A 560-ROOM hotel in Jurong Town Hall Road by Resorts World Singapore, an office and retail development in Jurong East by Sim Lian, and a revised development proposal by Keppel Land for its Keppel Towers and GE Tower site in Hoe Chiang Road are among a string of development proposals granted provisional permission by the Urban Redevelopment Authority in the third quarter.
Less than a handful of private residential projects received provisional permission in the July-Sept 2013 period.
Among them was Keppel Land unit Harvestland Development's proposal for a 500-unit condo in Kim Tian Road (near Tiong Bahru MRT Station and Tiong Bahru Plaza). It will be developing the project on a 99-year leasehold site that it clinched in April.
It paid $1,162.86 per square foot per plot ratio (psf ppr), a record for 99-year private housing land offered at a state tender. The group is targeting to launch the condo in the first half of next year, said a KepLand spokeswoman.
MCC Land received URA's provisional nod to develop a 599-unit condo in Tampines Avenue 10.
On a freehold site on Hoe Chiang Road in the Tanjong Pagar area where Keppel Towers and GE Tower currently stand, KepLand unit Mansfield Developments obtained provisional permission in Q3 for a mixed development project comprising 249 apartments, about 25,630 sq m (about 275,900 sq ft) gross floor area (GFA) of office space and around 6,140 sq m (66,090 sq ft) of retail space.
Earlier in Q1 2011, Mansfield had obtained URA's approval to redevelop the same site into 590 apartments and 16,800 sq ft of retail space. A KepLand spokeswoman said the submission for the revised development proposal is part of the group's "ongoing efforts to evaluate all possibilities to ensure best use of this freehold site, which is located close to Tanjong Pagar MRT Station".
A couple of projects in the fast-developing Jurong Lake District on sites sold by the state clinched URA's provisional nod in Q3.
One is a proposed development by Resorts World Singapore's unit Tamerton Pte Ltd for a 560-room hotel along Jurong Town Hall Road in the Lakeside zone and about 22,170 sq ft GFA of retail space.
At a URA tender that closed nearly a year ago, Tamerton paid $1,167.35 psf ppr for the 99-year leasehold site - a record for a hotel site at the time. The first hotel development site to be sold in Jurong, the 0.9-hectare plot drew 11 bids.
The other Jurong project that won URA's provisional nod in Q3 is Sim Lian's project in Venture Avenue in Jurong Gateway to build about 625,500 sq ft of offices and 69,500 sq ft of retail space. Talk in the market is that Sim Lian is looking to strata title the office component for sale; a launch is expected in first half next year. BT understands it has yet to decide whether to keep the retail component for rental income or sell it as well. Jurong Gateway and Lakeside are the two zones that make up Jurong Lake District.
Also receiving provisional permission in Q3 were Changi Airport Group to develop approximately 130,350 sq ft of retail space and 88,800 sq ft of offices at Terminal 4, and Laguna National Golf and Country Club to develop a 199-room hotel.
In the industrial property space, BS Capital linked-Kranji Development clinched URA's provisional nod for a warehouse development in Jalan Lam Huat in the Kranji location. The proposed project, with about 1.17 million sq ft GFA, will come up on a freehold site it bought from a unit of City Developments last year.
United Engineers received URA's approval to build an extension to its UE BizHub Central in Ang Mo Kio. The extension, which will come up on a surface carpark site, will have GFA of around 259,400 sq ft. UE has given the just listed Viva Industrial Trust a right of first refusal to purchase UE BizHub Central.
Source: Business Times, 5 Nov 2013