PROJECT DETAILS
The Urban Redevelopment Authority Singapore (URA) has sold 2 mixed development sites in Tan Quee Lan Street and Middle Road, as part of Government Land Sales (GLS). They are listed under the confirmed list of sites and are to be developed into mixed developments. They are both opposite upcoming mixed development, Guoco Midtown.
The land parcel at Tan Quee Lan Street is bounded by North Bridge Road, Tan Quee Lan Street, Rochor Road and Beach Road. It is located at the Central Region of Singapore. 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 and upcoming mixed development at Tan Quee Lan Street is walking distance to Bugis MRT Station, serving the Downtown Line (DTL) and East-West Line (EWL). With just a mere 2 minutes’ train ride to to Orchard and 6 minutes to Raffles Place. The City Hall MRT Interchange is also just short walk away where its future residents can use the North South Line and the East West Line train services. This makes it a breeze for New Condo at Tan Quee Lan Street's future residents to travel to any parts of Singapore.
New condo at Tan Quee Lan Street is also just 3 minutes’ drive from the Shenton Way and 4 minutes’ drive to the Orchard Shopping Belt. It is highly accessible for drivers as it is near to Nicoll Highway and is easily connected to various expressways such as the East Coast Parkway (ECP), the Central Expressway (CTE), the Kallang Paya Lebar Expressway (KPE) and the Ayer Rajah Expressway (AYE).
When it comes to dining, retail and entertainment options, New Condo at Tan Quee Lan Street's future residents have the conveniences of having them just right at their doorsteps below. Plenty of options are also available at the nearby shopping malls such as Suntec City Mall, Shaw Leisure Gallery, Marina Square, Millenia Walk, Raffles City, Esplanade Mall, Bugis Junction, Funan Digitalife, Peninsula Shopping Centre and Bugis+, which are just within walking distances from new condo at Tan Quee Lan Street.
New Condo at Tan Quee Lan Street is also near to many food centres such as Gluttons Bay, Albert Centre, Tekka Market, Golden Mile Food Centre, Hong Lim Market & Food Centre, North Bridge Road Market & Food Centre, Berseh Food Centre, People’s Park Complex Food Centre and Chinatown Complex Market & Food Centre.
New and upcoming condo at Tan Quee Lan Street is near to Kallang Riverside Park which offer jogging track, cycling track, outdoor fitness equipment and other outdoors facilities for its future residents. Kallang Riverside Park is also a haven for water sports lovers and there are numerous sea sports activities held their during the weekends. The park also offers new condo at Tan Quee Lan Street's future residents moments of serenity and lush greenery for them to relax their minds. Other parks nearby new condo at Tan Quee Lan Street include War Memorial Park, Esplanade Park and Fort Canning Park.
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| Project | Tan Quee Lan Street New Condo |
| Developer | Joint venture between GuocoLand and Hong Leong Holdings |
| Location | Tan Quee Lan Street |
| District | 07 |
| Tenure | 99 years lease |
| Site Area | 11,530 square metres/ 124,117.5 square feet |
| GFA: | 48,429.5 square metres/521,295 square feet |
| Plot Ratio | 4.2 |
| Expected TOP: | |
| Total Units | Approximately 585 residential apartments |
| Total Carpark | |
| Development | Mixed development comprising of 2,000 square metres of commercial space and approximatley 585 residential units |
| Unit Type: | |
| Architect | |
| Eligibility | S C, SPR and Foreigner can buy (No restriction) |
| Project | Middle Road New Condo |
| Developer | Wing Tai Holdings (Wingcharm Investment) |
| Location | Middle Road |
| District | 07 |
| Tenure | 99 years lease |
| Site Area | 80,300 square metres/ 864,349 square feet |
| GFA: | sqft |
| Plot Ratio | 4.2 |
| Expected TOP: | |
| Total Units | Approximately 390 residential apartments |
| Total Carpark | |
| Development | Mixed development comprising of 16,146 square feet of commercial space and approximatley 390 residential units |
| Unit Type: | |
| Architect | |
| Eligibility | SC, SPR and Foreigner can buy |
LOCATION AND AMENITIES
Amenities Near New Condo at Tan Quee Lan Street
FACILITIES and SITE PLAN E-BROCHURE
The Facilities and Site plan of new condo launch at Tan Quee Lan Street are currently seeking approval from relevant authorities.
