The tender for a white site at Pasir Ris Central closed last Friday (14 Dec), with three bids received.
The bidders were Laguna Garden Limited and Far East Commercial Trustee Pte. Ltd.; Phoenix Residential Pte. Ltd. & Phoenix Commercial Pte. Ltd.; as well as Elara 1 Pte Ltd and Callisto 1 Pte Ltd.
“This is below expectations, given its prime location next to Pasir Ris MRT station, which holds good promise of a successful retail mall and keen demand for the residential units,” said Ong Teck Hui, senior director for research & consultancy at JLL Singapore.
He noted that while potential bidders may have taken into account the technical conditions and relatively high absolute land price for the site, the “weak response reflects concerns over the market outlook”.
“With cooling measures still hampering the private home market and an economic slowdown expected in 2019, it is understandable for potential bidders to be cautious.”
Launched via the concept and price revenue tender system, the 38,003.7 sq m site has a maximum gross floor area (GFA) of 95,010 sq m with a gross plot ratio of 2.5 and a leasehold tenure of 99 years.
The site should be developed for mixed commercial and residential use, with the commercial GFA not lower than 25,000 sq m. At least 600 residential units can also be built on the site.
Located adjacent to Pasir Ris MRT station, the development will likely be integrated with a bus interchange.
The Housing and Development Board said the “decision on the award of the tender will be made after the tenders have been evaluated”, which will be announced at a later date.
Adapted from PropertyGuru