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News Release

Singapore

JLL News Flash | URA launches residential sites at Stirling Road and Lorong 1 Realty Park


"In light of the current upbeat market sentiment, both the Stirling Road and Lor 1 Realty Park residential land parcels​ are expected to see keen bid​​dings by developers.

The Stirling Road land parcel is an attractive site as it is located within the popular Queenstown city-fringe locality, enjoys proximity to the Queenstown MRT station and is well-served by an abundance of amenities.  However, we do not expect a repeat of the large turnout seen for the recent Toh Tuck Road site as the substantial capital outlay involved given that it is a huge site that can yield more than 1,000 units would limit participants to those with the financial muscle and risk appetite.  Moreover, the substantial amount of unsold supply in the locality could also be a tampering factor and would likely work to tame the bids somewhat.  There are currently more than 1,500 unsold units in nearby launched and yet-to-be-launched projects such as Commonwealth Tower (306 unsold units out of total 845 units), Queens Peak (415 unsold units out of total 736 units), Alex Residences (127 unsold units out of total 429 units), Margaret Drive GLS site ( not yet launched, estimated 275 units) and Artra (not yet launched, 400 units). 

​The Lor 1 Realty Park land parcel for landed housing development, on the other hand, could likely see a better turnout than the Stirling Road site given its more palatable price quantum, its location within the established Upper Serangoon area, and most importantly, the dearth of site for landed development in the market.  The last time a landed site was sold under the GLS programme was four years ago, in June 2013, when the Victoria Park Villas parcel was awarded after being strongly contested by 12 bidders. ​"