Weak response for Pasir Ris Central white site

Romesh Navaratnarajah17 Dec 2018

Pasir Ris Central site crop

Location map of the land parcel at Pasir Ris Central. Source: HDB

The tender for a white site at Pasir Ris Central closed last Friday (14 Dec), with three bids received.

The bidders were Laguna Garden Limited and Far East Commercial Trustee Pte. Ltd.; Phoenix Residential Pte. Ltd. & Phoenix Commercial Pte. Ltd.; as well as Elara 1 Pte Ltd and Callisto 1 Pte Ltd.

“This is below expectations, given its prime location next to Pasir Ris MRT station, which holds good promise of a successful retail mall and keen demand for the residential units,” said Ong Teck Hui, senior director for research & consultancy at JLL Singapore.

He noted that while potential bidders may have taken into account the technical conditions and relatively high absolute land price for the site, the “weak response reflects concerns over the market outlook”.

“With cooling measures still hampering the private home market and an economic slowdown expected in 2019, it is understandable for potential bidders to be cautious.”

Launched via the concept and price revenue tender system, the 38,003.7 sq m site has a maximum gross floor area (GFA) of 95,010 sq m with a gross plot ratio of 2.5 and a leasehold tenure of 99 years.

The site should be developed for mixed commercial and residential use, with the commercial GFA not lower than 25,000 sq m. At least 600 residential units can also be built on the site.

Located adjacent to Pasir Ris MRT station, the development will likely be integrated with a bus interchange.

The Housing and Development Board said the “decision on the award of the tender will be made after the tenders have been evaluated”, which will be announced at a later date.

Home buyers looking for Singapore Properties may like to visit our ListingsProject Reviews and Guides.


Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg


You may also like these articles

Bugis GLS sites expected to be strongly contested

Aerial view of the land parcel at Middle Road. Source: URAThe Urban Redevelopment Authority (URA) launched two confirmed list sites and another two reserve list plots for sale last Friday (30 Nov) und

Continue Reading3 Dec 2018

Singapore property market forecasted to ‘standstill’ next year

Private home prices in Singapore could remain flat or decline by up to three percent next year.Singapore home prices that are expected to increase by as much as 10 percent this year could remain flat

Continue Reading11 Dec 2018

Over 30 en bloc sites fail to secure buyers

The owners of Windy Heights in Kembangan are undergoing a re-signing process to cut the reserve price to $750 million.Singapore’s en bloc residential market has slowed down, with over 30 sites faili

Continue Reading17 Dec 2018