The Tanjong Pagar district has become a rather lively one in recent years as more residential homes, serviced apartments and integrated developments spring up in the midst of the Central Business District (CBD).
URA releases integrated site on Bernam Street
A new mixed-use site on Bernam street has been put up for sale by tender last week. Released by the Urban Redevelopment Authority (URA), the site is on the Government Land Sale (GLS) confirmed list.
The 99-year leasehold land parcel sits between Enggor Street and Bernam Street, beside Anson House. It is near other buildings such as Keppel Towers, 100AM shopping mall, Tanjong Pagar Plaza and the nearest MRT station is Tanjong Pagar.
Sized at approximately 3,846.2 sq m with a maximum gross floor area of 28,001 sq m, analysts consider the site a rare one in the already built-up Shenton Way CBD area.
The prime site with the development of Greater Southern Waterfront
The site allows for 325 residential units, which is 30% higher than that which was estimated under the first half 2019 GLS programme.
There is an allowable building height of 35 storeys, 20 storeys and 4 storeys in the high-rise, mid-rise and low-rise zones.
Its prime location also means it falls under the CBD Incentive Scheme which was announced at the launch of the URA Draft Master Plan earlier in March. The CBD Incentive Scheme will help to rejuvenate the city centre and allows for an increase in gross plot ratio (GPR) in the conversion of offices into hotels and residential units.
The conversion would also fit into the grander scheme of things with the future development of the Greater Southern Waterfront.
In terms of pricing, a gauge would be the $1,700 psf to $2,500 psf range in prices of units in similar 99-year leasehold residential projects in the vicinity such as [email protected] and Icon.
See more: Five adjoining freehold shophouses in the heart of Kampong Glam for sale