Probably the Hottest Development Site for Sale in 2019, Bidding War Expected, Easily Attracts 10 to 18 Bids
It has been Tag “En Bloc Killer” that Will Silent the Entire En Bloc Market
Urban Redevelopment Authority has launched tender for a new site under the Government Land Sales or GLS programme.
The site located along Tan Quee Lan Street is under the Confirmed List of the sites listed for sale in the first half of 2019.
Encompassing total area of 11,530.9 sq m, the site has a 99-year leasehold tenure. The maximum permissible GFA (gross floor area) is 48,430 sq m.
It has good development potential and according to estimates can yield approximately 580 residential units.
The maximum allowable height for this plot is 30 storey for high rise zone and 6 storey for low rise zone.
The tender for this site at Tan Quee Lan Street shall close at 12:00 PM on September 5. The closing date for this site’s tender shall coincide with another GLS site located in Bernam Street which was launched in May and part of the sites for first half of 2019.
Head of Research and Consultancy at JLL Singapore, Ms Tay Huey Ying said that the site is expected to generate lot of interest and is best among the GLS sites that are under the confirmed list.
She says its location next to Bugis MRT station will be a big attraction for developers.
Government’s plans to rejuvenate the Bugis area would also serve as an incentive for this site.
She added that developers would like to add this to their land bank and be part of the transformation this area is going through and its close proximity to the Central Business District.
ZACD Group’s Executive Director, Mr Nicholas Mak believes the site could attract anywhere from 8-12 bids as it is among the few GLS sites in Bugis areas that has been marked for residential use.
He said that developers would need to bear in mind that close proximity to the MRT Station will inflate the cost of construction.
Why All Developers Focus on Tan Quee Lan Street Site
Location is one of the major points which Developers would consider while investing in a development site.
The mixed-use site is located in an area where malls, restaurants, and other places of interests are within reach and easy to access.
It is important for any new project to be located near different attractions, business hubs, and other wonderful places for entertainment, social life, and relaxation purposes
Without a Doubt, the Tan Quee Lan Street Site meets all the developer’s requirement and expectations.
Once developed and launch, it may be easily become the best-selling project as it is every home hunter “Dream Location”.
The Hot mixed-use site is next to Bugis MRT interchange station which offer 2 different lines East-West Line (EWL) and Downtown (DTL) Line. New Residents will definitely love the conveniences
Using East-West Line, Raffles Place station can be reach with only 2 stops ride. This is where Central Business District located
If heading the opposite direction, Singapore Sports Hub also can be reach in short time. The New Paya Lebar Central is only 4 stops away
Using Downtown Line, the hot top attractions spot “Marina Bay Sands” is at Bayfront Station which is 2 stops away. A bit further up will be Chinatown Station.
Reasons why Bugis is “Crowd favourite” because everything they need can be found here. Malls, Mega Malls, Famous restaurants & eating outlets, Entertainments etc…
The Raffles Hospital which offer World Class medical & care services is close to the Site as well as Parent Favourite “National Library”
Educational institutions such as the Singapore Management University and LaSalle College of The Arts are also close proximity to the attractive site.
One of the well-known attractions and tourists spot “Kampong Glam” is within the area.
Living in Bugis area alone can already fulfil a individual needs, if not satisfy there are still many places to go which only require short time to reach
Duo Tower Success Will Inspire More Developers
The famous Duo Tower Singapore is just opposite the Tan Quee Lan Street GLS Site.
The first tower at Duo mixed development stands at 49 storeys high which Duo Residences, a 660-unit development is located. As for now, only 3 units remain unsold.
The other tower which has office component occupies Levels 4 to 23 and Duo Galleria, the retail component is at Basement 3 and Level 1. Andaz Hotel Singapore is found in the upper level.
The Duo commercial space has attracted many investors since an expression of interest exercise was launched in October last year 2018.
A great success for just a 3-yr old development.