CBRE Comments: Tender results for commercial and residential site at Upper Serangoon Road

Desmond Sim, Head, CBRE Research, Singapore and South East Asia:

As expected, with 12 bidders, this was a highly and closely contested site. It is a testament to the developers’ hunger for sites as well as the site’s position as the epicentre of the up and coming Bidadari estate. 

Despite the condition to include a community club and neighbourhood police centre, interest in the site was strong. These features also reinforces the fact that it will be a central point of the estate, and favours the retail component as well. 

It is definitely also a bid to establish development pipeline for their business as a property developer, as well as a bid in light of a possible recovery of the residential market in the mid-term as prices are expected to trough at this point.

The attributes for this site as a mixed development are positive. Being located adjacent to a transport node , Bidadari Park and Alkaff Lake are great placemaking attributes for both the residential and commercial components.

The growing residential catchment will also bring forth confidence for a strong retail concept. It could be the new go-to spot in a neighbourhood which public housing projects have been many times oversubscribed.

The resultant development will also be enhanced with the strength of the two parties of the joint venture.

Disclaimer:

Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
 

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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.​

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