Huttons Asia has highlighted the potential of the Bedok Rise site, the last land parcel with direct access to Tanah Merah MRT station, as a prime opportunity for developers. With the recent launch of Sceneca Residence in January 2023 nearly sold out, and the upcoming Sceneca Square mall set to enhance local amenities, the area is poised for growth.
The site is strategically located just two MRT stops from Changi Airport, which is undergoing significant transformation with the first phase of Terminal 5 expected to be completed in the mid-2030s. This development is part of the broader Changi East transformation, with the government seeking proposals for the Changi East urban district.
Mark Yip, CEO of Huttons Asia, noted that developers might be keen to bid for the Bedok Rise site to replenish their landbank in the Outside Central Region (OCR), where unsold units are currently at a low of around 2,000. The recent interest rate cut by the US Federal Reserve is expected to lower borrowing costs in Singapore, potentially boosting demand for new homes and positively impacting the property market.
Huttons anticipates that the Bedok Rise site could attract up to five bidders, with a top bid ranging between $1,100 and $1,200 per square foot per plot ratio. Meanwhile, the Cross Street SA2 site in the Central Business District may see developers adopting a wait-and-see approach before committing to bids.
