Artist’s impression of the future Bidadari estate. Image source: HDB
As part of the future development of Bidadari estate, the Housing and Development Board (HDB) launched a mixed commercial and residential site at Upper Serangoon Road for sale via public tender on Monday (6 March) under the second half 2016 Government Land Sales (GLS) programme.
The HDB revealed that the confirmed list site was previously scheduled to be released for sale last December, but was deferred to give the authorities more time to finalise the site requirements for a comprehensive development.
The 99-year leasehold site has a total land area of around 2.55ha. Given its permissible gross floor area (GFA) of up to 89,043 sq m, the site could yield about 825 non-landed residential units.
Meanwhile, TODAYonline reported that up to 15,000 sqm of the GFA will be allocated for shops and F&B outlets.
Nicholas Mak, Head of Research & Consultancy at SLP International, said the tender is expected to attract strong interest from developers due to the site’s good attributes.
For instance, the land parcel is fairly big and not too irregularly shaped. It is next to Woodleigh MRT station and close to the upcoming Bidadari housing estate, which is predicted to house around 60,000 people in the future. Finally, it is the estate’s only mixed-use site available for sale.
“The future shopping centre on this site should attract a high number of residents from the Bidadari estate. It would also enjoy the first mover advantage as the first shopping centre in the Bidadari estate,” Mak noted.
He added that the tender could draw around eight to 16 bids, with the highest possibly ranging from $680.5 million to $719 million, which works out to $710 to $750 psf per plot ratio.
The tender for the site at Upper Serangoon Road will close on 13 June.