The Urban Redevelopment Authority (URA) and the Housing & Development Board (HDB) have launched four new residential land parcels under the second half of the 2024 Government Land Sales (GLS) programme. These include a site for an executive condominium (EC) at Woodlands Drive 17, as well as residential plots at Lentor Gardens, Marina Gardens Lane, and River Valley Green (Parcel B).
The confirmed list includes the sites at Lentor Gardens and River Valley Green (Parcel B), which are expected to yield 500 and 475 residential units, respectively. Both locations offer residential units, with commercial space planned for the first storey. Meanwhile, the reserve list features the sites at Marina Gardens Lane and Woodlands Drive 17, with the potential to produce 390 residential units and 420 EC units.
Confirmed list sites are launched on schedule regardless of demand, while reserve list sites require developers to submit acceptable offers before proceeding. The government has emphasized its ongoing commitment to supplying private residential units through GLS programmes, with releases calibrated to match current economic and property market conditions.
The tender for the River Valley Green (Parcel B) site is set to close on February 7, 2025, while the Lentor Gardens site’s tender will end on April 3, 2025. Lentor Gardens is the seventh site released in the Lentor residential area, with cautious market sentiment expected to limit demand. Analysts foresee restrained interest due to existing supply in the neighborhood, but some developers may still place bids.
River Valley Green (Parcel B) sits in a prime district with direct access to Great World MRT station, which may attract up to three bidders. However, the current market slowdown may still temper aggressive bidding for this attractive site.
Woodlands Drive 17’s EC site could draw significant developer interest if triggered for sale, given the historical popularity of EC projects, which generally sell quickly and offer good returns. Marina Gardens Lane, however, may not be triggered due to competing attractive sites.
With these new land parcels, the government aims to maintain a steady supply of private housing while adjusting to evolving market conditions.
Source: URA, HDB
