Tampines Street 94 site could sell for up to $699m: analysts

The plot can yield 585 homes and 10,500 sqm of commercial space.

The Housing and Development Board (HDB) has launched the tender for a mixed-use site at Tampines Street 94, with analysts predicting bids to go as high as $699m.

HDB on Thursday opened the tender for the 23,512 sqm site at Tampines Street 94 in District 18, which can accommodate around 585 new homes and 10,500 sqm of commercial space.

Property analysts expect the site to garner strong interest from developers given the palatable scale of the project and the popularity of Tampines to home seekers.

Wong Siew Ying, research and content at PropNex, estimated the plot to receive two to three bids with a top offer of $632m to $699m, equivalent to $950 to $1,050 per square foot per plot ratio (psf ppr).

“The future mixed development project could be a focal point of activities, bringing more buzz to the neighbhourhood. This plot could also interest developers who are looking at building up their suburban retail exposure,” Wong said.

Mark Yip, CEO of Huttons Asia, highlighted the site’s location opposite the Tampines West MRT station and only one MRT stop away from Tampines Regional Centre and Bedok Reservoir. 

Yip also sees a maximum of three bidders and a top bid not exceeding $850 psf ppr.

The auction may also benefit from pent-up demand for private housing in the area since the last project launched in Tampines was Treasures at Tampines in 2019, whose 2,203 units are now sold out, according to Justin Quek, CEO of OrangeTee & Tie.

Quek estimated the plot to receive as many as six offers worth up to $980 psf ppr.

The tender will close on 19 September.