The 9.2 hectare white site is situated at the mouth of the Kallang River and is expected to generate 4,000 private homes as well as 50,000 sq m of offices, retail, serviced apartments, community uses, sports and recreational facilities.
While it may be attractive to a large developer, the white site at Kampong Bugis is expected to attract limited interest only.
This comes as developing the site may require a sizeable cost.
Wong Xian Yang, senior manager of research at Cushman & Wakefield, believes the total land cost may exceed $5 billion, which he described to “be prohibitive even for the big boys”, reported The Straits Times.
To be released under the reserve list, the 9.2ha white site is situated at the mouth of the Kallang River and is expected to generate 4,000 private homes as well as 50,000 sq m of offices, retail, serviced apartments, community uses, sports and recreational facilities.
“The intention is for a single developer to comprehensively master plan the site and implement urban solutions” like a district-wide pneumatic waste conveyance system as well as a stormwater treatment and management system, noted the National Development Ministry.
And given that Singapore only has a few existing master developer projects – which include Suntec City and Marina Bay Financial Centre – analysts expect the site to be keenly watched.
Colliers International research head for Singapore Tricia Song expects it to appeal to a large developer or consortium as it presents a rare opportunity to create an urban ecosystem in the long term.
Meanwhile, the government has placed two other white sites on offer under the reserve list for the second half 2019 Government Land Sales (GLS) Programme.
Desmond Sim, head of research for South-east Asia at CBRE, said the site at Marina View has “a strong focus on in-city living and commercial, while the site at Woodlands Avenue 2 is part of the Northern Corridor identified in the Draft Master Plan 2019”.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