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BENEFITS OF LIVING IN MIXED DEVELOPMENTS IN SINGAPORE
Live, Work and Play – the philosophy that everyone in the world tries to attain. The ability to concentrate at work, the convenience of going home, and the availability of various recreational activities all within easy access. Who wouldn’t want this kind of lifestyle? In a busy country like Singapore, where the economy and global population has always been on the upside, it is not impossible to experience this ambitious way of living. With the rise of mixed development properties, the “live, work, play” philosophy is now made imaginable.
In a land-scarce country, addressing the concerns of creating residential properties while mixing urban livability has always been a major problem. Being able to offer homes and amenities all at the same time is not easy, but possible. With mixed development properties, residents can enjoy the convenience of having commercial spaces right where they live. From supermarket, grocery store, restaurants, pubs, retail shops, beauty salons, clothing stores and cinemas – you literally have a mall just below your unit.
Mixed-used development is a type of urban housing that combines residential and commercial spaces in one. Other services can likewise be integrated into the development such as industrial, cultural and institutional trades. Mixed developments can be a single building, city block or complex of buildings that forms a community.
Residential units plus shopping mall is the most common type of mixed development in Singapore. Usually, the shopping mall is located on the first few floors while above are the residential units. There are also mixed developments with integrated hotel rooms inside the building.
5 Benefits of Mixed Developments Singapore
Utmost convenience and accessibility are not the only advantages of mixed developments. It’s more than just a residential unit and shopping mall combined as one. While most people see mixed developments as something risky for their private life, there’s more to these properties than privacy issues. Check out their advantages below.
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Unparalleled Convenience
Convenience at its finest is the ultimate advantage of mixed development properties. With everything you need right within reach, you don’t have to travel far from home just to fetch daily necessities. From doing your grocery to obtaining basic supplies, you can even buy a brand new shoes or shirt just by going down on your unit. Bringing retail therapy close to home has many advantages such as:
- You don’t have to strain your arms travelling with huge grocery bags on your hand.
- Restaurants and food shops within the building provides an easy access to sumptuous meals.
- Driving away from home just to visit shopping malls is virtually not needed.
- You don’t have to rush from home just to catch your favorite movie.
- You can even find a work right inside the building saving you tons of precious time and money.
- With different recreational activities within reach, it’s impossible to have a dull moment.
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Saving Costs
There are many advantages of mixed developments, to one of which is that your expenditures will be greatly minimized. The cost of fuel is on all-time high, and by reducing the need to travel, it allows you to save a huge amount of sum. Also, you don’t have to pay parking fees and take public transport just to buy a bag of chips or frozen meats. Right within your development grounds are various stores to cater all your needs. Less travel definitely means less spending.
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Higher Chances of Passive Income
They say that properties close to MRT stations always fetch higher rental income, but this isn’t always the case. The added benefit of having a mall just below your unit can likewise fetch high rental income. Mixed developments are attractive to tenants because of the convenience and accessibility it brings. Tenants are willing to shell out more provided that they have everything they need in just one roof. Additionally, since there are office spaces and employees within the development, it equates to unlimited supply of possible tenants.
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Increasing Location Value
There is a common notion that mixed-used developments are only for affluent people. Why? Because most of them are priced so high that a low income Singaporean won’t be able to afford. While this might be true in some forms, it plays a huge role on increasing the intrinsic value of the district or location. With affluent people flocking the area, it significantly intensifies the reputation of the district. Attracting more wealthy spenders, it makes the area a highly “desirable” location.
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Flexible Investment
Last but definitely not the least benefits of mixed developments Singapore is its flexibility to hold your investmentdepending on your desires. If you decide to let go of your unit, listing it on the open market is a great option. Keep in mind that a well-designed mixed-used development sitting on a great location can draw hundreds of potential buyers. Furthermore, you could sell your unit to foreigners since most of them are attracted on convenient city living. On the other hand, if you don’t want to let go of your property, there’s always a possibility of renting it out to gain valuable income.
Caveat Emptor
Behind the many benefits of mixed developments Singapore are disadvantages that buyers should be aware of. Not everything about mixed developments are wonderfully great, there are drawbacks that you need to consider such as:
- Overcrowding and high-density living
- Industrial noise from shops, pubs and restaurants
- Privacy issues with people loitering around your home
- More expensive than regular condominiums
- Possibility of parking shortage as shoppers get prioritized
Final thoughts…
We can’t deny the fact that Singapore is indeed an overcrowded country. And as the economy grows, with people coming in from all parts of the world, expect to see more mixed-used properties being developed from time to time. Before handling over that cash, consider the many benefits of mixed developments Singapore but don’t forget to ponder on its drawbacks.
