On March 14 (Tuesday), the Urban Redevelopment Authority said that a residential site with leasehold of 99 years is up for sale using public tender.
The site measuring 2.17 ha is located at Tampines Avenue 10 between 2 condominiums that are coming up namely The Santorini and the Alps Residences. It was launched for sale under the Government Land Sales program confirmed list of H1 2017. About 715 housing units can be yielded by the site.
According to the URA, the site is well-interconnected using expressways including Tampines Expressway and Pan Island Expressway and major roads such as Tampines Avenue. Tampines West MRT that is coming up is also close by.
The residential project will be suitable for families with children attending school due to its closeness to various learning institutions such as Temasek Polytechnic, Junyuan Secondary, United World College and St. Hilda’s Schools.
Residents who will occupy the housing units at the site will get a chance to enjoy nature at the various parks nearby include Bedok Reservoir Park and Tampines Central Park.
However, according to TODAYonline report, industry analysts are predicting that the tender will have cautious bidding since the area has a large supply of houses.
“While there are plenty of developers who are cash-rich and who would like to invest their cash, the site has challenging location characteristics. For instance, the United World College is ideal for expats whose children are school going. However, the area is already oversupplied with condos that can meet the needs of those parents. This may mean insufficient demand for the project,” said International Property Advisor CEO Ku Swee Yong.
Yong expects about 5 to 7 bids on the tender. The top bid is expected to range from $450 to $550 per square foot ppr. This translates to about $295 to $360 million.
The URA said that the tender for the site would close on April 25.