6000 HDB flats to be built at Keppel Club site in Greater Southern Waterfront

by Albert02

6000 HDB flats to be built at Keppel Club site in Greater Southern Waterfront

6000 HDB flats to be built at Keppel Club site in Greater Southern Waterfront. As part of the redevelopment of the Keppel Club and golf course in the Greater Southern Waterfront (GSW) precinct, 6,000 HDB flats will be built. National Development Minister Desmond Lee stated in a media briefing on April 12 that the first Build-to-Order project at the site will be launched within the next three years.

The new public housing estate will provide waterfront living while preserving the environment. Almost ten hectares of the site will be dedicated to green spaces like parks and open space.
The estate will be car-free and will be served by MRT stations at Labrador Park and Telok Blangah. The nearby Pasir Panjang Power Station is also being converted into a mixed-use waterfront district.

Given its prime location, the flats at the Keppel Club site are likely to be launched under HDB’s Prime Location Housing (PLH) model. “The HDB flats are expected to be launched under the PLH model because they are in a prime waterfront location on the city outskirts and are served by two MRT stations,” says Nicholas Mak, head of research and consultancy at ERA Realty.

Lee Sze Teck, senior director (research) at Huttons Asia, anticipates strong demand for the flats, which will be supported by PLH pricing, which will keep the flats affordable. He estimates that three-room apartments will cost between $400,000 and $450,000 before grants, and four-room apartments will cost between $720,000 and $850,000.
Prices, according to Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, will be comparable to the previous two PLH projects, River Peaks in Rochor and King George’s Heights in Kallang/Whampoa. She expects three-room apartments to cost between $380,000 and $480,000, and four-room apartments to cost between $500,000 and $700,000.

According to Sun, recent BTO launches in the area include Telok Blangah Beacon, which debuted in August 2021 with prices ranging from $419,000 to $504,000 for three-room flats and $602,000 to $710,000 for four-room flats.

Telok Blangah Towers are completed HDB flats near Keppel Club that are about eight years old. In the last year, three-room flats at Telok Blangah Towers sold for $558,000 to $680,000, and four-room flats sold for $765,000 to $975,000.

3,000 private residential homes

Prime Minister Lee Hsien Loong first announced plans for the Keppel Club site in 2019. In a speech delivered at the National Day Rally that year, he announced the construction of 9,000 private and public housing units on the site.
Taking into account the 6,000 units designated for public housing, this means that approximately 3,000 units of private housing will be developed, according to PropNex Realty CEO Ismail Gafoor. “We anticipate that future private residential projects in this area will be parcelled out and sold through government land sale tenders before being launched for sale to buyers in the next three to five years,” he says.

Gafoor anticipates strong interest in the potential sites, even for sites in Lentor Central with the upcoming Lentor Modern, from many developers, which will be bolstered by strong demand from both domestic and foreign buyers. “Based on the most recent project launches in the area,” he says, “we anticipate future selling prices of the GSW private residential projects to be in the range of $2,500 to $2,700 psf or higher, depending on prevailing market conditions and costs.”

Sun from OrangeTee & Tie concurs, pointing out that sea-facing residential sites are limited and will appeal to buyers seeking waterfront properties. She also believes that because of their proximity to Sentosa and the offices at the Harbourfront and Mapletree, the new homes will have a high rental potential.

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Source: https://www.edgeprop.sg/property-news/hdb-build-6000-flats-keppel-club-site-greater-souther-waterfront

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