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

The new public housing estate will provide waterfront living while remaining environmentally friendly. Nearly ten hectares of the site will be set aside for green spaces such as parks and open space.
The estate, which will be served by the MRT stations at Labrador Park and Telok Blangah, will be car-lite. There are also plans to turn the nearby Pasir Panjang Power Station into a mixed-use waterfront district.

The flats at the Keppel Club site are likely to be launched under HDB’s Prime Location Housing (PLH) model due to their prime location. “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,” ERA Realty’s head of research and consultancy, Nicholas Mak, says.

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

Recent BTO launches in the area, according to Sun, 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, which are approximately eight years old, are completed HDB flats near Keppel Club. Flats at Telok Blangah Towers have sold for prices ranging from $558,000 to $680,000 for three-room flats and $765,000 to $975,000 for four-room flats in the last year.

3,000 private residential homes

In 2019, Prime Minister Lee Hsien Loong announced plans for the Keppel Club site for the first time. He announced the construction of 9,000 private and public housing units on the site in a speech delivered at the National Day Rally that year. Taking into account the 6,000 units designated for public housing, PropNex Realty CEO Ismail Gafoor estimates that approximately 3,000 units of private housing in the likes of Lentor Modern, will be developed. “We expect future private residential projects in this area to 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 from many developers in the potential sites, which will be bolstered by strong demand from both domestic and foreign buyers. “Based on the most recent project launches in the area, such as The Reef at King’s Dock and Avenue South Residence,” 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 agrees, pointing out that sea-facing residential sites are limited and will appeal to buyers looking for waterfront homes. She also believes the new homes will have a high rental potential due to their proximity to Sentosa and the offices at the harbourfront and Mapletree Business City.

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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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