PROJECT DETAILS

The Urban Redevelopment Authority Singapore (URA) has 3 mixed development sites in City Centre, namely in Beach Road, Middle Road and Tan Quee Lan Street. as part of Government Land Sales (GLS) Singapore. They are listed under the confirmed list of sites and are allocated to be developed into high rise commercial cum office developments.

The land parcel in Beach Road is bounded by Nicholl Highway, Beach Road and Rochor Road- GuocoLand won the top bid of S$1.62 billion, which translates to about S$1,706 per square foor per plot ratio. (psf ppr). MIdtown Bay

The 99-year leasehold site at Beach Road is made up of two plots: a 226,332 sq ft site and a subterranean stratum with a site area of 12,648 sq ft. The former Beach Road Police Station sits on this site and occupies approximately 24,757 sq ft of Plot 1. The maximum permissible gross floor area (inclusive of the old police station) is 950,593 sq ft, of which a minimum 70% is designated for office use. The balance can be allocated for additional office space, retail (subject to a maximum GFA of 32,292 sq ft), commercial school, hotel, serviced apartment or residential uses.

As at 3Q2017, the Beach Road-Ophir Road-Rochor corridor has more than 1.6 million sq ft of Grade-A office space, with average monthly gross rents of $8.50 psf per month.

The monthly rents of newer developments in the Beach Road area have an average rate of $10.30 psf per month based on REALIS data. This brings it on a par with office rents in the Raffles Place area, where rents average $12.30 psf per month.

Located within the City Hall office micro-market, residents and workers in this development, call Guoco Midtown, will have access to four MRT lines – East-West Line, Downtown Line, North-South Line and the Circle Line. With these, they can travel to Marina Centre and Bugis, as well as other parts of Singapore. In fact, Guoco Midtown will have direct underground access to Bugis MRT interchange and above ground links to projects within the vicinity.

Aside from having stunning views over Orchard Road, Kallang Basin, Marina Bay and the sea, the project is accessible via major arterial roads like Nicoll Highway and upcoming North-South Corridor.

 

The land parcel in Middle Road is bounded by North Bridge Road, Liang Seah Street, Beach Road and Middle Road. It has a site area of about 80,300 square feet and come with a commercial space of 16,146 square feet. It will house approximately 390 residential apartments. Wingcharm Investment, a unit of Wing Tai Holdings won the top bid of S$492 million, which translates into S$1,458 psf ppr.

 

 

The land parcel in Tan Quee Lan Street is bounded by North Bridge Road, Tan Quee Lan Street, Rochor Road and Beach Road. It has a site area of 124,117.5 square feet of land with a commercial space of 21,528 square feet and will house approximately 585 residential apartments.

 

New Condo Launch in Beach Road- A Mixed Development- Connectivity
The Bugis Train Station which service East West Line is a short distance, 300 metres away. Owners and tenants enjoy also the conveniences of Bugis Downtown Line Station. It will be a breeze for occupiers to commute to any part of the island. Traveling to Orchard or the CBD is just a 4 minutes’ train ride. For drivers, it is a 5 minutes’ drive will take you from this mixed development at Beach Road to Orchard and the financial district. Mixed development at Beach Road is also easily accessed to the East Coast Parkway (ECP) and the Central Expressway (CTE) which makes it hassle free to get to any part of Singapore.

 

New Condo Launch in Beach Road- A Mixed Development- Education
Schools that are nearby include Stamford Primary School, Farrer Park Primary School, St Margaret’s Primary School and also Singapore Management University. 

New Condo Launch in Beach Road- A Mixed Development- Amenities
When it comes to retail, dining, leisure and entertainment facilities, there are many at the doorsteps with the upcoming generous retail areas. For more dining and retail options, there is also the nearby Bugis Junction, Bugis+, Suntec City, Millenia Walk and Marina Square all within walking distance. There are also many eateries offer at Liang Seah Street and Tan Queen Lan Street which are just minutes’ of stroll away. Other shopping malls which are nearby include Raffles City, The Verge, Esplanade Mall, Peninsula Shopping Centre, Excelsior Shopping Centre, Funan DigitaLife Mall, Plaza Singapura, Marina Bay Sands Shoppes, The Central and Orchard Plaza.

To access to local delicacies, there are many food centres that are located close proximity to Beach Road such as Golden Mile Food Centre, Albert Centre Market & Food Centre, North Bridge Road Market and Food Centre, Tekka Market & Food Centre and Berseh Food Centre.

Mixed development at Beach Road is also close to many recreation clubs and sports hubs which offers endless leisure activities.  The Jalan Besar Stadium Water-Venture at Kallang and the upcoming Singapore Sports Hub will offer countless land sports and sea sports facilities. Its site also also near to various parks, such as  Esplanade Park, Kallang Riverside Park and Fort Canning Park, which provides future residents a moment of tranquility and enjoyment of their surrounding greenery.

