Three government-owned land sales (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 the 27th of June. The three sites were opened to tender in December of last year as part of the GLS 2H2022 program.
Grand Dunman by Singhaiyi Group submitted the winning bid of $1.284 billion, equivalent to $1,350 per square feet per plot ratio (psf ppr).
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 which equates to $885 per plot proportion (psf per plot ratio). The offer is 13.9% higher than the second highest bid, which was through Pine II Commercial and Pine II Residential (units of Allgreen Properties), which made a bid of $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 planned mixed-use development includes residential and commercial developments 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 and UOL as well as SingLand own the other 50%. In a statement to the press the joint venture partners claim that the planned development will feature around 1,190 new homes as well as community and retail amenities of the mixed-use development are expected to meet the demands of the growing residents of Tampines North.
Wong Siew Ying, head of content and research of research and content at PropNex Realty, believes the coming development will provide a new mass market houses to satisfy the soaring need for private houses located in the Outside Central Region. “The integrated development will attract a lot of owner-occupiers as well as HDB upgrading enthusiasts,” she remarks. It will also be connected to the upcoming Tampines North MRT station on the Cross Island Line (CRL).
Leonard Tay, head of research at Knight Frank Singapore, believes that, based upon the joint venture’s proposal of $885 per sq ft per pound The possible prices for residential units in the new development could begin at $1,900 per square foot. With the appeal of mixed-use development with substantial retail elements, he says “there is a good chance that today’s homebuyers would be willing to pay more than the price of S$2,100 per sq ft.” For the Reserve Residences The Reserve Residences, an integrated development developed by Far East Organization at Jalan Anak Bukit approximately 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 open for auction. The site is expected to yield approximately 700 homes. It is near the planned 618-unit EC Tenet. Tenders for the Tampines street 62 plot is due to close on the 18th of July.