SINGAPORE (EDGEPROP) - The tenders for three government land sale (GLS) sites – a mixed-use site at Tampines Avenue 11, a plot at Marina Gardens Lane and an executive condominium (EC) site at Plantation Close in Tengah – closed on June 27. All sites were launched for tender last December as part of the 2H2022 GLS programme.

Read also: Kingsford-led consortium puts in top bid of $1,402 psf ppr for Marina Gardens Lane GLS site

The Tampines Avenue 11 site received a total of three bids. A consortium between UOL Group, Singapore Land (SingLand)and CapitaLand Development submitted a top bid of $1.206 billion, which works out to $885 psf per plot ratio (psf ppr). The bid was 13.9% higher than the second-highest bid, which came from Pine II Commercial and Pine II Residential (units of Allgreen Properties), which submitted a bid of $1.06 billion or $777 psf ppr.

The 99-year site at Tampines Avenue 11 is 545,314 sq ft. The land use zoning for the future mixed-use development comprises a commercial and residential development integrated with a bus interchange, a community club, and a hawker centre. (Find Singapore commercial properties with our commercial directory)

CapitaLand will hold a 50% stake in the joint venture, with UOL and SingLand holding the remaining 50%. In a June 27 press statement, the joint venture partners say the future development will offer about 1,190 new homes, while the retail and community amenities in the mixed-use development are expected to cater to the lifestyle needs of the growing residential population in Tampines North.

Wong Siew Ying, head of research and content at PropNex Realty, believes the future development will inject much-needed new supply of mass market homes to help satiate the pent-up demand for private homes in the Outside Central Region. “The integrated development should appeal to many owner-occupiers and HDB upgraders,” she remarks. It will also be linked to the future Tampines North MRT station on the Cross Island Line (CRL). (Find HDB flats for rent or sale with our Singapore HDB directory)

Leonard Tay, head of research at Knight Frank Singapore, believes that based on the joint venture’s bid of $885 psf ppr, the possible selling price for residential units at the future development could start from $1,900 psf. Given the appeal of mixed-use developments with sizeable retail components, he adds “there is every chance that homebuyers today would be prepared to pay above S$2,100 psf.” 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.

The site at Tampines Avenue 11 is close to another EC site at Tampines Street 62 which is currently up for tender. The site 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.

Read also: Plantation Close EC site sees strong interest with nine tenderers submitting bids

Check out the latest listings near Tampines Avenue 11, The Reserve Residences, Tenet, Tampines North MRT station