1 Bernam Street Residential Residential with 1st Storey Commercial plot tender closed
Finally no. 1 Bernam Street plot got its developer after URA Singapore closed it’s tender. for 3 sites of Government’s land sales (1H2019 GLS Programme). Originally, subject plot is part of the 2019 Government Land Sale (GLS) included 1 Bernam Street with land size of 3,846.2 sq m., Tan Quee Lan Street 11,530.8 sq.m. & one-note gateway 5,778.7 sq m. Emphatically, URA Master Plan 2019 prescribe the land use of no.1 Bernam plot of land as Residential with Commercial at 1st storey. However, most of the latest development on the same category of land developed as multiple floors (levels) of shopping mall from 1st storey downwards to many basement levels as long as total area is not exceed the maximum permissible area. According to the record, URA Singapore has awarded this site to HY Realty Pte. Ltd., the joined venture developer of MCL Land & Hao Yuan Development Pte Ltd.
In term of location, no.1 Bernam street situated in district 02 Singapore CBD near Tanjong Pagar MRT Station. Amazingly just within walking distance to Marina Bay Financial Hub & Raffles Place Business Hub. Apparently, the new mixed development located opposite 100 am Mall & Amara Hotel & just stoned throw away from Boat Quay & Duxton Hill, popular F&B Spots. Moreover it’s within available local amenities Tanjong Pagar Central. Thus the new mixed development will be 35 storey high, car park lots provision may not be 100% to the number of residential units as it was happened in developments near to MRT station for instance: The Icon. The residential units in this development is estimatly 350 units.
Mixed Development at no. 1 Bernam Street
Obviously 1 Bernam new mixed development is going to be popular among wider range of buyers ages. Firstly, working residents & expat who work in town & CBD age 30-50s. Secondly, Retiree residents who love convenient living in town centre. Not to forget that Tanjong Pagar is one of the most popular choice locations for the 60-80s population of Singapore for the past 50 years. Thirdly, Expat who work & foreigner who is looking for home in heart of CBD to help them minimised their transportations to town. Similarly to many condos & apartments in this district. For Example: The Icon, Sky Everton, Skysuites @ Anson, Altez, etc. Nevertheless it’s going to a new excitement of real estate development in the area.
1 Bernam Price Analysis
In term of price, the tender price of 1 Bernam Street price worked out to be $1,463 per sq ft / per plot ratio. Subsequently the break-even price will be $2,100 psf of residential units. Thereafter the average selling price per sq ft might end up around $2,500-$2,800 psf(estimate to market price in year 2019). In comparison to median transaction prices in Tanjong Pagar area of Skysuites @ Anson and Altez between January to August 2019 were $2,066 psf and $2,247 psf respectively.
1 Bernam plot data in summary.
Tenure: 99 Years Leasehold
District: 02 Anson Road & Tanjong Pagar area
Site Area: 3,846.2 sq m.
Plot Ratio: 5.6
Type: Mixed Development (Residential With 1st Storey Commercial)
Developer: HY Realty Pte. Ltd. (Joint Venture of MCL Land & HaoYuan Development Pte Ltd)
Maximum Permissible Area: 28,001 sq.m +10% skylight greenery
Tender Price: $440,900,000.-
Price per Square Metre: $15,745.87 psm.
Price Per Sq ft: $2,100 psf. (approximaly)