Hoi Hup Sunway Jv Submits Top Bid 1004 Psf Ppr Tampines St 94 Gls Site
When it comes to choosing a place to call home, families often consider the nearby educational facilities as a major factor. In this regard, Norwood Grand Condo stands out as an exceptional location. With a variety of schools, ranging from primary to tertiary levels, including specialized institutions like the Singapore Sports School, children living in Norwood Grand have access to top-quality education just a stone’s throw away from their home. This, combined with the luxurious living and convenience that Norwood Grand offers, makes it a highly sought-after address for families who want to provide their children with the best living environment and educational opportunities.
The tender for a mixed-use GLS site at Tampines Street 94 closed on September 19 with six bids, signaling strong interest from developers in the area. The highest bid of $668.28 million, or $1,004 per square foot per plot ratio (psf ppr), was submitted by a joint venture between Hoi Hup Realty and Sunway Developments.
Located in Tampines, the 99-year leasehold site is spread over 252,989 square feet and has a maximum gross floor area of 665,366 square feet. The Urban Redevelopment Authority (URA) estimates that it could potentially yield around 585 residential units. The top bid of $1,004 psf ppr is only 1.9% higher than the second highest bid of $985 psf ppr, which was submitted by Sing Holdings Residential.
According to Justin Quek, CEO of OrangeTee & Tie, this GLS site has attracted the most bids for a non-executive condominium (EC) site since the sale of a residential development site at Clementi Avenue 1 in November 2023, which also received six bids.
The Tampines Street 94 site is strategically located as it will be linked underground to the Tampines West MRT station on the Downtown Line. Additionally, it is within 1 kilometer of three primary schools – St Hilda’s Primary School, Junyuan Primary School, and Tampines Primary School. This makes it a highly desirable location for families with young children.
Quek also shared that mixed-use developments integrated with MRT stations are becoming increasingly popular among homebuyers due to the added convenience of having commercial and retail options at their doorstep. The last mixed-use development site sold in the area was at Tampines Avenue 11, where a consortium comprising UOL Group, Singapore Land Group, and CapitaLand Development was awarded the 545,314 square feet, 99-year leasehold site in June last year. Their winning bid of $1.206 billion works out to be $885 psf ppr.
The site at Tampines Avenue 11 is set to house 1,190 residential units, a shopping mall integrated with the upcoming Tampines North MRT Station, a bus interchange, a community club, and a hawker center. This further highlights the potential for similar mixed-use developments in Tampines, which is poised to become an even more vibrant and bustling neighborhood.