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LOCATION and AMENITIES

This land parcel in Beach Road includes an underground space of 12,648 sqft for padestrain link to Duo Residences and to State Land at Tan Quee Lan Street

Amenities Near New Commercial Development at Beach Road

FACILITIES and SITE PLAN E-BROCHURE

The Facilities and Site Plan of New Launch in Beach Road are currently seeking approval from relevant authorities.

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BEACH ROAD BUGIS ROCHOR DEVELOPMENTS

The plans to further grow the Central Business District (CBD) is underway with the launch for tender of a prime 2.7 ha white site in the Beach Road/Ophir-Rochor Corridor on 30 June 2008 by the URA.

In URA’s draft Master Plan 2008 for the Central Region, Ophir-Rochor is envisioned as a new growth area and a natural extension from the Marina Centre. The area will feature exciting 24/7 integrated mixed-use developments with offices, hotels, residential and other complementary facilities set within an attractive garden-like environment. The area is expected to be developed over the next 10 to 15 years.

As part of the larger Beach Road/Ophir-Rochor Corridor, the new developments in this area are expected to inject greater vibrancy and activities into this part of the city and form a new office cluster for financial and business institutions that will complement the existing financial district at Raffles Place and Marina Bay.

Flanked by the charming historical districts of Kampong Glam and Beach Road as well as being in close proximity to the bustling arts, cultural, entertainment and educational hub at Bras Basah.Bugis, this new growth area has the potential to be an exciting commercial hub offering a diverse range of entertainment, cultural and lifestyle attractions. It will offer a unique setting for one to work and live in, and also to enjoy all the conveniences of being in the heart of the city.

Well connected by rail and road networks

This future development will have direct basement level connections to the new Bugis Interchange MRT station, immediate access to the existing East-West Rapid Transit System (RTS) line and to the recently announced Downtown RTS line scheduled to run in 2013. This means convenient rail connection to the financial and business hub at Raffles Place and Marina Bay, and to the shopping, dining and entertainment destinations at Orchard Road and Singapore River. There is also direct access to Singapore Changi Airport via the East Coast Parkway.

An exciting new development area building upon the existing office, hotel and convention hub at Marina Centre

Flanked by the bustling arts, culture, learning and entertainment precinct at Bras Basah.Bugis and the historic district of Kampong Glam and Beach Road Conservation area, there will be a myriad of opportunities for relaxation, culture and recreation.

The existing vibrant, street-level experience within the area will be extended through a series of active courtyards, linkways and plazas, lined by pedestrian-oriented activities and uses.

Lushly landscaped spaces combined with the existing mature roadside trees will create a unique, park-like ‘campus’ setting. The greenery will extend upwards through the buildings into roof gardens, sky terraces and balconies.

Attractive and pedestrian-friendly environment

The vision is for a quality development set within a distinctive lush tropical garden-setting. The development will draw inspiration from the street-based character of the adjacent Kampong Glam Historic District and the Beach Road Conservation. It will also feature a pedestrian-friendly environment with attractive public spaces such as plazas and courtyards.

Defining landmark within the city centre

Given its strategic location, the development is envisaged to be of high quality design, marking this northern gateway into the city. Buildings can tower up to 40 storeys high and the public can look forward to an observation deck within the development providing unobstructed panoramic views across the city to Marina Bay and the future Sports Hub at Kallang.

WON TOP BID FOR MIXED DEVELOPMENT IN TAN QUEE LAN STREET

New Mixed development at Tan Quee Lan Street

LOCATED IN HEART OF KEY GROWTH AREA

City Central Region, Singapore URA Master Plan 2014

Singapore Urban Redevelopment Authority URA Master Plan 2014 envisions some exciting developments for the whole of Singapore's central area including Tanjong Pagar, The Greater Southern Waterfront District,  City Hall, Marina Bay, Suntec and Bugis-Rochor area. The new prime City Central area will be a place for the people to engage community and arts, showcase Singapore's creative and artistic expression and links to Singapore's past and future aspirations. There will be more pedestrian- friendly precincts, public spaces and parks, night lightings and trees.

City Centre at Marina Bay is a unique and dynamic waterfront district, Garden City by the Bay, extending seamlessly from the CBD and it is zoned to be

• the next CBD, focusing on financial and business related activities
• More Commercial, residential buildings, hotel and entertainment spots are to be built.
• It will be a lifesytle destination for variety of water-based activities and events.
• Exensive road and rail network in the pipeline and 
• Padestrain bridges that loops attractions and open spaces around the Bay.

Marina South will have

• a new population catchment as it will have a residential district of 9,000 new homes, with mix-development plan of hotels, offices and entertainment
• elevated landscape walkway that links the Bay South Garden to Marina South seafront
• 800 metres padestrain walkway beween the upcoming Marina South and Gardens by the Bay MRT Station
• underground carpark that allows motorists to drive between buildings that reduce ground level traffic
• feaures that can collect rain water and harness wind energy
• continuous waterfront promenade will be creaed from Marina South to Labrador for joggers and cyclists.

Beach Road/ Ophir- Rochor will have abundant conveniences being in the heart of City.

