Table of Contents
About Top Bid Secured for Tampines Street 94 GLS Site at S$1,004 psf ppr | The recent government land sales (GLS) for the mixed-use plot at Tampines Street 94 concluded on September 19, 2024, drawing in considerable interest from developers. Six bids were received for the site, with the highest offer of S$668.28 million coming from a joint venture between Hoi Hup Realty and Sunway Developments. This top bid amounts to S$1,004 per square foot per plot ratio (psf ppr).
Tampines St 94 Site Overview and Development Potential (Top Bid Secured for Tampines Street 94 GLS Site)
This 99-year leasehold site covers a total area of 252,989 sqft, with the potential for a gross floor area (GFA) of 665,366 sqft. According to estimates by the Urban Redevelopment Authority (URA), the land could yield around 585 residential units once developed.
Read also: Holland Drive GLS Site – CapitaLand and UOL Consortium
The highest bid from the Hoi Hup-Sunway JV was just 1.9% above the second-highest offer, which was S$985 psf ppr, submitted by Sing Holdings Residential. This tight bidding suggests a high level of confidence from developers regarding the site’s potential.
Popularity of the Tampines Area
Tampines has long been favored by homeowners due to its robust amenities and excellent transportation links. The Tampines Street 94 site is situated right next to the Tampines West MRT station on the Downtown Line, providing future residents with easy access to public transport. Additionally, the development will have an underground connection to the MRT station, further enhancing its connectivity.
The site is also conveniently located near several well-known primary schools, such as St Hilda’s Primary School, Junyuan Primary School, and Tampines Primary School, all of which are within 1km. This makes the location particularly attractive for families looking for good educational institutions for their children.
High Demand for Mixed-Use Developments (Top Bid Secured for Tampines Street 94 GLS Site)
Mixed-use developments, especially those close to MRT stations, are in high demand in Singapore. These projects typically combine residential, commercial, and retail components, offering residents the convenience of having amenities within easy reach. According to Wong Siew Ying, head of research and content at PropNex, Tampines has consistently been a popular town among home-buyers, making it no surprise that developers were eager to bid for this site.
Wong also pointed out that mixed-use developments have generally enjoyed strong sales performances. For example, J’den saw 88% of its units sold on launch day, while The Reserve Residences sold over 70% of its units during its launch weekend. Lentor Modern also achieved 84% sales during its launch, underscoring the continued demand for such developments in strategic locations.
Insights from Previous GLS Site at Tampines Avenue 11
In June 2023, another major GLS site in the Tampines area was sold at Tampines Avenue 11 (Parktown Residences). This 545,314 sqft plot was won by a consortium comprising UOL Group, Singapore Land Group, and CapitaLand Development, with a bid of S$1.206 billion, translating to S$885 psf ppr. The upcoming development on this site is expected to deliver around 1,190 residential units, along with a shopping mall, which will be integrated with the future Tampines North MRT station.
The project will also include key community facilities such as a bus interchange, a community club, and a hawker center, further enhancing the appeal of the area for future residents.
Outlook for the Tampines Street 94 Development (Top Bid Secured for Tampines Street 94 GLS Site)
The Tampines Street 94 site is expected to be well-received by the market once it is developed. According to Tricia Song, head of research for Southeast Asia at CBRE, there is strong demand for private residential units in the Tampines area, especially near MRT stations. Despite having many executive condominiums (ECs) and mature public housing estates, the area lacks private condominiums close to transportation hubs.
This gap in the market creates an opportunity for the future development at Tampines Street 94 to cater to upgraders and families seeking private housing with convenient access to public transport and amenities.
Nearby developments, such as The Tapestry, a 99-year leasehold private condominium, have shown strong demand. The Tapestry recorded 49 transactions this year, with units being sold at a median price of S$1,674 psf, highlighting the market’s appetite for homes in this area.
Projected Prices for Tampines Street 94 Units
Experts have begun to speculate on the potential selling prices of the residential units that will be built on the Tampines Street 94 site. Leonard Tay, head of research at Knight Frank Singapore, estimates that prices could start at around S$1,900 psf, with average prices likely reaching S$2,000 psf. Tricia Song from CBRE also predicts that units could be priced between S$2,000 and S$2,200 psf.
These estimates are in line with the demand for homes in the Tampines area, particularly those near MRT stations. The convenient location, combined with the potential for a mixed-use development, makes this project highly attractive to both homebuyers and investors.
Conclusion: A Promising Development in Tampines (Top Bid Secured for Tampines Street 94 GLS Site)
The Tampines Street 94 GLS site presents an exciting opportunity for developers, with its strategic location next to an MRT station, proximity to schools, and the potential for a vibrant mixed-use development. As Tampines continues to mature and evolve as a residential town, the upcoming project at Tampines Street 94 is likely to attract strong interest from buyers seeking convenience, connectivity, and a family-friendly environment.
Read Also: Future launches – Lentor Central Residences (D26), Arina East Residences (D15), Aurea Condo (D07 mixed development), Harrison Food Factory (D14 Industrial) and Nava Grove (D21).
