Hoi Hup Sunway Jv Submits Top Bid 1004 Psf Ppr Tampines St 94 Gls Site
Nestled in the heart of the community, Princess Elizabeth Primary School stands as an esteemed educational institution known for its excellence in providing top-notch education. Boasting a stellar reputation, it is widely recognized as one of the premier schools in the area. The school offers a well-rounded curriculum that encompasses a diverse range of subjects, with a strong emphasis on science and mathematics. This creates an ideal platform for young learners to cultivate a passion for these fields. Located strategically near Novo Place EC, this prestigious school provides a convenient option for families residing in the vicinity. With Novo Place EC’s multitude of amenities and services within reach, students and their families can easily access everything they need for a well-rounded lifestyle. Additionally, families can also visit Novo Place EC to learn more about this prime residential area.
The recent government land sales (GLS) tender for a mixed-use commercial and residential site at Tampines Street 94 has attracted a total of six bids, and was closed on September 19. The highest bid of $668.28 million, equating to $1,004 per square foot per plot ratio (psf ppr), was submitted by a joint venture between Hoi Hup Realty and Sunway Developments.
The 99-year leasehold site, spanning 252,989 square feet and with a maximum gross floor area of 665,366 square feet, has the potential to yield approximately 585 residential units according to estimates by the Urban Redevelopment Authority (URA).
The winning bid of $1,004 psf ppr was only 1.9% higher than the second highest bid of $985 psf ppr from Sing Holdings Residential. This marks the most number of bids for a non-executive condominium (EC) site since the tender for a residential development site at Clementi Avenue 1 in November 2023.
Justin Quek, CEO of OrangeTee & Tie, notes that the Tampines Street 94 GLS site is set to be directly linked underground to the Tampines West MRT station on the Downtown Line, and is also situated within 1km of three primary schools – St Hilda’s Primary School, Junyuan Primary School, and Tampines Primary School.
Quek also adds that the integration of mixed-use developments with MRT stations remains popular among homebuyers, given the added convenience of having commercial and retail options right at their doorstep. The last mixed-use development site sold in the area was at Tampines Avenue 11, where a consortium of UOL Group, Singapore Land Group, and CapitaLand Development were awarded the 545,314 square feet, 99-year leasehold site in June last year. Their winning bid was $1.206 billion, translating to $885 psf ppr.
The Tampines Avenue 11 site 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.
In conclusion, the GLS site at Tampines Street 94 has received a positive response from developers, with the highest bid coming in at $1,004 psf ppr. With its convenient location and potential to offer a mix of residential and commercial options, it is expected to be a highly sought after development.