Tenders have been issued for three government land sale (GLS) sites, including a mixed-use property on Tampines Avenue 11

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Check this article: Retail spaces at The Flow on the East Coast are selling for $13.45 million

Retail spaces at The Flow on the East Coast are selling for $13.45 million

Tenders were invited for the three government-owned land sale (GLS) sites – a mixed-use site located at Tampines Avenue 11, and a plot in Marina Gardens Lane and an executive condominium (EC) site at Plantation Close in Tengah closing on June 27. The three sites were open for tender last December, as part of the GLS 2H2022 program.

Tampines Avenue 11 Tampines Avenue 11 site received three bids. A consortium of UOL Group, Singapore Land (SingLand)and CapitaLand Development submitted a top offer of $1.206 billion that works out to $885 psf/plot percentage (psf and ppr). The offer exceeded 13.9% higher than the second highest bid, which was through Pine II Commercial and Pine II Residential (units of Allgreen Properties), which offered $1.06 billion, or $777 per sq ft per plot.

The 99-year site located at Tampines Avenue 11 has 545,314 square feet. The land use zone for the mixed-use development in the near future comprises residential and commercial development that is connected to the bus interchange and a community club and a hawker center.

CapitaLand will be holding the 50% part of the joint venture together with UOL along with SingLand having the remainder of 50%. In a statement to the press the joint venture partners claim that the development in the near future will provide around 1,190 new homes in addition to community and retail facilities in the mixed-use project are expected to meet the demands of the growing residents of Tampines North.

Wong Siew Ying, head of content and research for PropNex Realty, believes the new development is likely to provide a new mass market houses to satisfy the soaring demand for private residences within the Outside Central Region. “The integrated development will be a hit with owners and HDB upgrading enthusiasts,” she remarks. It will also be connected to the planned Tampines North MRT station on the Cross Island Line (CRL).

Leonard Tay, head of research at Knight Frank Singapore, believes that, based of the joint venture’s offer of $885 per sq ft per pound The possible price of residential units at the new development could begin at around $1,900 per sq ft. With the appeal of mixed-use developments that have substantial retail component, Tay says “there is a good chance that today’s homebuyers would be willing to pay more than S$2,100 per square foot.” In the Reserve Residences which is an integrated development of Far East Organization at Jalan Anak Bukit around 80% of the 732 units of residential homes have been occupied since it was launched in May.

The site located at Tampines Avenue 11 is close to an EC site located at Tampines Street 62 which is being offered for auction. The site is expected to yield approximately 700 houses and is situated close to the 618-unit planned EC Tenet. Tenders for the Tampines street 62 plot is due to close on the 18th of July.