Comments on the launch of sale site in Pasir Ris Central
August 27, 2018
Ms. Tricia Song, Head of Research for Singapore, Colliers International:
“The white site in Pasir Ris Central is part of the Government’s plans to rejuvenate the Pasir Ris district. Its proximity to the Pasir Ris MRT station and large population catchment should appeal to developers. It would also be the first mixed-use development – commercial and residential – in the Pasir Ris town centre.
However, given the substantial size of the plot and various tender conditions, we think this site could likely attract larger developers or a consortium of them working together. Tender conditions include integrating the mixed-use development with a bus interchange, a polyclinic and a town plaza as well as constructing a link bridge and underground linkway.
The said development shall have a permissible total gross floor area not exceeding 95,010 square metres but not less than 85,509 square metres (“the permissible GFA”). Within the permissible GFA:
• the gross floor area for residential use shall not be less than 40,000 square metres and the type of residential units allowed is flats only;
• the gross floor area for commercial uses shall not be less than 25,000 square metres and not more than 35,900 square metres, inclusive of the commercial GFA of 400 square metres for the Integrated Bus Interchange concourse and the commercial GFA of 600 square metres for the Town Plaza (including any Outdoor Refreshment Area (“ORA”) uses, etc., if permitted by the Competent Authority under the Planning Act);
• the gross floor area for the Integrated Bus Interchange with MINDEF Pick-Up and Drop-Off point shall not be less than 10,200 square metres, inclusive of the 400 square metres commercial GFA for the Integrated Bus Interchange concourse,
• the gross floor area for the Polyclinic shall not be less than 6,870 square metres;
• the gross floor area for the Child Care Centre shall not be less than 1,000 square metres;
• the gross floor area for the Town Plaza with heritage garden shall not be less than 4,000 square metres, inclusive of the 600 square metres of commercial GFA for food and beverage facilities within the Town Plaza, referred to above [up to 3,400 square metres could be GFA exempted subject to compliance with the requirements, conditions and guidelines laid down by the Urban Redevelopment Authority (“URA”)];
We estimate that the site tender (via a dual-envelope system) could attract 4-8 bids with the top bid of SGD820 million (SGD800 psf per plot ratio). This compares with the most recent Sengkang Central tender which attracted 7 proposals from 6 bidders with a top bid of SGD778 million (SGD924psf ppr). Sengkang Central has no retail mall in the direct vicinity and is more palatable in size with a higher number of residential units (700) allowed.”