The Housing & Development Board has just launched the land tender at Jalan Loyang Besar under the 1H2024 Government Land Sales (GLS) programme. The plot at Jalan Loyang Besar may add around 710 Executive Condominium (EC) units, and the land tender will close on 2024.
The site is well-located, directly opposite Downtown East which offers leisure amenities, retail options, and dining spots. The site may appeal to families with younger children, as it is also within 1km of primary schools such as Casuarina Primary School and Pasir Ris Primary School. Pasir Ris MRT station on the East-West Line, the Pasir Ris Bus Interchange, and the public library are all also within 1km of the site. Notably, the site is also within close walking distance of Pasir Ris Park.
There may be healthy demand from developers, who may be keen to tap on the potential pent-up demand for ECs in Pasir Ris. The last EC launch in Pasir Ris was Sea Horizon launched more than ten years ago in 2013.
Pent-up demand for ECs in the wider East Region may be strong as well, and supply will also remain relatively limited. Out of the nine EC land parcels that have been awarded across the island since 2020, only two parcels were in the East. One of these land parcels, and the most recent EC launch in the East, was Tenet in 2022, with few balance unsold units. The other land parcel in the East and the only other upcoming launch is the plot at Tampines St 62 (Parcel B), which is beside Tenet. This EC site was awarded in October 2023 to Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd at S$721 psf ppr.
As ECs remain to be one of the most affordable private housing for aspiring HDB upgraders, we anticipate keen demand for this future project. We expect 5 to 8 bidders with the highest bid price of S$650 to S750 psf ppr.