New Condo cum Mall by CapitaLand and CapitaMalls at junction of New Upper Changi Road and Bedok North Drive
A new launch should come on the market soon. The 13-storey residential cum commercial unit, 583 apartments will be built above a one-stop family shopping mall. The integrated development will have direct access to the Bedok MRT station and a new air-conditioned bus interchange.
Made available under the Reserve List System of the Government Land Sales Programme. It spans 24,902 square metres, with a permissible gross floor area of 87,157 square metres.
The tender was closed with nine bidders in the fray, most of which put up offers far exceeding expectations.
The strong demand for the 99-year leasehold plot could have stemmed from the site’s retail potential and its proximity to Bedok MRT station.
A 50:50 joint venture between CapitaLand Residential Singapore and CapitaMalls Asia (CMA) submitted the top bid of $788.9 million or $841 per sq ft per plot ratio (psf ppr).
This is 21 per cent more than the second highest bid of $650.9 million or $694 psf ppr, placed jointly by a unit of Singapore Press Holdings’ Times Properties and a unit of United Engineers.
Frasers Centrepoint followed close behind with a bid of $650 million or $693 psf ppr. Other participants in the tender include Keppel Land, Choice Homes Investments and Sim Lian.
Bedok is one of Singapore’s largest HDB estates, with close to 294,500 residents. It is among the early HDB new towns and saw its first high-rises in the 1970s. The Town Centre will receive a complete facelift in the next three years, with the building of a new integrated public transport hub and private homes.
These new developments will stand on a plot that will also have space for commercial use totaling 35,000 sq m, which is about the size of Junction 8 shopping centre in Bishan. It is estimated that a mall on the site can fetch an average retail rent of $15-$27 psf per month, while apartments may go for around $1,100 per sq ft or more.
The dramatic change for residents will probably be the seamless linking of Bedok bus interchange to the MRT station and the building of a 13-storey residential cum commercial building with an estimated 583 private apartments beside the interchange. The Bedok Bus Interchange will receive a facelift in the fourth quarter of this year.
Residents welcomed the news that the bus interchange will be air-conditioned while property analysts foresee the apartments being snapped up by young couples and home upgraders.
Property analysts believe the area will also be rejuvenated as it now lacks new residential and commercial developments.
The project is expected to be fully completed in the first half of 2015.