The new launch project - Tampines Avenue 11 Mixed-Use GLS Site Attracts Top Bid of $885 psf ppr

Three government land sale (GLS) sites – a mixed-use site at Tampines Avenue 11, a plot at Marina Gardens Lane and an executive condominium (EC) site at Plantation Close in Tengah – closed their tenders on June 27. The sites were launched for tender last December as part of the 2H2022 GLS programme.

The Tampines Avenue 11 site, which can accommodate 1,190 new launches and 14,000 sq m of commercial space, attracted three bids. The highest bid of $1.206 billion or $885 psf per plot ratio (psf ppr) was submitted by a consortium of Capitaland, UOL Group and Singapore Land. The bid was 13.9% higher than the second-highest bid from Allgreen Properties. The site will also have a bus interchange, a community club, and a hawker centre.

The consortium said the new launch project will offer a modern and sophisticated lifestyle for the residents, with units designed with modern interiors and equipped with the latest technology. The project will also be linked to the future Tampines North MRT station on the Cross Island Line (CRL), and close to other amenities, such as Tampines Mall, Tampines Hub, IKEA, Giant, and Courts. The project will also be near several schools, such as Poi Ching School, St. Hilda's Primary and Secondary School, and Temasek Polytechnic.

PropNex Realty's head of research and content, Wong Siew Ying, said the new launch project will appeal to many owner-occupiers and HDB upgraders, as it will inject much-needed new supply of mass market homes in the Outside Central Region. Knight Frank Singapore's head of research, Leonard Tay, said the possible selling price for residential units at the new launch project could start from $1,900 psf, setting a new price record for new launches in Tampines.

The site at Tampines Avenue 11 is close to another EC site at Tampines Street 62, which is currently up for tender. The site can yield about 700 homes and is located next to the upcoming 618-unit EC Tenet. The tender for the Tampines Street 62 plot will close.

Here are some additional factors that are likely to contribute to the positive outlook for the Tampines property market:

• The upcoming completion of the Tampines North MRT station, which will further enhance the connectivity of the area.
• The continued development of the Tampines Town Centre, which is expected to attract more businesses and residents to the area.
• The strong population growth in the Tampines area, which is driven by young families and professionals.

If you are looking to invest in the Tampines property market, now is a good time to consider doing so. The area has a strong track record of price appreciation and is expected to continue to grow in the years to come.

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