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

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SingaporeCapitaLand Retail China Trust mulls strategic review, potential acquisition and divestmentInjecting much-needed new supply of mass market homes, a mixed-use development at Tampines Avenue 11, consists of a commercial and residential development with a bus interchange, a community club, and a hawker centre. A consortium between UOL Group, Singapore Land (SingLand) and CapitaLand Development submitted a top bid of $1.206 billion, which works out to $885 psf per plot ratio (psf ppr).

A total of three bids for the Tampines Avenue 11 site were received. The consortium of UOL Group, Singapore Land (SingLand) and CapitaLand Development, emerged top with a bid of $1.206 billion amounting to $885 psf ppr, which was 13.9% higher than the second highest bid of $1.06 billion or $777 psf ppr.

The 99-year site is 545,314 sq ft in size and is located close to another Executive Condominium (EC) site at Tampines Street 62 currently up for tender. The site can yield about 700 homes and is located next to the upcoming 618-unit EC Tenet.

The integrated development is expected to offer about 1,190 new homes, while retail and community amenities are likely to cater to the lifestyle needs of the growing residential population in Tampines North. PropNex Realty Head of Research and Content Wong Siew Ying believes it will inject much needed new supply of mass market homes that would benefit Outside Central Region.

Leonard Tay, Head of Research at Knight Frank Singapore, notes that with the bid of $885 psf ppr, the possible selling price for residential units at the future development could start from $1,900 psf. Such positive sentiments have been seen from The Reserve Residences, the integrated development by Far East Organization at Jalan Anak Bukit, from which 80% of the 732 residential units have been taken up since its launch in May.

The Tampines Street 62 tender is set to close on July 18, and the tender for the Plantation Close EC site garnered nine tenderers. Such strong interest furthers the prospects of this development and could potentially improve the market sentiment in the area.

Therefore, while the tender for the Tampines Avenue 11 site has closed, we continue to look forward to the results of the other two tenders in the area. The successful bids will certainly be a boon to the residential and commercial market in Tengah.