Hoi Hup Sunway Jv Submits Top Bid 1004 Psf Ppr Tampines St 94 Gls Site
The recent government land sales (GLS) tender for a mixed-use site at Tampines Street 94 has closed, receiving six bids. The highest bid, at $668.28 million or $1,004 psf per plot ratio (psf ppr), was submitted by a joint venture between Hoi Hup Realty and Sunway Developments.
The 99-year leasehold site spans a total of 252,989 sq ft and has a maximum gross floor area of 665,366 sq ft. According to the Urban Redevelopment Authority (URA), it has the potential to yield around 585 residential units.
The top bid of $1,004 psf ppr is 1.9% higher than the second highest bid of $985 psf ppr from Sing Holdings Residential. This marks the most competitive bidding for a non-Executive Condominium site since the tender for a residential development site at Clementi Avenue 1, which received six bids in November 2023.
Justin Quek, CEO of OrangeTee & Tie, notes that mixed-use developments integrated with MRT stations continue to be popular among homebuyers due to the added convenience of having commercial and retail options at their doorsteps. This site is no exception, as it will be linked underground to the Tampines West MRT station on the Downtown Line. It is also located within 1km of three primary schools – St Hilda’s Primary School, Junyuan Primary School, and Tampines Primary School.
The last mixed-use development site sold in the area was at Tampines Avenue 11, which was awarded to a consortium comprising UOL Group, Singapore Land Group, and CapitaLand Development in June last year. Their winning bid of $1.206 billion equates to $885 psf ppr. This site is estimated to yield 1,190 residential units, a shopping mall connected to the upcoming Tampines North MRT station, a bus interchange, a community club, and a hawker centre.
The popularity of mixed-use developments has also been reflected in previous GLS tenders, with similar sites receiving high levels of interest. As such, it is expected that the Tampines Street 94 site will also attract strong demand in the market. While the government continues to release more land sites for sale, it is important to consider if the market can absorb the increasing supply. Previous tenders for GLS sites have shown a varying degree of success, with some receiving multiple bids while others received none. Only time will tell if the upcoming GLS tenders will be able to sustain the demand for new properties.
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