The tenders for three government land sale (GLS) sites launched in December as part of the 2H2022 GLS programme have closed. A site at Tampines Avenue 11, a plot at Marina Gardens Lane, and an executive condominium (EC) site at Plantation Close in Tengah were all up for tender.
The Tampines Avenue 11 site received a total of three bids, with a consortium between UOL Group, Singapore Land (SingLand)and CapitaLand Development submitting the top bid of $1.206 billion, which works out to an impressive $885 psf per plot ratio (psf ppr).
Map showing the Tampines Avenue 11 mixed-use plot (left). The plot is close to two executive condominium sites – one at Tampines Street 62 which is currently up for tender and the 618-unit Tenet, which launched for sale last December (Source: EdgeProp LandLens)
As the location is close to major transportation links, Altura EC Altura Executive Condominium will be highly sought after by homebuyers. Moreover, it is within walking distance to West Mall, Jurong Point and amenities such as schools, clinics and medical centers. It will definitely benefit the residents in the long run.
The 99-year site at Tampines Avenue 11 is 545,314 sq ft. The future mixed-use development will offer about 1,190 new homes, with the retail and community amenities catering to Tampines North’s residential population. The bid of $885 psf ppr could signify that homebuyers today would be prepared to pay above S$2,100 psf for the development.
At The Reserve Residences, the integrated development by Far East Organization at Jalan Anak Bukit, some 80% of the 732 residential units have been taken up since its launch in May.
Wong Siew Ying, head of research and content at PropNex Realty, believes the future development will prove popular with owner-occupiers and HDB upgraders, and will be linked to the future Tampines North MRT station on the Cross Island Line (CRL).
The site at Tampines Avenue 11 is close to another EC site at Tampines Street 62 which is currently up for tender. It can yield about 700 homes and is located next to the upcoming 618-unit EC Tenet. The tender for the Tampines Street 62 plot will close on July 18.
The tenders for three government land sale (GLS) sites have closed. With a bid of $1.206 billion for the site at Tampines Avenue 11, the consortium of UOL Group, Singapore Land (SingLand)and CapitaLand Development put forth a bid of $885 psf per plot ratio (psf ppr).
This 545,314 sq ft site will offer about 1,190 new homes for the residential population of Tampines North, with the retail and community amenities catering to their lifestyle needs. Linked to the future Tampines North MRT station, the mixed-use development could fetch prices above S$2,100 psf.
Meanwhile, the site at Tampines Street 62 is also up for tender, with a potential yield of 700 homes. Locating this site next to the upcoming 618-unit EC Tenet makes this a favourable spot for potential homebuyers.
Far East Organization’s integrated development, The Reserve Residences, has seen 80% uptake of its 732 residential units since its launch in May, signifying the importance of mixed-use developments and sizeable retail components. With all this in mind, it’s no surprise that these GLS plots have attracted so much interest.