White site at Woodlands Central made available for tender

By
/ EdgeProp
|
December 13, 2018 6:22 PM SGT
The government has made available for tender a white site within the Woodlands Regional Centre. The site is part of the 2H2018 GLS programme and is under the Reserve List. The 99-year leasehold, 296,071 sq ft site on Woodlands Avenue 2 has a maximum GFA of 1.2 million sq ft.
Part of the land parcel will be above the future Woodlands MRT station on the Thomson-East Coast Line, as well as the existing North-South Line. “This white site will become one of the key features of Woodlands Central, which is one of the two upcoming business precincts in the Woodlands Regional Centre,” says Nicholas Mak, executive director of ZACD Group.
“The large investment requirement, development restrictions and the complexity of this project will limit bidders to consortiums and major developers, especially those linked to REITs and real estate funds,” says Mak. “The types of bidders will also depend on the type of development they have planned for the site.” Thus a developer linked to a commercial REIT will likely develop an entirely commercial space for office and retail, he adds.
ADVERTISEMENT
Picture: HDB/URA
Planning requirements of the white site include at least 484,376 sq ft of the maximum GFA to be set aside for office use. The remaining GFA can be developed for additional offices, commercial uses, serviced apartments and/or residential flats. The development could yield up to 450 residential units.
Mak says some developers may prefer to build residential units because of the lack of new private residential developments near Woodlands MRT station. The most recent launch of a major development was the Bellewoods executive condominium in 2014.
Mak reckons, however, it is unlikely the site will be triggered for tender, as developers will focus on other smaller GLS sites in more attractive locations. The nearest, recently sold GLS site was the commercial site at Woodlands Square, which was sold to Far East Organization for $634 million ($906 psf ppr) in 2013.