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Frasers To Develop Yishun Integrated Hub

Posted by Property Launch Invest on Thursday, 24 October 2013 in Property News

As part of the Housing Development Board's (HDB) “Remaking Our Heartland” rejuvenation plans, Yishun, Dawson Estate and East Coast were earmarked as three estates, in the population white paper released on January ths year, to undergo major upgrading works.

For Yishun, plans include having an integrated transport hub by 2020. This integrated development will boost an air-conditioned bus interchange, residences, commercial retail spaces and the first community club in a mall. If successful, it will be the fourth integrated development with a bus interchange by HDB, and will also be the largest.

Source: HDB

Thus on 28 June, HDB put up for sale the mixed commercial and residential site at Yishun Avenue 2 / Yishun Central 1. At closing, there were 5 bidders with Frasers Centrepoint, via its subsidary - North Gem Development Pte. Ltd. & FC North Gem Trustee Pte. Ltd. (as Trustee-Manager of North Gem Trust), taking the lead by its eye-popping bid of S$1.43 billion. Trailing behind is a consortium made up of Far East Civil Engineering (Pte) Limited, Far East Orchard Limited and Sekisui House Ltd, which submitted a bid of S$969.3 million, or some 47% below the top bid. The last on the list is Yorkshire Investments Pte Ltd and Yorkshire Trustee Pte Ltd, which placed a bid of S$704.5 million.

When the winner was announced, as expected Frasers Centrepoint was awarded the site.

The 99-year leasehold site has a land area of 41,084.9 sq m and maximum gross floor area (GFA) of 123,254.7 sq m, with a plot ratio of 3.0. When completed the development can accommodate up to 890 housing units.

With Yishun set to undergo major developments, buying a home there for owner-occupation or investment may well be a wise choice.

Source: ST Property 3rd 2013

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PROPERTY LAUNCHES & INVESTMENTS

Property Launches & Investments

Frasers To Develop Yishun Integrated Hub

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