URA launches tender of Bernam Street GLS site

By Bong Xin Ying / EdgeProp Singapore | May 30, 2019 5:56 PM SGT
URA has put a Bernam Street residential-with-commercial land parcel up for sale by tender under the confirmed list of its 1H2019 government land sales (GLS) programme. This site comes with about 75 more potential residential units, 30% higher than the previously estimated 250 units in December.
Colliers International attributes the additional units to the increased development intensity allowed under the CBD Incentive Scheme announced earlier in March as part of the Draft Master Plan 2019.
“The implied gross plot ratio has increased to 7.28x, compared to the 5.6x in the current Master Plan,” says Tricia Song, head of research for Singapore at Colliers International.
ADVERTISEMENT
The 99-year leasehold land parcel has a site area of around 41,400 sq ft and a maximum gross floor area of 301,400 sq ft. The site comes with commercial space on the first floor. The maximum building height is 35 storeys in the high-rise zone, 20 storeys in the mid-rise zone, and four storeys in the low-rise zone.
“We expect this Bernam Street site, with a site area of 41,400 sq ft, to fetch a top bid of $535 million or $1,780 psf per plot ratio [ppr]. Developers could look to price the new project at an average of $2,600-2,700 psf,” says Song.
Lee Sze Teck, head of research at Huttons Asia, estimates that the site could see a top bid of between $1,400 and $1,500 psf ppr. “The Tanjong Pagar/Shenton Way precinct is undergoing revitalisation. The site is in a fairly attractive location within minutes walk to Tanjong Pagar MRT Station and amenities at 100 AM, Tanjong Pagar Centre and the market/food centre,” he says.
Follow Us On
Our Sites
Edgeprop.sg (previously known as The Edge Property Singapore) – is the best property portal for home-seekers, buyers, investors and real estate agents alike in Singapore. On EdgeProp, you will be able to find all the latest news and views, informational guides, historical transactions and rental searches, and research data and analysis.
Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDB flats, landed houses or commercial properties, we bring you Singapore’s the most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions.
Make better decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property and find properties below market value in Singapore. Meanwhile, discover all things en bloc, including Singapore en bloc news, trends and our En Bloc Calculator, which helps to determine the probability of a Singapore project being put up for collective sale.
Web Version 4.5.102
Aside from that, EdgeProp also offers a market trend tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heat map that lets you find out where all Singapore’s most popular property sales locations are, a HDB lease tool that lets you calculate your HDB tenure, an affordability calculator, and a property watch list to track your preferred Singapore property by project or location, as well as new launches.
On the lookout for undervalued property or buying to rent? EdgeProp’s powerful search filters let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools and childcare centres, or a good-value condo with a sea view – so that you find exactly what you are looking for.