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

Located in the bustling area of Jurong Lake District Condo, there are plenty of malls and shopping arcades for residents to explore. From basics needs to luxury items, the shopping centres nearby provide residents with everything they need. With the comfort and convenience of shopping in the neighbourhood, you can never go wrong with Jurong Lake District Condo. Visit any of the shopping malls located near Jurong Lake District Condo and you will not be disappointed!

Major property developers CDL, Frasers Property and Sekisui House banded together and submitted the highest bid of $968 million for a Government Land Sales (GLS) site at the junction of Lorong 1 and Lorong 4 Toa Payoh. This translates to a land rate of $1,360 psf per plot ratio (ppr), a 50:25:25 split between the three developers.The appeal of the rare District 12 GLS site was clear, with the top bid 18% higher than the next highest bid of $1,153 psf ppr. It has been eight years since the last GLS site was tendered in Toa Payoh, and now the developers have announced that if they win the bid, they aim to create two blocks of 40 storeys comprising 800 residential units.The pent-up demand for new units in the area, as well as its closeness to the Braddell MRT Station and other amenities, has generated several million-dollar HDB resales in recent years. Market watchers predict an average selling price for the new project could range between $2,400 psf and $2,500 psf.In a press release, Sherman Kwek, group CEO of CDL, expressed excitement for the rare opportunity to work with Frasers Property and Sekisui House, saying: “We are delighted to be the top bidder for this rare District 12 site and honoured to have our first collaboration with Frasers Property and Sekisui House. Together with our partners, we look forward to tapping on our collective expertise to create an iconic development in the highly sought-after Toa Payoh estate.“$2,400-2,500 psf is our expected average selling price range,” added Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI). “This extended gap (in development) will likely create pent-up demand and development potential within the area.”The bids for the GLS sites at Lorong 1 Toa Payoh, Clementi Avenue 1, and Pine Grove (Parcel B) show that developers are willing to invest in opportunity with bullish bids in order to secure top position. The collaboration between CDL, Frasers Property and Sekisui House may be the perfect project to meet the rising demand in Toa Payoh.