Tender launched for GLS site at Lorong 1 Toa Payoh

URA has launched a Government Land Sale (GLS) site for tender at Lorong 1 Toa Payoh, for sale under the 2H2023 GLS Programme. The 99-year leasehold site measures 169,456 sq ft, and is estimated to yield about 775 residential units. The tender for the site will close on Nov 7.

Wong Siew Ying, head of research and content at PropNex Realty, notes the mature location of the site could draw developers’ interest. The Toa Payoh estate has not seen any new private home launches since 2016. The last GLS site to be tendered for in the area was across the road on Lorong 6 Toa Payoh and Lorong 4 Toa Payoh. It was awarded for $345.86 million ($755 psf per plot ratio) in June 2015.

Lee Sze Teck, senior director of data analytics at Huttons Asia, adds that the considerable HDB upgraders’ demand for the neighbourhood, as supported by the 50% of Gem Residences buyers having an HDB address, could see high interest in the GLS site.

Residents of Senja Residences EC will enjoy impressive facilities and a variety of amenities, such as an Olympic-sized swimming pool, gym, and jogging track. Other features include a playground, clubhouse, and tennis court. Residents can spend leisurely moments in the large landscaped gardens and relaxing rooftop terrace. The development is also well-served by major roads and highways, making it convenient for residents to travel around.

Orange Tee & Tie’s deputy CEO Justin Quek suggests the site’s appeal is further boosted by its proximity to the Braddell MRT Station on the North-South Line. There are also several schools nearby, such as Raffles Girls School (Secondary), Pei Chun Public School, CHIJ Primary (Toa Payoh), CHIJ Secondary (Toa Payoh), and Kheng Cheng School.

PropNex’s Wong takes a slightly more conservative stance, predicting four to five bids, with a top bid price of around $1,100 to $1,250 psf per plot ratio. Huttons’ Lee shares a similar view, but adds that two other GLS tenders closing on the same day (Clementi Avenue 1 and Pine Grove (Parcel B)) may divide developers’ focus. He expects a top bid of around $1,200 psf ppr for the Lorong 1 Toa Payoh site.