An 11,530.9 sq m site at Tan Quee Lan Street was launched for sale on Friday (29 Mar) under the confirmed list of the first half 2019 Government Land Sales (GLS) programme, announced the Urban Redevelopment Authority (URA).
Zoned residential with commercial at first storey, the 99-year leasehold site has a maximum gross floor area of 48,430 sq m and a maximum building height of 30 storeys for a high-rise zone and six storeys for a low-rise zone. It is expected to yield up to 580 housing units.
Joy Tan, head of research and consultancy at JLL Singapore, expects the site to be hotly contested by developers due to its prime location.
“The Tan Quee Lan Street site is assessed to be the most attractive of all the sites on the 1H 2019 GLS confirmed list as it is located next to the Bugis MRT station and right in the heart of Bugis where the government’s plan for its rejuvenation is fast bearing fruit,” she said. “It will attract developers keen to ride on the area’s rapid transformation into a vibrant mixed-use locale and an extension to the CBD.”
In fact, she expects most of the developers that participated in the tender for the Middle Road site to also bid for the Tan Quee Lan Street site.
Tan noted that the low pipeline supply of available housing units for sale, which amounts to less than 800 units, within the vicinity could “embolden interested bidders to be bullish in their bids in spite of the cooling measures in place”.
Meanwhile, the tender for a residential site at one-north Gateway has been pushed back to June to “facilitate a review of planning parameters and tender conditions for the site”, said URA.
Tan noted that the master plan zoning for the site has been changed from full-residential, to residential with commercial at first storey.
“The launch of the tender for this site has likely been delayed to allow the authority to incorporate this change into the tender conditions and documents,” she said.
The tender for the Tan Quee Lan Street site closes on 5 September, together with another site at Bernam Street which is slated for sale in May.