Singapore Releases Commercial Site At Punggol Walk
SINGAPORE – The authorities have made available a commercial site at Punggol Walk under the Reserve List for the H2 2023 Government Land Sales (GLS) programme, according to a press release published by the Urban Redevelopment Authority (URA) on Thursday (25 May, SGT).
Measuring 10,011.5 sq m, the land plot has a short tenure of 30 years. The winning bidder will be allowed to develop it to a maximum gross floor area of 14,017 sq m. Moreover, the commercial site’s building height is up to 64 metres.
According to URA, the winning bidder will be required to construct at least 8,400 sq m of office space by GFA and a childcare centre spanning 650 sq m.
Despite the site’s short lease of 30 years, PropNex Realty’s Research Head Wong Siew Ying thinks that the commercial plot at Punggol Walk would pique the interest of some real estate developers because of the lack of office properties in the vicinity.
“The release of sites on shorter leases allows our land uses to be refreshed in shorter cycles to support businesses in adapting their operations more nimbly to changing economic trends and market demand,” explained the URA on why it released the Punggol Walk site for application.
Notably, a site made available under the Reserve List system means it would be triggered for public tender if a party submits a price that is acceptable to the government.
Meanwhile, The Business Times reported on Wednesday evening (24 May, SGT) that the public tender for the Golden Mile Tower’s latest en bloc sale attempt closed on 8 May with zero bids received again.
Nonetheless, the mixed-use commercial property’s collective sale committee (CSC) have entered into private treaty negotiations with “several” interested parties, revealed a representative from marking agent ERA.
However, the news outlet has learned that none of the offers have hit the Golden Mile Tower’s reserve price of S$600 million.
On 7 April 2023, the commercial property at 6001 Beach Road was relaunched for en bloc sale, after the first collective sale attempt with a guide price of S$650 million closed on 9 January without any deal materialising.
Notably, the 99-year leasehold commercial project is valued at S$598 million.