Location map of the site at Tampines Avenue 10. Source: URA
A 99-year leasehold residential site at Tampines Avenue 10 (Parcel C) has been put up for sale by public tender, said the Urban Redevelopment Authority (URA) on Tuesday (14 March).
The 2.17ha site is located between two upcoming condominium projects – The Alps Residences and The Santorini. Launched for sale under the confirmed list of the first half 2017 Government Land Sales (GLS) Programme, it can yield up to 715 housing units.
The URA noted that the site is linked to other parts of the island via major roads and expressways such as the Pan Island Expressway and Tampines Expressway.
The future residential development is ideal for families with school-going children, as it is near various schools including United World College of South East Asia (East Campus), Temasek Polytechnic and St. Hilda’s Primary and Secondary Schools.
Industry analysts, however, expect cautious bidding in the tender due to the large housing supply within the vicinity, reported TODAYonline.
“While there are many cash-rich developers wanting to deploy their cash, the location attributes of the site can be challenging. The United World College is much-desired for expats with school-going children but there is already a large supply of condominiums in the vicinity that could satisfy the needs of these parents, and demand may be insufficient,” said Ku Swee Yong, CEO of International Property Advisor.
He expects the tender to attract five to seven bids, with the top bid ranging from $450 to $550 psf per plot ratio. This works out to approximately $295 million to $360 million.
The tender for the land parcel will close on 25 April, said the URA.