THE Urban Redevelopment Authority (URA) yesterday launched for sale by tender a site with a twist at Choa Chu Kang.
The URA is selling a 1.56ha site with a three-storey commercial development - the existing Ten Mile Junction Mall. The sale excludes the third-storey Light Rapid Transit (LRT) station, now in operation.
This is the first time the URA is selling a residential site for homes above an LRT station. A similar site sold previously was the Ion Orchard site above the Orchard MRT station.
The latest 99-year leasehold site, at the junction of Choa Chu Kang Road and Woodlands Road, has a gross floor area of 254,394 sq ft for residential use, either for flats or service apartments. The mall has a fixed gross floor area of 121,191 sq ft.
The site could cost $75 million to $90 million at a market price of about $200 to $250 per sq ft, which allows smaller developers to also bid, said Savills Singapore's director of business development and marketing, Mr Ku Swee Yong.
Occupancy levels and property values are rising in that area, and the new project may add some buzz to the district, said Mr Ku.
In the past, the area has struggled to take off. Ten Mile Junction was reported as a 'ghost town' for some years after it first opened 1999.
After a series of tenants failed to create a buzz, supermarket chain Sheng Siong took over as master tenant in 2003 and drew in crowds.
Sheng Siong managing director Lim Hock Chee says his business is doing good as the mall is 'reasonably busy'. He, however, has expressed concern about the change in owners.
The URA said the tender would close at noon on April 3 next year.
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