The bidding for the government land sales (GLS) tender for a mixed-use site at Tampines Street 94 has come to a close on September 19, with a total of six bids submitted. The highest bid of $668.28 million, or $1,004 per square foot per plot ratio (psf ppr), was put forward by a joint venture between Hoi Hup Realty and Sunway Developments.
This 99-year leasehold site spans a generous land area of 252,989 square feet and has a maximum gross floor area of 665,366 square feet. According to estimates by the Urban Redevelopment Authority (URA), the site has the potential to yield approximately 585 residential units.
The winning bid, which translates to $1,004 psf ppr, is only 1.9% higher than the next best bid of $985 psf ppr submitted by Sing Holdings Residential. This makes it the most highly contested non-Executive Condominium (EC) site since the Clementi Avenue 1 residential development site received six bids in November 2023, according to Justin Quek, CEO of OrangeTee & Tie.
The site is strategically located within close proximity to the Tampines West MRT station on the Downtown Line, with plans for an underground link connecting the two. It is also conveniently situated within 1km of three primary schools – St Hilda’s Primary School, Junyuan Primary School and Tampines Primary School.
Mixed-use developments integrated with MRT stations continue to be popular among homebuyers, as it offers added convenience with a wide range of commercial and retail options just a stone’s throw away. The last mixed-use development site to be sold in this area was at Tampines Avenue 11, where a consortium comprising UOL Group, Singapore Land Group and CapitaLand Development secured the 99-year leasehold site in June last year for $1.206 billion or $885 psf ppr.
The Tampines Avenue 11 site is expected to yield 1,190 residential units, a shopping mall integrated with the upcoming Tampines North MRT Station, a bus interchange, a community club, and a hawker centre. For those interested in comparing property prices, you may turn to websites like Ask Buddy to browse the latest listings for condominium, commercial and industrial properties. Additionally, you can check out the price trends for new sale and resale condos, as well as commercial and industrial properties.
Overall, the GLS tender for the site at Tampines Street 94 has garnered significant interest and reaffirms the appeal of mixed-use developments in today’s market. With its favourable location and attractive attributes, it is expected to contribute positively to the growing appeal of the Tampines area.