• It will be further of the CBD with extension of convention, offices and hotel hub of Marina Centre
• There will be more developments of office cluster for financial business institutions.
• It will be turned into an exciting Commercial hub, blending with entertainment, cultural and lifestyle.
• It will be turned into a strategic transport hub, the area will be well connected by rail and road network to many parts of Singapore.

WING TAI WON TOP BID FOR MIXED DEVELOPMENT IN MIDDLE ROAD

The Middle Road government land sale (GLS) site (zoned residential with first-storey commercial) received 10 bids – the highest number of contenders for a residential GLS site since the Mattar Road site (off Aljunied Road) also received 10 bids in May 2018.

Wingcharm Investment, a unit of Wing Tai Holdings, placed the top bid for the site at $492 million ($1,458 psf per plot ratio). “We are excited with the opportunity to create a quality development that integrates residential and commercial offerings in this prime location,” says a Wing Tai spokesperson.

“This would be Wing Tai’s first residential site acquisition since the Garden Residences site in August 2017,” says Tricia Song, Colliers International’s head of research for Singapore. Although the site was hotly contested, she considers the bid prices to be “fairly conservative”, with the bulk of the bids bunched below $1,300 psf ppr.

TOP 10 BIDDERS FOR THE MIDDLE ROAD SITE

The site falls within the Central Area, and hence, will not be subject to a minimum unit size. It can be built into 375 residential units, with up to 1,500 sq m of commercial space on the first floor. Colliers expects the potential selling price of the new project to be in the $2,200 to $2,300 psf range.

The second highest bid for the site came from a joint venture between Chinese property developers, MCC Land and Greatview Investment. The bid of $470 million by was 4.7% lower than the highest bid.

“The developers’ bidding behaviours are not as aggressive as observed in previous GLS tenders before the introduction of the cooling measures in last July,” notes Nicholas Mak, executive direct and head of research at ZACD Group.

GUOCOLAND WON THE HIGHEST BID FOR GLS MIXED DEVELOPMENT LAND PARCEL SITE IN BEACH ROAD

Developers pay big bucks for a prime Beach Road commercial site, with the top offer coming in at a bumper $1.622 billion, it was announced yesterday.

All five offers were well above the initial trigger price for the 99-year leasehold site. The top $1.622 billion bid was lodged by GuocoLand units GLL Prosper and GLL Thrive, the Urban Redevelopment Authority said yesterday.

It works out to around $1,706 per sq ft (psf) per plot ratio (ppr) for the 2ha site, which has a maximum permissible gross floor area of 950,593 sq ft, of which 70 per cent or more must go to office use.

The plot was on the reserve list of the Government Land Sales programme but was triggered for tender on July 6 after a developer committed to bid at least $1.138 billion, or $1,197 psf ppr.

All five bids lodged in the tender exercise came in ahead of this, with the lowest - from three units linked to developer Far East Organization - at $1.295 billion.

ZACD Group executive director Nicholas Mak noted that four of the bids were at least 20 per cent higher than the trigger price, a sign of "revived confidence among developers and property players".

Industry watchers also said the bullish offers were due to the site's plum location - it is on the outskirts of the Central Business District and near Bugis, City Hall and Esplanade MRT stations - as well as expectations of a rental recovery in the office  market.

The winning developer will be required to build an underground walkway between the plot and Bugis MRT station and conserve and restore the former Beach Road Police Station, which is on the site.

Analysts said that rents at South Beach Tower, which is fully occupied, and the upcoming Duo development also auger well for the area's leasing prospects.

Calling the site "the final piece of the jigsaw to establish Beach Road as a commercial node", Mr Desmond Sim, CBRE's head of research for Singapore and South-east Asia, said: "The bid is a clear reflection of the bidders' confidence in the office market, which is in its initial phase of recovery."

Mr Mak added: "The developer may be of the opinion that when the new commercial building on this site is completed in about 2022, the office leasing market could be in the middle of the recovery phase."

The bid is validated by the rents of premium offices in Beach Road, said Dr Lee Nai Jia, head of research at Edmund Tie & Company.

"Over time, we anticipate the Central Business District will extend to the Kallang River areas and the Beach Road area will be a prime office site for information technology, business and the financial services sector," he said.

The location justifies the high bid. While it may seem bullish, the bid is validated by the rents of the premium offices along Beach Road. According to URA Realis, the monthly rents of the newer developments along Beach Road, proxied by maximum rents in the area and averaging out at S$10.30 psf, are nearly the same as those in the Raffles Place area, proxied by maximum rents in the Raffles Place area, and averaging out at S$12.30 psf.”

Mr Nicholas Mak, executive director and head of research & consultancy at integrated asset manager ZACD, said: “The site is located strategically at the intersection of two key development corridors along Beach Road and Ophir-Rochor Road. The development would be a welcome addition to the well-established commercial scene in the Bugis precinct.

“Together with new landmark developments such as South Beach Tower and the upcoming DUO, the development would play a vital role in rejuvenating the CBD-fringe district. The development on the Beach Road site will also include an underground pedestrian pathway to Bugis MRT Station. Such positive attributes have helped to attract much interest from the developers.”

Source: Straits Times September 29th 2017

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