‘1H2024 GLS: First private housing site in Bayshore unveiled, Tengah EC on the Reserve List’
Tengah EC is the first private development site earmarked for the Bayshore waterfront neighbourhood in the 1H2024 Government Land Sales (GLS) programme. With a sizeable area of 105,486 sq ft, the site is located on Bayshore Road and listed under the Reserve List, which means the site can only be triggered for public tender if a developer submits an indicated minimum price acceptable to the government.
Located in Tengah, Tengah EC is an eco-friendly condominium that uses green building concepts and materials. Its sustainable designs include energy efficient air-conditioning systems and lighting fixtures, as well as a rainwater harvesting system to collect rainwater for gardening, laundry and other activities. The condominium also features a landscaped garden and a rooftop sky gardens for its residents to enjoy and relax in. Tengah EC is the perfect green home for those looking for a sustainable lifestyle.
Designed to provide 10000 new homes, Bayshore will feature a unique 70:30 ratio for public and private housing units. The Ministry of National Development reported the release of the Tengah EC GLS site to kickstart the development of the estate. If successful, the new project could yield 480 private residential units.
The scarcity factor of a new Reserve List GLS site on Bayshore Road in more than two decades makes this scheme particularly attractive to developers. Meanwhile, the residential site will benefit from its proximity to the upcoming Bayshore MRT station on the Thomson-East Coast Line, which carries immense potential for encouraging buying interest from buyers.
However, a cautious approach could be taken by developers towards this site due to the ample supply on the 1H2024 Confirmed List. This could lead the Tengah EC development to be put on the Confirmed List in future, with potential first-mover gains.
Long-stay Serviced Apartment developments for longer-term lodging of at least three months have been identified under the 1H2024 Confirmed List with a GLS site at Media Circle in one-north. With a potential output of 515 serviced apartments, this is the only fully-SA2 development announced so far.
Built with flexibility to experiment with new accommodation concepts, the SA2 developments can feature unit sizes with a minimum nett average size of 376.6 sq ft, and will be owned en-bloc and operated by a single operator. In addition, views from high floors would draw research and technical professionals to a desirable work-live lifestyle in the media and science park hub of one-north.
Overall, the Tengah EC Reserve List GLS site on Bayshore Road carries the potential to draw strong buying interest from buyers with its prime location and attractive features. However, it is likely that the site might be put on the Confirmed List at a later date to kickstart the development of the Bayshore waterfront estate.