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  • CBRE comments: 2H2018 Government Land Sales Program

CBRE comments : 2H2018 Government Land Sales Program

Singapore | June 27, 2018
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Singapore, 27 June 2018

Residential
As expected, there are no major changes in the supply of residential land to the market from the 2H 2018 list as compared to the 1H2018 list. Developers are still able to procure land from the private market and the robust collective sales market over the past 12 to 18 months; this has created a strong pipeline of residential units in the near to the mid-term.
Not surprising, more potential dwelling units are placed on the Reserve List as this allows sites to be triggered as when the market calls.

Commercial
Two Reserve List sites at Peck Seah Street and Woodlands Square have been removed and three new white sites have been introduced instead. As such, more flexibility in the development use can be taken advantage of by the potential developers.

Hotel
In addition to options available from the Marina View white site, a Hotel site along Club Street has been added to the Confirmed List. This is testament to the optimistic tourism arrivals and spending numbers over the past 12 months, as well as healthy RevPAR (revenue per available room) levels.

Pasir Ris Central
A white site adjacent to Pasir Ris MRT station has been introduced on the Confirmed List which may add a new retail and lifestyle facility in the vicinity to complement the existing recreational developments like Downtown East. This Pasir Ris Central site is expected to be launched in August 2018 and is likely to garner healthy interest from developers with strong retail play.

Woodlands Central
The new Woodlands Square site is a new site listed on the Reserve List with better proximity to the MRT station and Causeway Point. This site can reemphasize the focal point of the Woodlands Square vicinity especially with the Johor Bahru – Singapore Rapid Transit System link in place and with the future development of the North Coast Innovation Corridor.

Marina View
This site has been reintroduced to the list after it was taken off in 2H 2015. With an estimated commercial quantum of 2,000 sqm, it remains a plausible reprieve to the office supply in the future even though the focus on this site is more on residential and the provision of a hotel. When completed, it will reinforce the original concept of Work, Live and Play for Marina Bay. While there were no bidders previously when this site was listed, the plans around transport infrastructure as well as the completions of key developments in Marina Bay have now presented a more attractive proposition.

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Disclaimer:

Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.

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