The Housing & Development Board has just launched the land tender at Tampines Street 94 under the 1H2024 Government Land Sales (GLS) programme. This development may add around 585 residential units and will have a significant commercial component of around 10,500 sqm. The land tender will close on 19 September 2024.
This site will be linked to Tampines West MRT station on the Downtown Line. It is within 1km of various primary schools such as Junyuan Primary School, St Hilda’s Primary School, and Tampines Primary School. Other recreational sites include the neighbouring SAFRA Clubhouse (Tampines).
Given the significant commercial component of this development at around 10,500 sqm, the future development may serve as another commercial and retail hub in Tampines. With the large number of BTO flats in the vicinity, there will likely be heavy footfall at the commercial element of this development as well, making this site even more attractive.
Integrated developments remain popular among buyers, given the convenience of having commercial and retail options at buyers’ doorstep. The closeness of Tampines West MRT station makes travelling more accessible as well. Moreover, between 2023 to 2027, around 8,800 flats will achieve MOP within Tampines, out of almost 67,000 flats island wide, who may form the part of the customer base for the future project here.
There may also be pent-up demand for private homes in this area, as the most recent private home launch in Tampines was Treasures at Tampines back in 2019. The project managed to sell out its 2203 units, and has had several subsale and resale transactions recently. Some of these subsale and resale transactions have also experienced capital appreciation and seen profits.
The overall GFA for this development, at 61,837 sqm, is smaller than the other earlier integrated development at Tampines Avenue 11, which was 126,700 sqm, that was awarded in July 2023. That land parcel received three bids, and was awarded to Topaz Residential Pte. Ltd. and Topaz Commercial Pte. Ltd. at the price of S$1,206,390,880 or around S$885 psf ppr. Hence, the overall price quantum for this plot may be more manageable compared to the previous plot. However, this site may be costly and complex to develop given the host of requirements which include building community spaces, catering for various different commercial uses, and early childhood facilities.
We expect 3 to 6 bidders for this site, at a highest bid price of S$900 to S$980 psf ppr.