With sites earmarked for residential use returned to the government or placed temporarily for alternative uses, analysts expect to see more homes in sought after areas such as Paterson Road and Tanglin Road in the city, reported The Straits Times.
Notable sites include the former Overseas Family School plot in Paterson Road and the former Ministry of Home Affairs Phoenix Park site in Tanglin Road.
JLL expects the 25F Paterson Road site to yield 450 to 700 homes with an average size of 100 sq m, based on the location’s two current plot ratio guidelines of 2.8 and 4.9.
Colliers Singapore estimates that 850 to 1,100 homes of 800 sq ft to 1,000 sq ft on average could be built on the Phoenix Park site based on its current plot ratio of 1.4.
While development sites in these areas would excite developers, analysts do not expect the government to put them on the market any time soon.
“I don’t think there’s any hurry to sell the sites. It’s probably going to be five to 10 years down the road. Land bidding is so hot, they would just be adding fuel to the fire,” explained Nicholas Mak, executive director of SLP International Property Consultants.
Meanwhile, potential development sites could also rise outside the city area, with the return of the Henderson Secondary and Bedok Town Secondary sites to the government.
“The former Henderson and Bedok Town secondary schools will be suitable for Housing Board flats, as the Government intends to introduce more flats in mature estates for buyers who wish to live closer to their parents,” said Cushman & Wakefield research director Christine Li.
This article was edited by Denise Djong.
