UOL, SingLand, and CapitaLand submit highest bid of $885 psf ppr for Tampines Avenue 11 mixed-use GLS site
The plot is near two executive condominium sites: Tampines Street 62, which is up for tender, and the 618-unit Tenet, which launched for sale last December.
Tenders for 3 government land sale (GLS) sites closed on 27 June. 2023: a mixed-use site on Tampines Avenue 11, a plot on Marina Gardens Lane, and an executive condominium (EC) site on Plantation Close within the Tengah precinct.
All sites were put out for bidding in December 2022 as part of the GLS 2H2022 programme.
Three bids were received for the Tampines Avenue 11 site.
A consortium of UOL Group, together with SingLand and CapitaLand submitted the winning bid of $1.206 billion, or $885 per square foot per plot ratio (psf ppr).
It is 13.9 per cent higher than the second-highest bid of $1.06 billion, or $777 psf ppr, which subsidiary firms of Allgreen Properties submitted.
This Tampines Avenue 11 GLS site has a land tenure of 99 years and a land area of 545,314 square feet.
The future development’s land use zoning includes residential and commercial components that will be integrated with a bus interchange, a hawker centre, and a community club.
CapitaLand will own 50 per cent of the joint venture, while UOL and SingLand will own the remaining 50 per cent.
A recent press release on 27 June 2023 announced that the developers are planning to develop approximately 1,190 new private homes in Tampines North.
The mixed-use development will also include community and retail amenities designed to fulfil the needs of the estate’s expanding population.
One analyst believes the future new development will provide a much-needed supply of mass-market homes to cater to the pent-up demand for private residential properties in the Outside Central Region (OCR) of Singapore.
In addition, the new integrated development should be appealing to many owner-occupiers and HDB upgraders. It will also be linked to the future Cross Island Line (CRL) Tampines North MRT station.
Market watchers believe the future new launch project could be sold from $1,900 psf onward, based on the developers’ bid of $885 psf ppr.
And given the appeal of mixed-use developments with significant retail components, homebuyers today are likely to be prepared to pay more than S$2,100 psf.
Since its May launch, approximately 80 per cent of the total 732 residential units at Far East Organization’s The Reserve Residences on Jalan Anak Bukit have been taken up.
The Tampines Avenue 11 site is near another EC site on Tampines Street 62 that is currently up for sale and will close its tender on July 18.
The future new launch development at Tampines Avenue 11 can yield about 700 homes and is located next to Tenet – an upcoming EC that has 618 units in total.