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Tampines Ave 10 site launched for sale, analysts expect cautious bidding

SINGAPORE — A private residential land parcel along Tampines Avenue 10 has been launched for sale on Tuesday (March 14) by the Urban Redevelopment Authority (URA), with analysts saying bidding in the tender will likely be cautious due to the large housing supply in the vicinity.

A private residential land parcel along Tampines Avenue 10 has been launched for sale on March 14, 2017, by the Urban Redevelopment Authority. Photo: URA

A private residential land parcel along Tampines Avenue 10 has been launched for sale on March 14, 2017, by the Urban Redevelopment Authority. Photo: URA

SINGAPORE — A private residential land parcel along Tampines Avenue 10 has been launched for sale on Tuesday (March 14) by the Urban Redevelopment Authority (URA), with analysts saying bidding in the tender will likely be cautious due to the large housing supply in the vicinity.

The 99-year leasehold site, released from the Confirmed List of the first-half 2017 Government Land Sales programme, sits on 21,717.7 square metres, or about 233,767 sq ft, of land. With a maximum permissible gross floor area of 60,810 square metres, or 654,553 sq ft, the site can yield an estimated 715 housing units, the URA said.

The site is located between condominium projects The Alps Residences and The Santorini that are currently under construction. It is linked to the city and rest of the island via major arterial roads and expressways such as Tampines Expressway and Pan Island Expressway, although it is not within comfortable walking distance to an MRT station.

The future residential development will be ideal for families with school-going children, the URA said. Schools located within the vicinity include Temasek Polytechnic, United World College of South East Asia (East Campus) and St Hilda’s Primary and Secondary Schools.

International Property Advisor Chief Executive Ku Swee Yong said: “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.”

The tender could draw about five to seven bids, and the top bid could range from S$450 to S$550 per square foot per plot ratio, he said. This translates roughly to between S$295 million and S$360 million.

The tender for the land parcel will close at noon on April 25.

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