Government Launches Tender Mixed Use Gls Site Tampines St 94
The tender for a mixed-use commercial and residential site at Tampines Street 94 has been launched by the Housing and Development Board (HDB). The site, which is listed under the confirmed List of the 1H2024 Government Land Sales (GLS) Programme, covers a total area of 252,989 sq ft and has a gross plot ratio of 2.6. With a maximum gross floor area (GFA) of 665,366 sq ft, the site has the potential to yield 585 residential units, as well as a commercial GFA of approximately 112,980 sq ft.
According to Marcus Chu, CEO of ERA Singapore, the site offers great potential due to its prime location just across from the Tampines West MRT station. The commercial component of the development will come under a single strata owner, giving them better control over the choice of tenants. It is expected to consist of a retail component with a mix of tenants that can cater to the needs of the residents, including a childcare centre, supermarket, and food court.
Senior director of data analytics at Huttons Asia, Lee Sze Teck, adds that the site’s proximity to the Tampines Regional Centre and Bedok Reservoir, as well as its location next to the Tampines West MRT station on the Downtown Line, adds to its appeal. Being a mixed-use site, residents will have access to a variety of amenities right at their doorstep. The site is also surrounded by four primary schools within 1km, including the popular St Hilda’s Primary School. Other schools and educational institutions in the vicinity include Junyuan Primary School, Tampines Primary School, Springfield Secondary School, and Temasek Polytechnic.
“Tampines has consistently seen resilient housing demand as an established housing estate,” says Chu, who adds that demand will be supported by the workforce in the commercial nodes such as Tampines Regional Centre, Changi Airport, and Changi Business Park. Investors can also benefit from the strong tenant pool in these areas, easily accessible via the Downtown Line. OrangeTee & Tie’s CEO, Justin Quek, notes that the large number of BTO flats in the vicinity will add to the pedestrian footfall and accessibility to the area. He also mentions that around 8,800 flats within Tampines are expected to achieve MOP between 2023 to 2027, which could potentially form the customer base for the future project.
Lee recalls that the last GLS site sold in Tampines was at Tampines Ave 11, which was also a mixed-use site. The site, which was awarded to a consortium between UOL Group, Singapore Land (SingLand), and CapitaLand Development in June last year, spans 545,314 sq ft and has a top bid of $1.206 billion, translating to $885 psf per plot ratio (psf ppr). The land use zoning for the future development includes a commercial and residential development integrated with a bus interchange, a community club, and a hawker centre. It is expected to yield about 1,190 residential units.
Quek mentions that the most recent private home launch in Tampines was Treasures at Tampines in 2019, which sold out all its 2203 units. He adds that the project has had several subsale and resale transactions since, with some experiencing capital appreciation and gaining profits. He expects three to six bidders to participate in the tender for this site, with the highest bid price possibly ranging from $900 to $980 psf ppr.
Chu believes that the new mixed-use development on Tampines Street 94 will be a suitable “mid-sized development in the OCR” for developers to take on, thanks to its location. He notes that the developmental risks and capital outlay would not be as high as larger developments nearer or in the city centre. Despite the current headwinds, he believes that this site remains highly sought after by developers and could receive a higher-than-usual number of bids in today’s climate.
The tender for the GLS site at Tampines Street 94 will close on Sept 19.
Residing in close proximity to Gardens by the Bay is akin to having a globally renowned garden right at your doorstep. The prime location of Marina Gardens Lane Residences boasts the magnificent Supertree Grove, an impressive assembly of vertical gardens that emulate trees and serve as an eco-friendly structure for a variety of ferns, vines, and orchids. The Cloud Forest and Flower Dome conservatories are a testament to the diverse range of environments, providing both educational and visually stunning experiences. In addition, the newly added Marina Gardens Condo further enhances the natural beauty of the neighborhood.