Hoi Hup-Sunway JV wins Tampines commercial and residential GLS site at $668 mil
/ EdgeProp Singapore |
The Tampines St 94 GLS site (pinned) (Photo: URA, EdgeProp LandLens)
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SINGAPORE (EDGEPROP) - A joint venture (JV) between Hoi Hup Realty and Sunway Developments has been awarded a commercial and residential government land sale (GLS) site at Tampines Street 94.
The JV partners submitted the highest tender price of $668.28 million when the tender for the 253,068 sq ft GLS site closed on Sept 19. The winning bid price translates to a land rate of $1,004 psf per plot ratio (ppr).
This top bid price is just 1.9% higher than the second-highest bid of $985 psf ppr submitted by Sing Holdings Residential. The GLS site received six bids in total. The 99-year leasehold site has a maximum gross floor area of up to 665,581 sq ft.
In a press release issued on Oct 11, the JV partners announced that they intend to develop a 596-unit residential project atop a one-storey commercial podium of about 120,000 sq ft of commercial space and an early childhood development facility. The site will also feature a community plaza and a direct underground link to the Tampines West MRT station on the Downtown Line.
Wong Swee Chun, chairman of Hoi Hup Realty, expects the future mixed-use development to serve a new HDB neighbourhood of more than 5,000 new homes. “The new residential units in the development will be attractive for those looking for a home in a new neighbourhood located in a mature estate,” he notes.
The site is close to SAFRA Tampines, Our Tampines Hub, the Bedok Reservoir Park and Temasek Polytechnic. It is within walking distance of Junyuan Primary School.
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