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Bernam Street GLS site may fetch a top bid of $535 million, analysts

by • May 30, 2019 • Land SalesComments (0)778

Bernam Street GLS site can potentially yield 325 residential units

The Urban Redevelopment Authority (URA) today (May 30) launched a residential with commercial at 1st storey site at Bernam Street for sale by public tender today under the Confirmed List of the first half 2019 (1H2019) Government Land Sales (GLS) Programme.

The Bernam Street GLS site can potentially yield up to 325 residential units.

URA further announced that the hotel site at Sims Avenue, which was originally scheduled to be released on the Reserve List of the 1H2019 GLS Programme in May 2019, will be removed from the GLS Programme to facilitate a review of the development plans in the area.

Draft Masterplan 2019 reflects growing momentum in property sector

The tender for Bernam Street GLS site will close at 12 noon on 5 September 2019. URA said that the tender closing for the Bernam Street GLS site will be batched with another site at Tan Quee Lan Street which was launched in March 2019 under the 1H2019 GLS Programme.

Details of Land Parcel

Location Bernam Street
Site Area 3,846.2 m2 () Site area subject to cadastral survey)
Land Use Zoning

 

Residential with Commercial at 1st Storey
Maximum Gross Floor Area (GFA) 28,001 m2
Maximum Building Height High-rise Zone: Max 35 storeys
Mid-Rise Zone: Max 20 storeys
Low-rise Zone: Max 4 storeys
Estimated number of dwelling units 325 (Estimated number of dwelling units is higher than the 1H2019 GLS Programme due to the increased development intensity allowed under the CBD Incentive Scheme announced in March 2019. Actual number of dwelling units provided by the developer may vary.)
Lease Period

 

99 years

Bernam Street GLS siteExcellent Location

The land parcel is located within the Anson precinct, in the Tanjong Pagar area of the Central Business District, an area planned to be a 24/7 vibrant mixed use urban neighbourhood with live-in communities supported by amenities. Key commercial and residential developments include 100AM, Tanjong Pagar Centre, The Pinnacle @ Duxton, Icon, Sky Suites @ Anson.

The site is envisaged to be developed into a high-quality residential development with attractive and delightful public space to inject vibrancy at street level.

The future development will offer opportunities for city-living, providing easy access to employment within the CBD, as well as vibrant lifestyle offerings and amenities.

Well Connected

The land parcel is close to Tanjong Pagar MRT station and the upcoming Prince Edward Road MRT Station. It is also easily accessible via major roads such as Keppel Road and Anson Road as well as expressways such as Ayer Rajah Expressway and Marina Coastal Expressway. It is also well connected to the upcoming cycling network in the CBD and the Rail Corridor at the former Tanjong Pagar Railway Station (upcoming Cantonment MRT Station).

Analyst say

Ms Tricia Song, Head of Research for Colliers International Singapore, commenting on the GLS announcement, said that the Bernam Street GLS site is a rare fresh site in the mostly built-up Shenton Way CBD and could ride on the future Greater Southern Waterfront development and CBD Incentive Scheme unveiled in the URA Draft Master Plan 2019 recently.

CBD Incentive Scheme visionary and bold, JLL Research

Ms Song said: “Indeed, the maximum gross floor area and in turn the estimated number of units for this site have increased 30% compared to the amount stated earlier in the 1H2019 GLS Programme, due to the increased development intensity allowed under the CBD Incentive Scheme announced in March 2019. The implied Gross Plot Ratio has increased to 7.28x, compared to the 5.6x in the current Master Plan.”

She added: “Realty Centre, the freehold 11,000 sq ft site next to the Bernam Street site, was sold in a collective sale in April for $148 million. We estimated this would translate into $1,922 psf per plot ratio (ppr), before any development charge, assuming it receives a 25% increase in plot ratio if it converts into a mixed residential and commercial property, which the buyer – The Place Holdings – reportedly intended to do.”

Colliers observed that 99-year leasehold residential projects in this area, such as Altez, Skysuites@Anson and Icon transacted at $1,700-2,500 psf on average in the past 12 months, depending on age and unit size. They expect the Bernam Street GLS site, with a site area of 3,846 sq m or 41,400 sq ft, to fetch a top bid of $535 million or$1,780 psf ppr. Developers could look to price the new project at an average of $2,600-2,700 psf.

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