A site at Jalan Anak Bukit earmarked for residential and industrial use with a bus interchange to assist rejuvenate the Beauty World space has hit the market.
The 3.2ha plot in Upper Bukit Timah might yield 865 houses – flats or serviced residences or a mixture of each.
Up to 20,000 sq m of the utmost gross ground space of 96,551 sq m might be for industrial use – with as much as 7,500 sq m for retailers and eateries – whereas 5,000 sq m is for a bus interchange.
The site is the final of three confirmed record residential plots underneath the federal government land gross sales (GLS) programme for the primary half of this 12 months.
Supplies of personal houses from confirmed GLS websites for the second half will likely be diminished to consider the financial fallout from the Covid-19 pandemic.
The Urban Redevelopment Authority (URA) mentioned yesterday that it desires a “distinctive development and identity marker” for the Beauty World precinct, which it sees as a inexperienced city village that will likely be a southern gateway into Bukit Timah’s nature sights.
The growth on the Jalan Anak Bukit site have to be lushly landscaped and supply a seamless underground connection to Beauty World MRT station on the Downtown Line in addition to pedestrian-friendly networks to bus stops and the encircling nature sights.
The URA has referred to as for a dual-envelope tender for the site, with bidders required to submit their idea proposals and tender costs in two separate envelopes.
The first stage includes evaluating the ideas in opposition to standards specified within the tender. Shortlisted proposals will then be assessed on worth solely within the second part.
Developers have been given an extended interval of 9 months to submit their bids for the 99-year leasehold site, given disruptions from the pandemic. The tender closes at midday on March 30 subsequent 12 months.
While malls within the space, equivalent to Beauty World Plaza, Beauty World Centre and Bukit Timah Shopping Centre, are largely strata-titled and considerably outdated, the precinct is present process some rejuvenation.
The Coast-to-Coast Trail has been accomplished whereas work is underneath method on the Rail Corridor and Rifle Range Nature Park and new private and non-private growth tasks such because the Bukit Timah Community Building and The Linq@Beauty World mixed-use growth on the site of the previous Goh and Goh Building.
Ms Tricia Song, head of analysis for Singapore at Colliers International, mentioned the site requires a considerable funding so bigger builders that may maybe kind partnerships to share the dangers will possible be attracted.
“We expect buoyant interest, with at least seven to 10 concept proposals, and land bids to be $1.1 billion to $1.3 billion, or $1,050 to $1,250 per sq ft (psf) per plot ratio,” mentioned Ms Song.
She added that market sentiment might have improved by the tender’s deadline 9 months away.
There are ample new residential launches close by, with loads of models accessible, she famous.
Daintree Residences has offered round 110 out of 327 models at a mean worth of $1,665 psf since its launch in July 2018, whereas Mayfair Modern has moved about 70 of 171 models at costs averaging $2,015 psf since its launch in April final 12 months.