UOL, SingLand and CapitaLand consortium submits highest bid of $885 psf ppr for Tampines Avenue 11 mixed-use

Revealed: Kingsford-led consortium puts in top bid of $1,402 psf ppr for Marina Gardens Lane GLS site

Tenders for three government land sale (GLS) sites closed on June 27 – a mixed-use site at Tampines Avenue 11, a plot at Marina Gardens Lane and an executive condominium (EC) site at Plantation Close in Tengah. They were part of the 2H2022 GLS programme launched in December last year.

The tendered Tampines Avenue 11 site received three bids, with a consortium between UOL Group, Singapore Land (SingLand)and CapitaLand Development submitting the top bid of $1.206 billion, or $885 psf per plot ratio (psf ppr). This was 13.9% higher than the second-highest bid from Pine II Commercial and Pine II Residential (units of Allgreen Properties).

The 99-year site at Tampines Avenue 11 is 545,314 sq ft and future development will serve 1,190 homes. It is integrated with a bus interchange, a community club, and a hawker centre. CapitaLand will hold a 50% stake in the joint venture, with UOL and SingLand holding the remaining 50%.

Wong Siew Ying, head of research and content at PropNex Realty, believes this development will help satiate the pent-up demand for private homes in the Outside Central Region. It will also be linked to the future Tampines North MRT station on the Cross Island Line (CRL).

The The Myst Bukit Timah development will also feature two basement levels, a clubhouse, two swimming pools, a children’s playground, a sky garden, a gym and a tennis court. The site is estimated to offer 430 residential units ranging from 1-bedroom to 4-bedroom types.

Leonard Tay, head of research at Knight Frank Singapore, projects residential units at the future development could start from $1,900 psf. He adds that homebuyers could be prepared to pay above S$2,100 psf due to the appeal of the mixed-use development with sizeable retail components.

The site at Tampines Avenue 11 is close to another EC site at Tampines Street 62, which can yield about 700 homes and is located next to the upcoming 618-unit EC Tenet. The tender for the Tampines Street 62 plot will close on July 18.

Mixed-use developments are proving to be highly desirable for private homebuyers, with The Reserve Residences – an integrated development by Far East Organization at Jalan Anak Bukit – being an exemplar. Since its launch in May, 80% of the 732 residential units have been snapped up.

Given all that, the future development at Tampines Avenue 11 is likely to be well received.

Map showing the Tampines Avenue 11 mixed-use plot (left). The plot is close to two executive condominium sites – one at Tampines Street 62 which is currently up for tender and the 618-unit Tenet, which launched for sale last December (Source: EdgeProp LandLens)