this site may be pushed back to the 2H2024 GLS programme and the lack of interest may prompt the government to review the requirements for long-stay serviced apartment units in future GLS tenders. In light of the response for the previous two GLS sites that included long-stay serviced apartments, Huttons’ Yip suggests that developers may be better off bidding for such sites if they are close to the city centre or major commercial areas. The next GLS site that features long-stay serviced apartments is located in Media Circle and the tender will close on September 19. Yip expects only one bid for this site.

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