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

June 27th, 2023

The mixed-use site at Tampines Avenue 11 received a total of three bids, including a top bid of $1.206 billion or $885 psf per plot ratio (psf ppr) submitted by a consortium between UOL Group, Singapore Land (SingLand) and CapitaLand Development. The bid was 13.9% higher than the second-highest bid. The future development will offer about 1,190 new homes and be linked to the future Tampines North MRT Station on the Cross Island Line.

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

The 99-year site at Tampines Avenue 11, which is 545,314 sq ft, received a total of three bids. Out of these, the highest bid of $1.206 billion, or $885 psf per plot ratio (psf ppr), was submitted by a joint venture comprising UOL Group, Singapore Land (SingLand) and CapitaLand Development. This bid was 13.9% higher than the second-highest bid of $1.06 billion or $777 psf ppr, put in by Pine II Commercial and Pine II Residential (units of Allgreen Properties).

The land use zoning for the future mixed-use development includes a commercial and residential space, integrated with a bus interchange, a community club and a hawker centre. Wong Siew Ying, head of research and content at PropNex Realty, stated that the integrated development would appeal to many owner-occupiers and HDB upgraders. It will also be connected to the soon-to-come Tampines North MRT station on the Cross Island Line.

Leonard Tay, head of research at Knight Frank Singapore, said that based on the joint venture’s bid of $885 psf ppr, the possible selling price for residential units at the future development could be from $1,900 psf. He added that, as integrated developments usually have sizeable retail components, there is a chance that homebuyers could be willing to pay over S$2,100 psf. Far East Organization’s The Reserve Residences is proof of this, whereby 80% of the 732 residential units available have been snapped up since its launch in May.

Additionally, the Tampines Avenue 11 site also lies close to another executive condominium site at Tampines Street 62, which can potentially yield around 700 homes. With the closing date of its tender set for July 18, the nearby 618-unit EC Tenet was launched for sale last December.

CapitaLand’s new development project, JCube Residence Condo, aims to provide its residents with a better living environment and features a mix of private residential units, offices and retail shops. It is conveniently located next to Jurong East MRT station and Jurong East Bus Interchange, as well as close to the well-known shopping malls, such as JEM, Westgate and IMM. The 40-storey development is expected to offer a selection of one- to four-bedroom apartments, as well as commercial units, to meet the needs of the local community.

The closure marks the end of an era – JCUBE was one of Singapore’s first edutainment centres, which opened its doors in 2011, offering entertainment, such as ice-skating, rock climbing and bowling. It was also a recreation hub for summer camps, birthday parties and other activities.

JCube Residence Condo is expected to open in 2023.

All in all, the mixed-use site at Tampines Avenue 11 is expected to inject much-needed new supply of mass market homes, and cater to the lifestyle needs of the growing residential population in Tampines North. The two nearby executive condominium developments, as well as the integrated development by Far East Organization at Jalan Anak Bukit, are testaments to this.

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