Tampines Ave 10 site to see cautious bidding: Analysts

SINGAPORE — A residential plot of land in Tampines has been put up for sale by public tender, with analysts saying developers will likely be cautious in their bids given the site’s unattractive location and the large housing supply in the area.

The 99-year leasehold site, known as Tampines Avenue 10 (Parcel D), is the second residential plot released from the Confirmed List of the Government Land Sales programme for the first half of this year. Sitting on 168,567 sq ft of land and with a plot ratio of 2.8, it can yield a maximum gross floor area of 471,997 sq ft that can be developed into about 490 homes, the Urban Redevelopment Authority said yesterday.

Mr Nicholas Mak, executive director of research and consultancy at SLP International Property Consultants, said: “It is about 1.7km to the Tampines Town Centre and MRT Station, which is not within comfortable walking distance.”

The site is also very near a large industrial estate, he noted, adding that there are a large number of new residential developments in the vicinity.

“There are a total of about 2,500 units in the three condominiums and one EC development near the subject site. The units in these new condominiums could be potential competitors in the leasing market,” he said.

Ms Christine Li, director of research at property firm Cushman and Wakefield, said: “I think there will be about six to 10 bidders for this site, but prices will be cautious due to the number of unsold units from neighbouring The Santorini — 420 as of February.”

She estimated the top bid will range from S$480 to S$510psf per plot ratio. ANGELA TENG