A plot of land at Pasir Ris Central, earmarked for mixed-use commercial and residential developments, was launched for sale yesterday by the Housing Board, as part of its "Remaking Our Heartland" move to rejuvenate Pasir Ris Town.
Spanning 3.8ha, the "white site" sits next to Pasir Ris MRT station and its developments have to be integrated with a bus interchange, a polyclinic and a town plaza. About 600 private homes can potentially be built on the site, said an HDB statement.
Another stipulation: a maximum permissible gross floor area of 95,010 sq m (1.02 million sq ft), with a proposed gross plot ratio of 2.5.
A white site is a plot where a range of uses is allowed, although the Government will often stipulate a minimum component for a specific use or specific uses to meet planning intentions.
The 99-year leasehold parcel is from the confirmed list of government land sales (GLS) sites and is being offered in a dual-envelope public tender. This means the bids received will be evaluated under a concept and price revenue system, in which the bidders have to submit their concept proposals and tender prices in two separate envelopes. This tender approach is adopted to shortlist quality development concepts with seamless integration of amenities and well-designed public spaces.
Property analysts such as Ms Christine Sun, head of research and consultancy at real estate agency OrangeTee & Tie, foresee the site attracting six to eight bids. Ms Sun based her views on the recent tender result for a Sengkang GLS site, which attracted seven bids.
Holding the same view, Knight Frank Singapore's senior director and head of research Lee Nai Jia said the winning bidder could offer between $800 and $830 per sq ft per plot ratio (psf ppr). The price tag is "likely to reflect the existing market conditions in view of the cooling measures", he added.
Mr Lee, noting there is not much new supply in the area, believes "there is likely to be strong demand from upgraders and young families" who want to live near their parents.
Ms Tricia Song, head of research for Singapore at Colliers International, however, is less optimistic. She said there could be as few as four bids, topping at $800 psf ppr.
The Sengkang site may have gone for $924 psf ppr, but more units were allowed and it had no mall nearby, she noted. Given the substantial size of the Pasir Ris site and the tender conditions, the site could likely attract larger developers or a consortium, she said.
Huttons Asia research head Lee Sze Teck suggested bidders were likely to be joint ventures and real estate investment trust sponsors.
HDB will hold a briefing on key planning and urban design requirements and evaluation criteria on Sept 11. The tender closes at noon on Dec 14.