HDB to launch Bishan site for tender

The HDB will launch a public tender for a residential site at Bishan Street 14 in two weeks time, after accepting an application under the reserve list system.

The 11,997.1 sq m land parcel has a maximum gross floor area of 58,785.79 sq m, with a gross plot ratio of 4.9. It is proposed for condominium development and could possibly yield up to 590 units with a 99-year leasehold term.

Ong Kah Seng, senior manager of Asia-Pacific research at Cushman & Wakefield, said the top bid for the site might come in at between $450 psf ppr and $480 psf ppr.

He believed that moderate demand from developers could be due to the site’s location, which is within walking distance of Bishan MRT station and Junction 8 shopping mall.

Mr. Ong added that the winning developer will spearhead a condominium project in the area, and could acquire the surrounding land parcels when the government includes them in the land sales programme.

HDB said the minimum offer price for the Bishan Street 14 site is $189.8 million.