PROJECT DETAILS

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

NO SMALL STRATA OFFICE, RETAIL UNITS ALLOWED FOR BEACH ROAD SITE

The Urban Revelopment Authority URA has a commercial site in Beach Road as part of Government Land Sales, 2nd quarter of 2014, this land parcel is set in the Central Region of Singapore and is bounded by Rochor Road, Beach Road and Nicholl Highway. It is listed under the reserved list of sites and is allocated to be developed into a commercial site comprising of office and retail space.

A MINIMUM 70 per cent office component has been stipulated for the commercial site next to Shaw Tower along Beach Road.

Small strata office or retail units will not be allowed in this 99-year leashold site, which has just been made available for applications by developers through the reserve list.

Market watchers estimate that its price will come in at more thanS$1,000 per square foot per plot ratio (psf ppr) if it were to go on the market today.

Sites on this list are launched for tender only upon successful application by a developer, accompanied by an undertaking to submit a minimum bid price that is acceptable to the state.

Located diagonally opposite the Duo project, the site includes the former Beach Road Police Station, a gazetted conservation building which has to be restored.

The land parcel predominantly comprises a 2.1-ha site which can be developed into a maximum gross floor area (GFA) of 950,592 sq ft. At least 70 per cent of this (665,424 sq ft) has to be set aside for office use.

The retail quantum can take up to 86,111 sq ft. There is also underground space of 12,648 sq ft for an underground pedestrian link to Duo, and to state land on Tan Quee Lan Street.

The Urban Redevelopment Authority (URA) on Wednesday, in releasing the sales conditions for the site, has stipulated that the whole development - excluding any GFA for hotel, serviced apartments orresidential use - shall consist of not more than three strata lots.

The former police station conservation building must be held within one of these three lots.

Referring to the location of the site, a stone's throw from the South Beach project and Suntec City, the URA said in its statement:

"The land parcel is located on the fringe of the Singapore city centre and the intersection of two key development corridors along Beach Road and the Ophir-Rochor roads. Fronting Beach Road, Rochor Road and Nicoll Highway, the future development is envisaged to provide high-quality office space with complementary uses that can meet the needs of financial and business services.

"This new development will also reinforce the area's positioning as an attractive and vibrant mixed-use precinct within the city centre. ... The future development on the land parcel can reach a height of 45 storeys..."

Chestertons managing director Donald Han commented that the development of the site would support the rejuvenation of the Beach Road/Ophir Road vicinity, but expressed doubt over when this would happen:

"While the site is attractive, it will take a while for it to be triggered, mainly because you have a significant amount of office space within two large mixed development projects in the immediate vicinity - at South Beach and Duo.

"Potential bidders would be looking for these new surrounding commercial developments to reach fuller occupancy before they make an application for the release of the latest site.

"After setting aside the office and retail components, some potential bidders may be keen on putting in a hotel for the balance GFA.

" There is an attractive proposition for a new mid-scale hotel, if you look at the City Hall micromarket, where this land parcel is located."

Mr Han, noting that the retail component for the site would be only about half the size of the Shaw Leisure Gallery next door, suggested that if a larger retail quantum were to be allowed on the site, an earlier trigger date for the site could come to pass.

"Retail in the area would do well because of the sizeable supply of new office space coming up in the locale, in addition to providing a natural shopping linkage from Bugis Junction to Suntec City. Perhaps the authorities were concerned about traffic congestion, hence the decision to cap the retail quantum," he said.

JLL head of South-east Asia research Chua Yang Liang said: "Based on the conditions just released, we think the site is likely to command a land bid of some S$1,300 to S$1,500 psf ppr, depending on whether there is a residential component. We have excluded hospitality in our simulation for the sake of simplicity."

He reckons the site may be triggered for launch next year.

However, given its size - the land price alone could hit S$1.2 billion to S$1.4 billion - this land parcel is likely to attract the bigger players, possibly forming consortiums.

Dr Chua said: "It could draw some foreign players such as the larger Chinese developers that have been looking for opportunities in the Singapore commercial property market."

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.

BEACH ROAD BUGIS ROCHOR DEVELOPMENTS

  
*Artist’s impression of future development at Ophir-Rochor Road

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.

BEACH ROAD TO BASK UNDER SWANKY NEW DEVELOPMENTS

The once sleepy Beach Road area is undergoing a dramatic makeover as property giants roll in with ambitious plans for a series of mixed developments.

Three new integrated projects are already on the go, with at least one more to come following the release of a new site in the Government Land Sales programme last week.

The commercial and residential plot, which came from the reserve list, can accommodate a 45-storey complex of 947,223 sq ft.

The 2ha plot will go to tender only if a developer first submits a bid price acceptable to the Urban Redevelopment Authority (URA).

It is estimated to cost from $1.1 billion to $1.4 billion - or $1,300 to $1,400 per sq ft (psf) per plot ratio.

The historic site between Beach and Rochor roads - it was the home of Beach Road Police Station - will bring more office space to an area that has long had a shortage of such space, said experts.

The developer that clinches the site must conserve and restore the former police station building and set aside at least 70 per cent of the new complex for offices.

The development can have a residential portion as well.

"The development of the new site, if it happens, will help complete the development along that strip, offering a more contiguous streetscape," said Dr Chua Yang Liang, head of South-east Asia research at JLL.

Meanwhile, developers are forging ahead with plans for other mixed-use projects.

South Beach, Singapore's largest mixed development, will be fully completed by the end of next year, said City Developments this week.

It will feature a luxury hotel and 190 residential units, ranging from 950 sq ft two-bedders to 6,500 sq ft five-bedroom penthouses.

Tenants like Rabobank have already committed to lease 30,000 sq ft of office space.

South Bank plus the DUO by developer M&S and World Class Land's City Gate, both launched in the past year, will add at least 1.25 million sq ft of commercial space to Beach Road.

"The rejuvenation of this area into a vibrant commercial hub is very important, because of its central location," said Mr Ong Kah Seng, director of R'ST Research.

"It would be an opportunity cost to the Government and stakeholders in the area to allow the area to remain at status quo and underdeveloped."

Mr Ong expects the new developments to lift property prices by about 2 per cent.

However, investors will find it hard to get their hands on commercial units.

The few available tend to be in older properties such as Golden Mile Tower and The Plaza, as developers are keen to keep hold of any new space they build.

So far, only City Gate has new strata-titled commercial units. It has sold 62 of its 188 new shop units for an average of $4,202 psf since July, according to caveats lodged with the URA.

But there is certainly money to be made by investors.

A 431 sq ft office at The Plaza, a strata-titled project at the corner of Beach and Ophir roads, changed hands at $1,881 psf in April for a profit of $76,112 in over just 15 months.

Over at Golden Mile Complex, a 441 sq ft commercial unit sold at $1,869 psf last month, for a profit of $273,550. It was bought in July 2007.

Monthly rents at these older developments are estimated at $5.50 psf, while "Grade A" offices in the area could fetch $7.50 psf.

However, commercial rents at upcoming projects could be up to 20 per cent higher once they are completed in the next two to three years, said Mr Ong.

HIGHEST BID FOR MIXED DEVELOPMENT IN BEACH ROAD

Beach Road

Miixed development

Office retail commercial site

This site is developing

Government Land Sales GLS in Beach Road

Land bid