The government land sales (GLS) tender for a mixed-use site at Tampines Street 94 has attracted significant interest, with six bids received before the bidding closed on September 19. The highest bid of $668.28 million, or $1,004 per square foot per plot ratio (psf ppr), was submitted by a joint venture between Hoi Hup Realty and Sunway Developments.
Spanning 252,989 square feet with a maximum gross floor area of 665,366 square feet, the 99-year leasehold site has the potential to yield about 585 residential units, according to Urban Redevelopment Authority (URA). The top bid of $1,004 psf ppr is only 1.9% higher than the second highest bid of $985 psf ppr submitted by Sing Holdings Residential, indicating the close competition among bidders.
Justin Quek, CEO of OrangeTee & Tie, notes that this is the highest number of bids received for a non-EC site since November 2023, when a residential development site at Clementi Avenue 1 attracted six bids. This shows the strong demand for mixed-use developments integrated with MRT stations, as they offer added convenience with commercial and retail options within close proximity.
Located within 1km of three primary schools – St Hilda’s Primary School, Junyuan Primary School and Tampines Primary School – the site will also be linked underground to the Tampines West MRT station on the Downtown Line. Quek expects this to be a huge draw for homebuyers, especially those with school-going children.
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The most recent mixed-use development site sold in the area was at Tampines Avenue 11, which saw a consortium comprising UOL Group, Singapore Land Group and CapitaLand Development winning the 545,314-square-foot, 99-year leasehold site for $1.206 billion in June last year. This translates to $885 psf ppr and is expected 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.
With the popularity of mixed-use developments integrated with MRT stations, Quek believes that such projects will continue to attract strong interest from homebuyers. On the other hand, the government is also mindful of ensuring a balanced supply of housing in different regions and will continue to monitor the situation closely. Overall, the strong bids received for the Tampines Street 94 site reflect the continued confidence in the property market and the attractiveness of integrated developments.