URA launches tender of Bernam Street site in CBD with 30% more residential units

URA launches tender of Bernam Street site in CBD with 30% more residential units

FRI, MAY 31, 2019 – 5:50 AM

THE Urban Redevelopment Authority (URA) on Thursday put a Bernam Street residential-with-commercial land parcel up for sale by tender, with about 75 more dwelling units, or 30 per cent higher than previously estimated under the first half 2019 Government Land Sales (GLS) programme.

The site comes with commercial space on the first floor, and is on the GLS confirmed list.

The URA now allows for an increase in gross plot ratio (GPR) to convert office developments in the Central Business District (CBD) to hotel and residential use, under the CBD Incentive Scheme announced at the launch of the URA Draft Master Plan in March. The scheme encourages developers to build more homes and hotels in the city centre, which includes the CBD, to add more life and vibrancy after office hours.

Sites in the Anson area, including the Bernam Street land parcel, are thus permitted to increase their previous GPR – and in turn the estimated number of units – by up to 30 per cent if they are slated for residential with commercial at first-storey use.

As a result of the increased development intensity, the Bernam Street site can now potentially yield up to 325 residential units, compared to the 250 estimated in December.

Source:https://www.straitstimes.com/business/property/condo-rents-rise-06-in-april-hdb-rents-slip-01-srx

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