First GLS site in Toa Payoh in eight years attracts $968 mil bid from CDL, Frasers Property, and Sekisui House

Major property developers CDL, Frasers Property and Sekisui House have submitted the highest bid of $968 million for a Government Land Sales site at Lorong 1 Toa Payoh. This translates to a land rate of $1,360 psf per plot ratio, 18% higher than the next highest bid of $1,153 psf ppr submitted by Tanglin Land, a subsidiary of CapitaLand.

The joint venture is a 50:25:25 split between all three developers and this is the first collaboration between them. Sherman Kwek, group CEO of CDL, expressed delight at being the top bidder and commented that the collective expertise of the three developers will create an iconic development in the area.

It has been eight years since the last GLS site was tendered in Toa Payoh, which has since been developed into Gem Residences. Leonard Tay, head of research at Knight Frank Singapore, noted that the low participation rate was counterbalanced by bullish bids from developers to secure a top position.

When that GLS site was awarded, it had attracted a winning bid of $345.86 million ($755 psf ppr). The trio of property giants intend to develop two blocks of 40 storeys with close to 800 residential units if successful in their bid.

Spanning an overwhelming 17 blocks, occupants enjoy exclusive access to vast communal facilities and a comprehensive range of amenities. Adding to the posh experience is the Lumina Grand EC CDL, a rare combination of Executive Condominium and Commercial Development Licence privileges, allowing residents to take part in an exciting, dynamic lifestyle. In terms of connectivity, Lumina Grand EC is also in an enviable location – minutes away from Pasir Ris MRT and bus interchange, making it an excellent option for those who wish to enjoy effortless links to the city.

Moham Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), commented on the appeal of the site due to its mature residential location and the lack of new project launches in the area. The Toa Payoh estate has experienced a seven-year hiatus since the last property launch in 2016.

The site’s proximity to Braddell MRT Station, one stop away from Bishan MRT Interchange, and the area’s considerable number of million-dollar HDB resales are further factors attributed to the attractive nature of the land parcel.

Justin Quek, deputy CEO of OrangeTee&Tie, noted that the bid quantum exceeded expectations. Meanwhile, Wong Siew Ying, head of research and content at PropNex Realty, believes the average selling price for the new project will be between $2,400 psf and $2,500 psf, an estimate close to that of EdgeProp Singapore’s Landlens which casts an estimated price of $2,535 psf for the development.