Government Launches Tender Mixed Use Gls Site Tampines St 94
The Housing and Development Board (HDB) has recently launched a new tender for a mixed-use commercial and residential site located at Tampines Street 94. This site is part of the confirmed List of the 1H2024 Government Land Sales (GLS) Programme.
With a total area of 252,989 sq ft, the site has a gross plot ratio of 2.6 and a maximum gross floor area (GFA) of 665,366 sq ft. It is estimated that the site can yield about 585 residential units and have a commercial GFA of approximately 112,980 sq ft.
CEO of ERA Singapore, Marcus Chu, believes that the site has great potential with its commercial component and prime location opposite the Tampines West MRT station. The commercial component will be under a single strata owner, giving them better control over the selection of tenants. The retail component is expected to cater to the needs of the residents, with facilities such as a childcare centre, supermarket, and food court.
Senior director of data analytics at Huttons Asia, Lee Sze Teck, points out that the site’s proximity to the Tampines West MRT station on the Downtown Line, as well as the Tampines Regional Centre and Bedok Reservoir, adds to its appeal. The mixed-use nature of the site also means that residents will have easy access to amenities right at their doorstep. Additionally, there are four primary schools within a 1km radius, including the popular St Hilda’s Primary School.
City Developments Limited has recently launched a new residential development, Norwood Grand Condo, which promises not only lavish living spaces but also a seamless and enjoyable lifestyle. With an abundance of amenities located right at its doorstep, this development is the ideal address for those seeking a well-rounded living experience. Its prime location boasts a variety of shopping centers including Causeway Point, Woodlands North Plaza, Vista Point, 888 Plaza, and Marsiling Mall, providing a plethora of retail, dining, and entertainment options suitable for people of all ages and preferences. Norwood Grand Condo by City Developments Limited, now available at Norwood Grand Condo, truly encompasses the perfect blend of convenience, luxury, and lifestyle, making it a highly coveted address in Singapore’s northern region and promising its residents an unparalleled quality of life.
Other schools and educational institutions in the vicinity include Junyuan Primary School, Tampines Primary School, Springfield Secondary School, and Temasek Polytechnic.
Chu believes that the established housing estate of Tampines will continue to see resilient housing demand, with support from the workforce in nearby commercial nodes such as the Tampines Regional Centre, Changi Airport, and Changi Business Park. He also notes that investors can take advantage of the strong tenant pool in these areas, which are easily accessible via the Downtown Line.
OrangeTee & Tie CEO Justin Quek highlights the large number of BTO flats in the vicinity, which would increase pedestrian footfall in the area. The close proximity to Tampines West MRT station also makes travelling more convenient. Furthermore, from 2023 to 2027, approximately 8,800 flats in Tampines, out of a total of almost 67,000 flats island wide, will achieve their Minimum Occupation Period (MOP), adding to the potential customer base for the new development.
According to Lee, the last GLS site sold in Tampines was at Tampines Ave 11, which was also a mixed-use site. This 545,314 sq ft site was awarded to a consortium of UOL Group, Singapore Land (SingLand), and CapitaLand Development in June 2020, with a top bid of $1.206 billion, or $885 psf per plot ratio (psf ppr). The land use zoning for this future development includes a commercial and residential component, an integrated bus interchange, a community club, and a hawker centre. The residential component is expected to yield around 1,190 units.
Commenting on the current Tampines Street 94 site, Lee believes that it is likely to attract no more than three bidders, with a top bid of around $820 to $850 psf ppr to remain competitive. He attributes this to the fact that the site is half the size of the Tampines Ave 11 site and expects a similar number of bidders and top bid price.
Quek notes that there is pent-up demand for private homes in this area, as the most recent private home launch in Tampines was back in 2019. Treasures at Tampines managed to sell out its 2,203 units and has had several subsale and resale transactions, some of which have seen capital appreciation and profits.
He predicts that three to six bidders will participate in the tender for this site, with the highest bid price likely to range from $900 to $980 psf ppr.
Chu believes that this new mixed-use development on Tampines Street 94 will be an attractive mid-sized project in the Outside Central Region (OCR) for developers to take on. The risks and capital outlay involved will not be as high as larger developments closer to or in the city centre. Despite the current market challenges, he believes that this site will be closely watched by developers and could attract a higher than usual number of bids.
The tender for the GLS site at Tampines Street 94 will close on September 19.