The first land parcel for private homes at the new Bidadari estate is up for grabs.
In what is likely a first for a government land sales site, the developer of the mixed commercial and residential site is being asked to build a community centre and a neighbourhood police branch.
The 25,440 sq m plot next to Woodleigh MRT station is expected to yield 825 private homes. Build-To-Order launches have already taken place in Bidadari.
It was originally on the confirmed list of the Government Land Sales programme for the second half of last year, but its sale was postponed to allow the site requirements for comprehensive development to be finalised.
According to details of the tender released yesterday, the development in Upper Serangoon Road will be integrated with a community club, which should be at least 6,000 sq m, and a neighbourhood police centre that must occupy at least 2,190 sq m.
A maximum of 15,000 sq m of the 99-year leasehold plot should also be set aside for shop and restaurant uses. The development must include a commercial bridge to Bidadari Park as well.
The Government added that “on top of the extensive pedestrian and cycling network within Bidadari estate, the Land Transport Authority and HDB will also be exploring the possibility of car sharing and bike sharing schemes to encourage a ‘car-lite’ living environment”.
Mr Nicholas Mak, head of research at SLP International Property Consultants, said that the idea of an integrated community centre is quite novel. “As Bidadari is not such a big development, the Government may want to intensify land use and increase visitorship of the community centre at the same time,” he added.
He noted that the requirement of a neighbourhood police centre is especially unusual, adding that he expected the Government would pay for its share of the construction, as well as have a say in its final design.
Analysts expect the site to be hotly contested given its location next to an MRT station.
Mr Ong Teck Hui, JLL’s national director for research and consultancy, predicted between seven and 10 bids, as Bidadari has the “makings of a new prime city fringe sub-market”.
He said the only deterrent to developers would be the large quantum and high absolute land price, which could be between $766 million and $863 million. This translates to a top bid of between $800 per sq ft (psf) and $900 psf, he said.
Mr Ong Kah Seng, head of R’ST Research, estimates about 10 bids for the site, with the top one being between $860 psf and $900 psf. Residential units should sell at about $1,500 psf, he said.
“There has been overwhelming response for the Build-To-Order flats released in Bidadari. It is definitely shaping up to be a major, exciting residential-centric enclave, hence buying interest is expected to be strong,” he added.
Mr Mak highlighted the strong potential of the shopping area on the site, which will have first-mover advantage as the first mall in the estate.
The tender for the site closes at noon on June 13.