Hoi Hup Sunway Jv Submits Top Bid 1004 Psf Ppr Tampines St 94 Gls Site
All stakeholders, including the government, developers, and homebuyers, have closely watched the recent government land sales (GLS) tender for a mixed-use commercial and residential site located at Tampines Street 94. The tender closed on September 19 with six bids, and 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.
Eastpoint Mall, located near Simei MRT Station, is a bustling shopping destination that offers over 100 stores. This popular mall is especially loved by families for its welcoming atmosphere. With a diverse range of shopping options, Eastpoint Mall is home to renowned retailers like Popular Bookstore, Miniso, and Decathlon. When it comes to dining, visitors can choose from a wide variety of restaurants, including Eighteen Chefs, Nando’s, and The Manhattan Fish Market. What sets Eastpoint Mall apart is its focus on family fun and learning. It features an enriching learning center and an outdoor playground, making it a one-stop hub for a fun day out with the family. Conveniently located just a 10-minute drive away from Parktown Residence at Tampines Avenue 11, Eastpoint Mall is a must-visit destination for families looking for a lively and inclusive shopping experience. Don’t miss out on this exciting mall during your stay at Parktown Residence! Make sure to check out Parktown Residence Tampines Avenue 11 while you’re there.
The 99-year leasehold site spans across 252,989 square feet and has a maximum gross floor area of 665,366 square feet. According to the Urban Redevelopment Authority (URA), the site is estimated to yield 585 residential units. The top bid of $1,004 psf ppr was only 1.9% higher than the second highest bid of $985 psf ppr submitted by Sing Holdings Residential. This is the most competitive bid for a non-Executive Condominium (EC) site since the tender for a residential development at Clementi Avenue 1 closed with six bids back in November of 2023. OrangeTee & Tie CEO, Justin Quek, believes that this is a clear indication of the strong demand for mixed-use developments near MRT stations.
The GLS site at Tampines Street 94 is strategically located within walking distance to the Tampines West MRT station on the Downtown Line. It also sits within a 1km radius of three primary schools – St Hilda’s Primary School, Junyuan Primary School, and Tampines Primary School, making it a desirable location for families. Quek further adds that homebuyers are attracted to mixed-use developments integrated with MRT stations as it offers convenience, with commercial and retail options at their doorstep.
The last mixed-use development site sold in the area was at Tampines Avenue 11, where a consortium comprising UOL Group, Singapore Land Group, and CapitaLand Development was awarded a 545,314 square feet, 99-year leasehold site in June last year. Their winning bid of $1.206 billion translates to $885 psf ppr and is estimated to yield 1,190 residential units, a shopping mall, a bus interchange, a community club, and a hawker centre, all integrated with the upcoming Tampines North MRT Station. With the success of the Tampines Avenue 11 site, this further proves the attractiveness of mixed-use developments, and developers are staying competitive to secure prime sites in popular areas.
In conclusion, the recent tender for the GLS site at Tampines Street 94 has once again displayed the high demand for mixed-use developments near MRT stations. With the site already having six competitive bids, it is safe to say that all stakeholders, including the government, developers, and homebuyers, are optimistic about the prospects of this new commercial and residential site.