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http://www.ura.gov.sg/pr/graphics/2010/pr10-88a1.pdf

The Urban Redevelopment Authority (URA) launched the White site at Peck Seah Street / Choon Guan Street for sale by public tender today.

The 1.5 ha land parcel is launched for sale as a Confirmed List site under the 2nd half 2010 Government Land Sales Programme
Fronting the key junction of several major roads such as Maxwell Road, Cecil Street, Anson Road and Robinson Road, the land parcel enjoys a high degree of visibility. With the potential of reaching a height of 280m AMSL (Above Mean Sea Level), the future development will command panoramic views of the city skyline across the CBD to the Marina Bay area, and the Chinatown Historical District.

The future development on the land parcel also enjoys direct frontage onto Tanjong Pagar Park which is part of the ‘green necklace’ linking Pearl’s Hill through Duxton Plain Park to the waterfront promenade at Marina Bay.

Strategically located next to the Tanjong Pagar MRT Station, the development will also be linked directly via the extensive underground pedestrian network to surrounding developments at Capital Tower, International Plaza and 8 Shenton Way. The development on the land parcel will enjoy easy access to other key districts within the city, such as the CBD and the Marina Bay area. Its proximity to the Ayer Rajah Expressway (AYE), East Coast Expressway (ECP) and Central Expressway (CTE) provides excellent connections to the rest of the island and Changi Airport.

With a sizeable gross floor area (GFA) of 157,744 m2 (GFA), the land parcel provides an excellent opportunity for a high-quality mixed use development that will further anchor the precinct as a prominent business hub within the city centre.

A minimum of 60% of the maximum permissible GFA is to be developed for office use to build up the critical mass of office space in Tanjong Pagar area. The developer will also be required to allocate at least another 10% of the maximum permissible GFA for hotel rooms and hotel-related uses, to provide more hotel options in the CBD area and to enhance the vibrancy in the city centre. The details of the land parcel are given in Annex 3
 

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^^ 280m... One Raffles Place will still be the tallest building in Singapore. LOL.

This 280m raises hopes that the 320m supertalls near Downtown station might be realized soon, and suggests that the CAAS may be budging on URA's requests.

BTW, isn't this the site of the Carlton Hotel? What happened to that?
 

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Discussion Starter · #6 ·
Winner should be either Kepland or Capitaland, only big boys can afford this piece of expensive land toy

:lol::lol:

Tanjong Pagar site expected to fetch over $1b

THE landscape around Tanjong Pagar MRT Station is set to be transformed over the next few years when a new development is built, rising to about 60 storeys.

The project, opposite International Plaza, will be built on a 'white' site launched by the Urban Redevelopment Authority (URA) yesterday and which is expected to fetch over $1 billion.

The 99-year leasehold site can generate nearly 1.7 million square feet maximum gross floor area (GFA), of which at least 60 per cent must be for offices and another 10 per cent for hotel use. Most market watchers expect the successful developer to put the balance 30 per cent GFA to residential use, cashing in on strong demand for inner-city apartments. Sales of apartments will help part-finance the development, say property consultants.

The apartments are expected to be built on the 1.5 hectare site's front portion (facing Wallich Street and Maxwell Chambers), which can have a maximum height of 280 metres above mean sea level (AMSL). This is currently the maximum height control allowed in Singapore and will optimise views of the apartments.

Caveats of new residential launches in the vicinity such as Altez and 76 Shenton range from $1,900 to $2,300 psf, from sales in the past six months, says CB Richard Ellis executive director Li Hiaw Ho.

Cushman & Wakefield Singapore managing director Donald Han estimates the residential component can generate between 400 and 540 apartments, assuming an average unit size of 1,200 sq ft and 900 sq ft respectively.

The project is expected to generate about 846,000 sq ft net lettable area of offices - based on the minimum 60 per cent office component stipulated, says CBRE.

As at the second quarter of this year, the average monthly rental of premium-grade office space in the Tanjong Pagar area was about $6.80 psf, compared with $8.37 psf in the Marina Bay area. During the office market peak in Q2/Q3 2008, the figures were $12.50 psf and $19 psf respectively.

'Office rents have bottomed and the overall pipeline supply will taper off after 2012. Hence the development will benefit from an upswing in office rents, barring any slowdown or decline in the major economies,' says Chua Chor Hoon, head of Southeast Asia research at DTZ.

Cushman's Mr Han also observed that on the back of strong take-up for new office projects, confidence and appetite for commercial-dominated developments in the financial district is slowly building up among developers.

He estimates that the project's minimum hotel component - 10 per cent of GFA - would be enough for a 315 to 320-room hotel.

DTZ's Ms Chua expects the site to draw only a handful of bidders, mainly bigger developers experienced with office projects. Mr Han predicts 4-6 bids, most of them in the $650-$720 per square foot per plot ratio (psf ppr) range. This range of unit land price works out to absolute land bids of about $1.1 billion-$1.2 billion.

Some analysts reckon bids could be pushed even higher, to around $800 psf ppr or $1.4 billion.

'Strong interest is expected from the 'usual suspects' of listed developers and foreign funds either individually or on a joint- venture basis. As this is a big-ticket site, we expect participation by foreign developers like Hongkong Land and Cheung Kong,' says Mr Han.

While a chunk of the site has a maximum building height of 280 metres AMSL, the rear portion (facing Peck Seah Street) can be built up to 200 metres AMSL. Part of the site (mostly above the MRT station box) has a maximum six-storey height.

Analysts say the project will contribute to the rejuvenation of the Tanjong Pagar area and inject new office space in the old CBD - helping to offset some of the loss of stock from the conversion of ageing office blocks into apartments.

The Tanjong Pagar site is being offered under the Government's Confirmed List for the second half of 2010. Its tender will close on Nov 16. 'Selection of the successful tenderer will be based on the tendered land price only,' URA said
 

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threeyearson.
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Very exciting!!! If it really used for residential it will be the tallest in Singapore. Overtaking Altez!!!!
 

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Lets just hoped those who won the plots would be engaging international achitect firms for the design of the tall building. Let it be a landmark in the tanjong pagar district..
 

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threeyearson.
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Yup! We really need a landmark tower. Not so box shaped building. I would love to see something like the upcoming Ritz Carlton in Bangkok!!
 

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^^Makes me wonder though. Once the project commences, are the exits going to be affected? It seems to me the exits are also part of the land being sold.
 

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There will be lots of inconveniences during the construction to the people working in that area. Morever there is a lot of constraints to the architect. For those who are really into estatic and line movements, it is a very difficult job to balance the old buildings surrounding the area such as the shophouses etc etc. It need to gradually moves up from the street level to a higher level. Since on the left side we have the old singapore and the right side, the tall modern singapore...

Any renderings on the design on the new carlton hotel that they are building??
 

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^^ I agree too, such a project should be built nearer to the bay, perhaps nearer to where MBFC is.

I think having a 280m will not have much effect on the skyline. Because it is too far from bayfront. It is even further away than Capital Tower (correct me if I'm wrong). Capital Tower is the 4th tallest building, but it looks short from the bay due to its distance away from the bay.

However, it can still add much density to the skyline which is good too. :)
 

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Don't forget that the Altez, which is 245m, is also next to the site alongside the Temasek Tower and Capital Tower, so it's not like it'll stick out like a sore-tongue.

280m is clearly asking the project to be a landmark. The significance is that it'll allow Shenton Way/Tanjong Pagar to retain its identity as part of the CBD, and not make it look like the whole of the CBD is gravitating towards Raffles Place/Marina Bay.
 
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