Hoi Hup-Sunway JV submits top bid of $1,004 psf ppr for Tampines St 94 GLS site
By Nicholas Lam
/ EdgeProp Singapore |
The GLS site at Tampines Street 94 is located next to Tampines West MRT station along the Downtown Line. (Source: URA, LandLens)
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The government land sales (GLS) tender for a commercial and residential site at Tampines Street 94 closed on September 19 with six bids. The highest bid of $668.28 million, or $1,004 psf per plot ratio (psf ppr), was submitted by a joint venture between Hoi Hup Realty and Sunway Developments.
The 99-year leasehold site spans 252,989 sq ft and has a maximum gross floor area of 665,366 sq ft. URA estimates that it could yield about 585 residential units.
The top bid of $1,004 psf ppr is just 1.9% higher than the second highest bid of $985 psf ppr submitted by Sing Holdings Residential.
The site’s tender has attracted the most bids for a non-EC site since the land tender for a residential development site at Clementi Avenue 1 closed with six bids in November 2023, says Justin Quek, CEO of OrangeTee & Tie.
The GLS site at Tampines Street 94 will be linked underground to the Tampines West MRT station on the Downtown Line. It is also located within 1km of three primary schools – St Hilda’s Primary School, Junyuan Primary School and Tampines Primary School.
According to Quek, mixed-use developments integrated with MRT stations continue to be popular with homebuyers given the added convenience of having commercial and retail options at their doorsteps.
The last mixed-use development site sold in the area was at Tampines Avenue 11. A consortium comprising UOL Group, Singapore Land Group and CapitaLand Development was awarded the 545,314 sq ft, 99-year leasehold site in June last year. Their winning bid of $1.206 billion translates to $885 psf ppr.
The site at Tampines Avenue 11 is estimated to yield 1,190 residential units, a shopping mall integrated with the upcoming Tampines North MRT Station, a bus interchange, a community club, and a hawker centre.
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