SINGAPORE (EDGEPROP) – A joint venture (JV) between Hoi Hup Realty and Sunway Developments has been awarded a commercial and residential government land sale (GLS) site at Tampines Street 94.
The JV partners submitted the highest tender price of $668.28 million when the tender for the 253,068 sq ft GLS site closed on Sept 19. The winning bid price translates to a land rate of $1,900 psf per plot ratio (ppr).
This top bid price is just 1.9% higher than the second highest bid of $985 psf ppr submitted by Sing Holdings Residential. The GLS site received six bids in total. The 99-year leasehold site has a maximum gross floor area of up to 665,581 sq ft.
In a press release issued on Oct 11, the JV partners announced that they intend to develop a 596-unit residential project atop a one-storey commercial podium of about 120,000 sq ft of commercial space and an early childhood development facility. The site will also feature a community plaza and a direct underground link to the Tampines West MRT station on the Downtown Line.
Wong Swee Chun, chairman of Hoi Hup Realty, expects the future mixed-use development to serve a new HDB neighbourhood of more than 5,000 new homes. “The new residential units in the development will be attractive for those looking for a home in a new neighbourhood located in a mature estate,” he notes.
The site is close to SAFRA Tampines, Our Tampines Hub, the Bedok Reservoir Park and Temasek Polytechnic. It is within walking distance of Junyuan Primary School.
From:daves.digman@mindspring.com To: Paul Londincky
