HDB Launches Pasir Ris Central Mixed-Use Site For Public Tender
A huge plot of land that is located at Pasir Ris Central was put up for sale on August 27, 2018, by the Housing Board. This move is a part of the Housing Board’s Remaking Our Heartland project and the plot of land is expected to be a part of mixed-use commercial and residential developments.
Location of White Site
Spanning an astonishing 3.8 hectares, the white site can be found next to the Pasir Ris MRT station. The white site’s developments should be integrated with a polyclinic, a bus interchange, and a town plaza. According to HDB, about 600 private homes could potentially be built on the site and a maximum permissible gross floor area is 95,010 square meters. Also, the proposed gross ratio stands at 2.5.
A white site is a plot of land that can be used for several different things. However, more often than not, the Singaporean government will come up with a minimum component for a specific use to meet the intentions of the plan.
The 99-Year Leasehold Plot
It is important to note that the 99-year leasehold parcel comes from the list of government land sales sites and that it is being offered in a dual-envelope public tender. All bidders must submit their tender prices and concept proposals in two separate envelopes. The main goal of this system is to shortlist quality development concepts with seamless integration of both well-designed public places and amenities. This upcoming mixed-use commercial and residential development has released the name to be Pasir Ris 8.
Review of Plot Site
Some property analysts like Ms. Christine Sun expect the site to attract 6-8 bids. Ms. Sun has based her views on the recent tender result for a Sengkang GLS site, which ended up attracting seven bids. Knight Frank Singapore’s senior director, Lee Nai Jia, has stated that the winning bidder could wind up offering anything between $800 and $830 psf ppr. Mr. Lee believes that there will be strong demand from both young families and upgraders who want to live near their parents.
Ms. Tricia Song, on the other hand, is not that optimistic about the whole thing. She has stated that there could be as few as four bids, with the best one being $800 psf ppr. Ms. Song believes that the reason why the Sengkang site has gone for $924 psf ppr lies in the fact that more units were allowed and there were no malls nearby.
According to Mr. Lee Sze Teck, bidders were likely to be real estate investment trust sponsors and joint ventures.