Urban Redevelopment Authority launched a residential cum commercial land parcel at Bernam Street for sale.
The tender was launched with an increase of 75 dwelling units which is a 30% increase from the initial estimates.
This site is a part of the Government Land Sales (GLS) programme being launched in first half of 2019. A part of the GLS confirmed list, this site has commercial component on the 1st floor of the development.
The URA in a recent move is allowing increase of GPR (gross plot ratio) in its attempt to increase vibrancy in Central Business District.
The plan involves encouraging office developments to convert into hotels and properties for residential use.
This is under the new CBD Incentive Scheme that was announced during the launch of URA’s Draft Master Plan in the month of March this year.
URA wants developers to build more hotels and residential units in the CBD in a bid to avoid the place turning into ‘ghost town’ after office hours.
This will allow sites in Anson area which includes the land parcel in Bernam Street to increase their plot ratio and add 30% more units when they develop residential units with the permission for first-storey commercial use.
Given that the development intensity has been increased on this site it can now yield 325 residential units against the 250 units that were estimated in the month of December.
URA however said that the final number of units may vary at the developer’s prerogative.
Real estate service Colliers International’s Head of Research in Singapore said that implied plot ratio sees an effective increase of 7.28 times which is higher than the 5.6 times under the 2014 Master Plan.
According to her the site at Bernam Street is a great opportunity for the developers in the Central Business District as Shenton Way is near fully developed and with the CBD Incentive Scheme and Greater Southern Waterfront development project being taken up it would be a major attraction for the buyers.
The land parcel would come with 99-year lease tenure and the total area is 3,846.2 sq m (41,400 sq ft). The maximum GFA of this site is 28,001 sq m (301400 sq ft) gross floor area in the site.
The property would have a maximum allowable height of 35 levels (high-rise zone), 20 levels (mid-rise zone) and 4 levels (low-rise zone).
According to Ms Song other 99-year leasehold residential sites in the area that include Icon, Skysuites @ Anson and Altez, transacted between S$1700 and S$2500 psf over the last 12 months depending on the age of the property and the unit size.