In a move that could significantly shape the landscape of Tampines, the recent government land sales (GLS) tender for the commercial and residential site at Tampines Street 94 concluded with six competitive bids. The highest bid came from a joint venture between Hoi Hup Realty and Sunway Developments, offering $668.28 million, which translates to $1,004 psf per plot ratio (psf ppr). This marginally edged out the second-highest bid, from Sing Holdings Residential, by 1.9%.
The site, which spans nearly 253,000 sq ft, is set to yield around 585 residential units. It will be closely integrated with the existing infrastructure, including being linked underground to Tampines West MRT station on the Downtown Line. Additionally, its proximity to reputable schools like St. Hilda’s Primary, Junyuan Primary, and Tampines Primary is sure to make it highly attractive to families.
The high level of participation in this tender, with six bids in total, reflects strong confidence in the property market. This site has attracted the most bids for a non-executive condominium (EC) site since November 2023. The appeal of Tampines as a residential hub is well-established, given its mix of connectivity, family-friendly amenities, and the significant pool of HDB upgraders in the area.
Mixed-Use Appeal Mixed-use developments near MRT stations have a track record of performing exceptionally well. For example, projects like J’den, The Reserve Residences, and Lentor Modern reported brisk sales at their launches, with take-up rates between 70% and 88%. The Tampines Street 94 GLS site has a similar appeal, given its proximity to the MRT and its potential for both commercial and residential components. The previous Tampines Avenue 11 site, awarded in June 2023, also signals the area's viability for such mixed-use developments, with its proposal including residential units, a shopping mall, and community amenities.
Market Outlook With other private condos like The Tapestry in Tampines recording strong sales in 2024 at around $1,674 psf, experts are predicting that the future launch price for the Tampines Street 94 project could range between $1,900 and $2,200 psf. Given the strong demand from both upgraders and new home buyers, it is likely that the units will be well-received upon launch, particularly due to the site's prime location and the ever-growing appeal of Tampines as a live-work-play hub.
Summary of Key Highlights:
- Site: Tampines Street 94 GLS site (252,989 sq ft).
- Top Bid: $668.28 million ($1,004 psf ppr) by Hoi Hup-Sunway JV.
- Residential Yield: Estimated 585 units.
- Proximity: Direct MRT link to Tampines West Station; close to St. Hilda’s Primary and other schools.
- Competitive Bidding: Six bids submitted, the highest non-EC tender in recent history.
- Projected Pricing: Estimated $1,900 to $2,200 psf for the upcoming development.
This latest GLS outcome reaffirms Tampines as a major contender for residential development, with developers clearly showing strong interest in the area’s potential. The appeal lies not just in its strategic location and MRT connectivity but also in the demographic demand from upgraders and families looking to settle in this mature estate. Given the success of other mixed-use developments, the future project at Tampines Street 94 is likely to attract similar enthusiasm from buyers.
As a real estate agent, I encourage potential homebuyers and investors to stay ahead of the market. With Tampines consistently being a top choice for buyers, this upcoming development will be one to watch. For regular updates on upcoming projects and investment opportunities in the area, feel free to reach out to me for more detailed information.