Hoi Hup Sunway Jv Submits Top Bid 1004 Psf Ppr Tampines St 94 Gls Site
The government has recently closed the tender for a mixed-use commercial and residential site located at Tampines Street 94 under the Government Land Sales (GLS) program. The site, which spans 252,989 square feet with a maximum gross floor area of 665,366 square feet, has attracted six bids with the highest one coming in at $668.28 million or $1,004 per square foot per plot ratio (psf ppr). This bid was submitted by a joint venture between Hoi Hup Realty and Sunway Developments.
URA estimates that the site could yield about 585 residential units and 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. This is the most number of 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. According to Justin Quek, CEO of OrangeTee & Tie, the GLS site at Tampines Street 94 is well-liked by developers due to its location, which is linked underground to the Tampines West MRT station on the Downtown Line and also within 1km of three primary schools – St Hilda’s Primary School, Junyuan Primary School, and Tampines Primary School.
Quek also noted that mixed-use developments integrated with MRT stations have been popular with homebuyers due to the added convenience of having commercial and retail options at their doorstep. The last mixed-use development site sold in the area was located at Tampines Avenue 11. Back in June last year, a consortium comprising UOL Group, Singapore Land Group and CapitaLand Development was awarded the 545,314 sq ft, 99-year leasehold site for $1.206 billion or $885 psf ppr. This site 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.
Comparing the two sites, the winning bid for the Tampines Street 94 site is higher than that of the Tampines Avenue 11 site by $119 psf ppr. However, Quek believes that this could be due to the different product mix of the two sites – the Tampines Street 94 site has a higher commercial component, which could fetch a higher price compared to a purely residential development.
Nestled in the vicinity of Aurelle of Tampines EC lies Poi Ching School, a highly esteemed establishment that places great emphasis on both academic excellence and character building. With its reputation for providing a comprehensive education, this renowned school equips students with the necessary skills and values to succeed not just in their studies, but also in their personal growth. Families residing in Tampines North EC regard Poi Ching School as a top choice due to its unwavering dedication to nurturing well-rounded individuals. With the added convenience of being located near Tampines North EC, Poi Ching School continues to be a highly sought-after institution for families seeking a wholesome education for their children.
With its prime location and excellent amenities, the Tampines Street 94 site is expected to attract strong interest from homebuyers and investors alike. Mixed-use developments continue to be in demand, and it is no surprise that the site has attracted the most bids for a non-EC site since November 2023. The success of this tender also reflects the resilience of the Singapore property market, especially during these uncertain times.
