Residential site at Dunman Road launched for sale
PHOTO: Urban Redevelopment Authority
PUBLISHED ONMarch 15, 2022 4:38 AMByJamie Wong
Dunman Road has just been released by the Urban Redevelopment Authority (URA) as part of the Government Land Sales (GLS) Programme for the first half of 2022 (1H2022).
It was one of six private residential sites on the 2H2021 Reserved List last year and was moved to the Confirmed List this year.
Dunman Road site details
| Location | Dunman Road |
| Site area | 25,234.3 m2 |
| Allowable development | Residential |
| Maximum gross floor area | 88,321 m2 |
| Maximum building height | 64 m SHD |
| Project completion period* | 60 months |
| Lease period | 99 years |
| *From date of acceptance of the tender by the Authority, up to date of issue of Temporary Occupation Permit for the whole of the proposed development | |
The land parcel spans 2.52 hectares (271,250.5 sq ft) and has a maximum gross floor area (GFA) of 88,321 sqm.
Zoned residential with a potential yield of approximately 1,035 units with a maximum height of approximately 20 storeys, the project is the largest scale amongst the five project sites in 1H2022 and is considered a mega-development.
In accordance with the Additional Buyers Stamp Duty (ABSD) ruling, developers must complete and sell the entire development within five years to get back 25 per cent of the land price, regardless of project size.
With pandemic-induced delays affecting the supply chain and construction timelines, it remains to be seen how it will affect the Dunman Road site tender bids.
Residential market remains robust
According to Ms Tricia Song, Head of Research at CBRE Southeast Asia, the confidence of developers in the Singapore residential market is reflected in the robust tenders of recent land sales.
The Dunman Road land parcel is 1km away from the Jalan Tembusu GLS site , which saw eight bids and was purchased by City Developments Limited (CDL) for $768 million ($1,302 psf ppr) in January this year. Freehold development Thiam Siew Avenue was sold for $815 million ($1,440 psf ppr, assuming 7 per cent bonus balconies) in November 2021.
Based on the two previous land sales, it is projected that the Dunman Road site will receive six to eight bids from developers forming joint partnerships to diversify their risks, with a top bid of $1,300 to $1,350 psf ppr.
Amenities near Dunman Road site
For amenities, there are three malls situated 10-minutes away by bus.
City Plaza is a mixed-use development with five storeys of old-school retail stores selling various goods, from furnishings to clothes. Parents can head to Kinex (formerly known as OneKM), where they can choose from 10 enrichment centres to send their children to. Kinex has a broader range of dining options compared to City Plaza.
Alternatively, Paya Lebar Quarter (PLQ) Mall is the most modern amongst the three malls, housing 191 stores with a diverse range of retail and dining options that will satisfy every whim and fancy of residents in the vicinity. It connects to Paya Lebar MRT station.
The famous Old Airport Road Food Centre & Shopping Mall at 51 Old Airport Road is a seven-minute walk away, where there’s a cornucopia of delicious and affordable hawker food to tickle every tastebud.
Schools near Dunman Road site
There are popular educational institutions surrounding the site, such as Chung Cheng High School and Tanjong Katong Secondary School.
Do note that as the site hasn’t been built yet, the following distances are just a rough estimate.
• Kong Hwa Primary School (700m)
• Broadrick Secondary School (550m)
• Chung Cheng High School (Main) (650m)
• Tanjong Katong Girls’ School (Secondary) (750m)
• Tanjong Katong Secondary School (1km)
Accessibility
Situated less than 100m away is Dakota MRT station, making the state land attractive for condo developers.
Those who drive can access the East Coast Parkway (ECP) in six minutes via Mountbatten Road.
These attractive locational attributes make the Dunman Road site one of the most attractive sites on the GLS list.
Recreation
There aren’t many green areas for exercise around the site’s vicinity. The nearest would be Katong Swimming Complex, a short seven-minute bus ride away.
To access a proper jogging track, East Coast Park is accessible via a five-minute drive or 20-minute bus ride. Visitors can enjoy a leisurely stroll along the shoreline or rent bicycles and cycle to East Coast Lagoon Food Village for dinner.
Future residents have direct access to the Geylang Park Connector that runs along Geylang River. The connector provides seamless access to Marina Reservoir and Gardens by the Bay.
The deadline for developers to submit the tender closes on June 2, 2022.
This article was first published in 99.co.