Bernam Street site in Tanjong Pagar launched for sale by URA
It has the potential to yield up to 325 private homes - 30 percent higher than previous estimates under the 1H 2019 GLS programme.
The Urban Redevelopment Authority of Singapore has put up a mixed-use residential and commercial site along Bernam Street for sale, under the Confirmed List of the 1H 2019 Government Land Sales (GLS) programme.
The Bernam Street GLS land parcel comes with commercial space on the ground floor and has the potential to yield up to 325 private homes.
It is on a 99-year leasehold tenure and has a site area of approximately 41,400 square feet. The maximum gross floor area for the site is around 301,402 square feet.
It was noted that the projection of residential homes is 30 percent higher than the initial estimates of 250 units. which was made in December last year.
Back in March 2019, the government launched the new Draft Master Plan 2019 and part of the plans include the allowance for increasing the gross plot ratio to convert commercial (mainly office) developments to residential and hotel use in the Central Business District (CBD) – under the “CBD Incentive Scheme”.
Thus, existing sites within the Anson area, including the Bernam Street GLS site are given permission to increase their gross plot ratio which was set previously.
This new scheme spurs property developers to construct more residential homes and hotels within the city center, including the CBD, with the objective to inject more life and create more activities after office hours.
Property consultants said that the Bernam Street GLS site is a ‘breath of new life’ within the Shenton Way precinct – which is densely populated by mainly commercial buildings.
Some of the last few residential developments completed within the Tanjong Pagar and Shenton Way was Wallich Residence by GuocoLand, located right above Tanjong Pagar MRT station and V on Shenton by UIC.
Together with the CBD Incentive Scheme, the future new launch at Bernam Street could leverage on the future growth in the area as development for the upcoming Greater Southern Waterfront gets underway.
And with the recent sales at Sky Everton reflecting a strong positive sentiment from property buyers, it may just spur more developers’ appetite for the Bernam Street site.
Market watchers believe that the Bernam Road GLS site could draw a top bid of around $535 million ($1,780 psf ppr) and the eventual selling price of this new launch at Bernam Street could be around $2,600 to $2,700 psf.
It was pointed out that other nearby residential projects, such as [email protected]on, Icon, and Altez have been transacting at a median psf price of around $1,700 to $2,500 over the last 12 months. Prices vary according to the age of the property and the size of the unit.
The tender for the Bernam Street GLS site will close on 5 September 2019, 12 noon.