URA has put a Bernam Street residential-with-commercial land parcel up for sale by tender under the confirmed list of its 1H2019 government land sales (GLS) programme. This site comes with about 75 more potential residential units, 30% higher than the previously estimated 250 units in December.

Colliers International attributes the additional units to the increased development intensity allowed under the CBD Incentive Scheme announced earlier in March as part of the Draft Master Plan 2019.

“The implied gross plot ratio has increased to 7.28x, compared to the 5.6x in the current Master Plan,” says Tricia Song, head of research for Singapore at Colliers International.

The 99-year leasehold land parcel has a site area of around 41,400 sq ft and a maximum gross floor area of 301,400 sq ft. The site comes with commercial space on the first floor. The maximum building height is 35 storeys in the high-rise zone, 20 storeys in the mid-rise zone, and four storeys in the low-rise zone.

“We expect this Bernam Street site, with a site area of 41,400 sq ft, to fetch a top bid of $535 million or $1,780 psf per plot ratio [ppr]. Developers could look to price the new project at an average of $2,600-2,700 psf,” says Song.

Lee Sze Teck, head of research at Huttons Asia, estimates that the site could see a top bid of between $1,400 and $1,500 psf ppr. “The Tanjong Pagar/Shenton Way precinct is undergoing revitalisation. The site is in a fairly attractive location within minutes walk to Tanjong Pagar MRT Station and amenities at 100 AM, Tanjong Pagar Centre and the market/food centre,” he says.