HDB launches first mixed-use site in Pasir Ris town centre

Eugenia 28 Aug 2018

Public Housing in Bishan, Singapore

The Housing and Development Board (HDB) released for sale on Monday (27 August) a ‘white site’ measuring 409,068.42 sq ft in Pasir Ris Drive/Pasir Ris Central that can potentially yield about 600 private homes, reported the Straits Times.

Located next to the Pasir Ris MRT station, the residential and commercial site is offered under a 99-year leasehold tenure. It has a gross plot ratio of 2.5 and maximum gross floor area of 1,022,679.1 sq ft

“The white site in Pasir Ris Central is part of the government’s plans to rejuvenate the Pasir Ris district. Its proximity to the Pasir Ris MRT station and large population catchment should appeal to developers. It would also be the first mixed-use development – commercial and residential – in the Pasir Ris town centre,” said Colliers International’s research head for Singapore Tricia Song.

More: Find HDB flats for sale or read our HDB guides and BTO guides

Aside from the 386,424.38 sq ft set aside for commercial purposes, the site will be used for a mixed-use development featuring a town plaza, polyclinic, heritage garden and child care centre. The winning bidder is also required to build a link bridge and underground linkway, along with an Integrated Bus Interchange with MINDEF Pick-Up and Drop-Off point.

“There has been an influx of project completions in Pasir Ris in the past few years, resulting in heightened demand for amenities. Thus, the injection of a white site with commercial component is timely,” said Huttons Asia’s research head Lee Sze Teck.

“We are likely to see joint ventures between developers particularly those with prior experience in such projects or REITs sponsors bidding for the site as such plum sites are not easily available.”

Song agrees that the site could likely attract major developers or a consortium of them. However, the plot has some drawbacks compared to the recently sold state land in Sengkang Central, which is expected to contain 700 houses, and there’s no nearby competing mall there.

“We estimate that tender could attract four to eight bids with the top bid of $820 million ($800 psf ppr). This compares with the most recent Sengkang Central tender which attracted seven proposals from six bidders with a top bid of $778 million ($924psf ppr),” she added.

More: Can you afford an HDB flat? Check your affordability now. 

The tender exercise for the Pasir Ris site will be done via a Concept and Price Revenue Tender System (two-envelope system). The concept of the proposed project will be evaluated first based on its Quality of Public Realm and Quality of Design Concept, as well as the developer’s track record. Thereafter, only the price offered by bidders with qualifying concept proposals will be considered.

The tender exercise will close on 14 December 2018. Before that, HDB will hold a briefing on the key planning and urban design requirements for the site and the concept evaluation criteria on 11 September.

Eugenia Rosaline Shlaen edited this story. To contact her about this or other stories, email eugenia@propertyguru.com.sg

POST COMMENT

You may also like these articles

Pasir Ris waterfront gets spruced up

Residents in Pasir Ris will soon enjoy an upgraded waterfront as two of its waterways will receive a S$7 million makeover under PUB's Active, Beautiful, Clean Waters Programme. By 2015, close to a kil

Continue Reading26 Aug 2013

Pasir Ris paved with cycling paths

The Land Transport Authority (LTA) launched new cycling paths in Pasir Ris yesterday. The will add another 9.3 km to the existing network in Pasir Ris Town, bringing it to a total of 13.3 km of cyc

Continue Reading16 Feb 2015

Pasir Ris to get 2,000 new HDB flats

Pasir Ris Town Centre will be transformed into a vibrant hub with an integrated bus interchange, a new Heritage Garden and partly-sheltered Town Plaza. Under the Remaking Our Heartland (ROH) progr

Continue Reading2 May 2017

Waterfront views not a determining factor for most buyers

While Housing and Development Board (HDB) flats with waterfront views in the new Punggol Point District are expected to fetch higher prices than those with no such views, property analysts believe tha

Continue Reading28 Aug 2018