View of Keppel Club golf course (Photo: Samuel Isaac Chua/The Edge Singapore)
SINGAPORE (EDGEPROP) - 6,000 HDB flats will be built as part of the redevelopment of the Keppel Club and golf course, located in the Greater Southern Waterfront (GSW) precinct. In a media briefing on April 12, National Development Minister Desmond Lee said the first Build-to-Order project at the site will be launched in the next three years.
See also: Riding the Greater Southern Waterfront wave
The new public housing estate will offer waterfront living while also being closed to nature. Close to 10 hectares at the site will be set aside for green spaces, including parks and open land.
Serviced by the Labrador Park and Telok Blangah MRT stations, the estate will be designed to be car-lite. There are also plans to transform the nearby Pasir Panjang Power Station into a mixed-use district along the waterfront.
Given its prime location, it is likely that the flats at the Keppel Club site may be launched under HDB’s Prime Location Housing (PLH) model. “The HDB flats are expected to be launched under the PLH model as they are in a prime waterfront location at the city fringe and served by two MRT stations,” explains Nicholas Mak, head of research & consultancy at ERA Realty. (Find HDB flats for rent or sale with our Singapore HDB directory)
Lee Sze Teck, Huttons Asia’s senior director (research), anticipates strong demand for the flats, underpinned by by pricing under the PLH model that would keep the flats affordable. He estimates prices of three-room flats could be between $400,000 to $450,000 before grants, while prices of four-room flats could be between $720,000 to $850,000.
Christine Sun, senior vice president of research & analytics at OrangeTee & Tie, believes prices could be closer to those for the previous two PLH projects that have been launched - River Peaks in Rochor and King George's Heights at Kallang/Whampoa. She estimates three-room flats could be priced between $380,000 to $480,000, while four-room flats could be priced between $500,000 to $700,000.
According to Sun, recent BTO launches in the vicinity include Telok Blangah Beacon which launched in August 2021 and saw a price range from $419,000 - $504,000 for three-room flats and from $602,000 - $710,000 for four-room flats.
Completed HDB flats near Keppel Club include Telok Blangah Towers, which are currently around eight years old. In the last year, flats at Telok Blangah Towers have transacted at prices ranging from $558,000 to $680,000 for three-room flats and between $765,000 to $975,000 for four-room flats.
Plans for the Keppel Club site were first announced by Prime Minister Lee Hsien Loong in 2019. In a speech given during the National Day Rally that year, he announced that some 9,000 private and public housing units will be built on the site.
Taking into account the 6,000 units earmarked for public housing, this means there will be some 3,000 units in private housing to be developed, notes PropNex Realty CEO Ismail Gafoor. “We expect that the future private residential projects in this area to be parcelled out and sold via government land sale tenders and eventually launched for sale to buyers in the next three to five years,” he says.
Gafoor anticipates keen interest from many developers for the potential sites, supported by strong demand expected from both local and foreign buyers. “Taking reference from the latest project launches in the area such as The Reef at King’s Dock and Avenue South Residence, we are anticipating 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,” he remarks.
OrangeTee & Tie’s Sun shares similar sentiments, pointing out that sea-facing residential sites are limited and will appeal to buyers wanting homes on the waterfront. She also believes the new homes will have good rental potential given its proximity to Sentosa and offices at the harbourfront and Mapletree Business City.
Check out the latest listings near Telok Blangah Towers, The Reef at King’s Dock, Avenue South Residence, Telok Blangah MRT stations