(Newswire.net — January 26, 2014) Singapore, Singapore — A News Release by The Urban Redevelopment Authority (URA) on Mar 13, 2013 announced the it has awarded the tender for the commercial site at Venture Avenue to Sim Lian JV (Vision) Pte Ltd.
Sim Lian, is preparing and planning to launch an office tower at Venture Avenue at the end of February or in early March 2014. Below are the various points for you to consider.
This was well above the range of $700-$800 psf ppr predicted by analysts The Business Times spoke to earlier. The number of bidders, at nine, also exceeded earlier forecasts of between five and eight.
“The bid price sets a new benchmark for suburban commercial land,” said Desmond Sim, associate director at CBRE Research.
Analysts believe the potential for strata subdivision may have driven the aggressive bidding.
Nicholas Mak, head of research at SLP International, said the strong bids are contributed by “the very strong demand for strata-titled commercial property among investors”.
JLL’s Mr Ong told the Business Times that there were 518 strata office transactions in 2011 but this more than doubled to 1,062 last year.
He cited a lack of strata office supply as well as reduced investment opportunities in the residential sector due to cooling measures.
Chia Siew Chuin, director of research and advisory at Colliers International, said among other things that one group of potential purchasers for strata-titled office units could come from a SME (small and medium enterprise) because it would provide a hedge against rental increases.
Developers may also have been attracted by the future potential in the Jurong East area.
“The plot is located within Jurong Gateway, identified to be a key commercial hub in the west,” said CBRE’s Mr Sim to the Business Times.
New developments there include the JEM and Westgate retail and office developments, and the site is located near the International Business Park and is a short distance from Jurong East MRT station.
The next point to consider is the Jurong Gateway Master Plan from URA.
Finally here are some of the pre-launch information/project description for the Sim Lian Commercial Site in Jurong East Venture Avenue as follows:
- Proposed 25-Storey Office Tower with Retail Podium at Venture Avenue.
- Tenure: 99 years Leasehold.
- Development Type: 640 Office units, 47 Restaurants and 53 Medical Suites.
- 1st Storey: 49 units (25 restaurants, 24 medical clinics.
- 2nd Storey / 3rd Storey: 51 units (22 restaurants, 29 medical clinics).
- 3rd Storey / 4th Storey: Car parking provision.
- 5th Storey: Facilities / Landscaping.
- 6th Storey to 25th Storey: 640 office units (32 offices per storey).
- Estimate unit size range:
- Restaurant – 312 sqft to 1033 sqft
- Medical Clinics – 183 sqft to 1173 sqft
- Office – 441 sqft to 1700 sqft
- Floor Loading: To be advised
- Floor to Floor Height: 1st storey: 6.95m
- Floor to Floor Height: 2nd storey: 5.0m
- Floor to Floor Height: 6th to 24th storey: 4.5m
- Floor to Floor Height: 25th storey: 6m
- Lift Facilities: Passenger lifts: 12 (5 Low Rise Lifts & 5 High Rise Lifts for Office Tower) + 2 Service Lifts.
- Loading Facilities: Basement 1.
- Toilet Provision: Common toilets on all levels.
- Air Condition System: Centralised System.
There is a website that has reviewed the product in more details, which can be seen here.