Upcoming homes in Bugis
There were no BTO and condominium launches over the past 12 months. However, there is one upcoming mixed-use development that will be ready by the first half of 2022. Called Guoco Midtown by GuocoLand, the development will feature the conserved three-storey former Beach Road Police Station. When completed, Guoco Midtown Beach Road will feature a 30-storey office block, a residential tower with more than 200 units and an array of public spaces across a gross floor area of almost 1 million sq ft.
As part of Bugis’s rejuvenation, two rare residential Government Land Sales (GLS) sites were put up for tender recently – one at Middle Road and another at Tan Que Lan Street. In April, Wingcharm Investment, a subsidiary of Wing Tai Holdings, was awarded the 99-year leasehold site at the Middle Road GLS site, after it submitted the highest bid of $492 million. This site has an area of over 80,000 sq ft. Wing Tai intends to develop the site into two 20-storey residential towers and one block of low-rise residences atop a row of commercial units.
Meanwhile, the 11,530.9 sq m site at Tan Quee Lan Street was launched for sale in March under the confirmed list of the first half 2019 GLS programme. Zoned residential with commercial at first storey, the 99-year leasehold site has a maximum gross floor area of 48,430 sq m and a maximum building height of 30 storeys for a high-rise zone and six storeys for a low-rise zone. It is expected to yield up to 580 housing units.
Looking ahead, under the URA Draft Master Plan 2019, the authorities plan to build over 20,000 new homes in the CBD and Marina Bay area. As such, we can expect a vibrant office market away from the CBD. Therefore, there will be more exciting housing options that are geared towards the middle to high-income bracket.