The addition of having utmost convenience and accessibility to everything are the driving factors of mixed-used properties. These reasons and more makes them uniquely wonderful and practically stellar.
LOCATED IN HEART OF KEY GROWTH AREA
New development in Tan Quee Lan Street taps into 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.
City Centre at 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, this will be well connected by rail and road network to many parts of Singapore.
CONSORTIUM GUOCOLAND and HONG LEONG HOLDINGS WON TOP BID FOR MIXED DEVELOPMENT IN TAN QUEE LAN STREET
1) SINGAPORE (EDGEPROP) - The Government Land Sales (GLS) site at Tan Quee Lan Street attracted only two bids at the close of the tender on September 5. The top bid of $800.19 million was submitted by a joint venture between GuocoLand and subsidiaries of Hong Leong Holdings, namely Intrepid Investments and Hong Realty. The bid price translated to $1,535 psf per plot ratio (psf ppr). This is $4.2% higher than the second bid of $1,473 psf ppr submitted by City Developments Ltd (CDL) and MCL Land (a subsidiary of Hongkong Land), says Tricia Song, Colliers International head of research for Singapore.
Desmond Sim, CBRE head of research for Southeast Asia sees the bids as “a defensive move on the part of the developers”. “Both bidders are related parties,” says Nicholas Mak, ERA Realty head of research & consultancy. Both bids for the site on Tan Quee Lan Street are also above the top bid of $1,458 psf ppr for the Middle Road GLS residential site, he points out.
The tender for the GLS site on Middle Road had closed at the end of March, with 10 bids received. Wing Tai Holdings won the site with a top bid of $492 million ($1,458 psf ppr). “We think some developers could have been put off by the hype over the site and expected aggressive bidding for it,” says Colliers’ Song. “In addition, there might be worries about competition from the Middle Road site and the Midtown Bay project.”
The top bid of $1,535 psf ppr for the site on Tan Quee Lan Street is 5.3% higher than the $1,458 psf ppr paid for the Middle Road site. The slight premium could reflect the more favourable location of the former, as it's adjacent to the Bugis MRT station, says Christine Li, Cushman & Wakefield (C&W) head of research for Singapore and Southeast Asia.
The maximum gross floor area (GFA) for this land parcel was 521,301 sq ft, which could yield about 580 private residential units with commercial space on the first level, estimates Ong Teck Hui, JLL senior director of research & consultancy.
Many developers may have been deterred by the very high capital outlay, adds Ong, as this "increases risks, given the oversupply in the market and an uncertain macroeconomic environment”. As the land price based on the top bid is already $800.2 million, the total development cost of the new project will exceed $1 billion, he adds.
On the other hand, the two bids received reflects the "strong confidence in the Beach Road real estate market” by the developers, says ERA's Mak. GuocoLand is developing the $2.4 billion Guoco Midtown mixed-use development on Beach Road - which is just across the road from Tan Quee Lan Street. CDL is the developer of the South Beach mixed-use development, further down on Beach Road.
The site on Tan Quee Lan Street offers an opportunity to build a signature project on top of the Bugis MRT interchange station for the Downtown and East-West Lines, says Colliers’ Song. She estimates a breakeven price of $2,200 psf for the new project, with a future selling price above $2,400 psf.
WINGTAI WON TOP BID FOR MIXED DEVELOPMENT IN MIDDLE ROAD
2) The Urban Redevelopment Authority (URA) closed tender for the site at Middle Road. The winning bid went to Wingcharm Investment, a unit of Wing Tai Holdings, for $491.99m.
A final decision on the award will be publicised at a later date after the bids have been evaluated.
Tricia Song, head of research for Singapore, Colliers International, commented that the Middle Road site (zoned residential with 1st storey commercial) garnered positive response with 10 bidders – the highest number of contenders for a residential GLS site since Mattar Road site in May 2018.
“Although the site was hotly contested, the bid prices were fairly conservative in our view, with the bulk of the bids bunched below $1,300 psf ppr,” Song said.
“The site fell within the Central Area, and hence will not be subject to minimum unit size. It can build 375 residential units and up to 1,500 sqm of commercial space on the first floor. There are two zones: the low-rise zone which can go up to six storeys, and a high-rise zone which can go up to 20 storeys. We expect a potential selling price of $2,200-2,300 psf,” Song added.
“It is clear from the results of recent Government Land Sales (GLS) tenders that the days of overly exuberant land bids are behind us,” the executive commented.
“The relatively conservative bids for the site fell short of our expectation - reflect developers’ measured approach toward land banking following the imposition of fresh property cooling measures in July 2018
Source: Singapore Business Review
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