There may be pent up demand for new private residential homes as it has been 8 years since the last GLS site was sold for private housing in Lorong 1 Toa Payoh. The Lorong 1 Toa Payoh site sits in the mature estate of Toa Payoh and is a short walk to Braddell MRT station.
Gem Residences and Trevista sold more than 50% of their units during their preview in 2016 and 2009, respectively. This is a testament to the popularity and attractiveness of Toa Payoh in the eyes of buyers.
With 5-room flats at The Peak @ Toa Payoh exceeding $1 million and quite a number of recently MOP-ed flats exceeding $800,000, there is a sizeable pool of potential HDB upgraders who may want to continue staying in this popular HDB estate.
With the tender closing on the same day as Clementi Ave 1 and Pine Grove (Parcel B), this may divide developers’ focus. The Lor 1 Toa Payoh site may see up to 5 bidders and a top bid of around $1,200 psf ppr. Interest in the other two GLS sites may be lukewarm and see not more than 3 bidders.