The Urban Redevelopment Authority (URA) plans to raise the gross plot ratio of a residential site in Ang Mo Kio and rezone the site occupied by Tan Boon Liat Building on Outram Road for residential and commercial use. Property analysts interviewed expect the two sites to be developed into HDB flats and private homes respectively.
In a notice published on its website on Friday (30 October), URA proposed amendments to the Master Plan 2025 to adjust the gross plot ratios or land uses of six sites.
Among them is a residential site on Ang Mo Kio Street 82, where the gross plot ratio would rise from 3.5 to 4.4. URA said a high-density residential development was planned for the site to meet housing demand in the area.
The site is next to ITE College Central and about one kilometre (straight-line distance) from both Ang Mo Kio and Yio Chu Kang MRT stations. With HDB flats under construction on two adjoining plots, analysts believe this site will also be used for public housing.
Nicholas Mak, chief research officer at property portal MOGUL.sg, estimated that the site could yield about 1,300 HDB flats. ERA Singapore chief executive officer Marcus Chu put the figure at 800 to 1,000 units.
Drawing comparisons with the neighbouring Oak Ville@AMK and other recent Build-to-Order projects in Ang Mo Kio, Chu said the new project on Ang Mo Kio Street 82 could include two-room Flexi, three-room and four-room flats.
He also expects the new project could be classified as Plus, like Oak Ville@AMK. Four-room flats could be priced close to those at Kebun Baru Breeze, launched in June this year, at between $547,000 and $746,000.
Mak noted that although the site is some distance from the MRT stations, its location between Nanyang Polytechnic and ITE College Central could attract buyers who teach or work at the two institutions. Chu said the project could appeal to first-time buyers and young families looking for a home in a mature estate.
Rezoned Tan Boon Liat Building site could yield at least 800 condominium units
URA also intends to rezone the freehold site occupied by Tan Boon Liat Building from its current Business 1 use, which permits activities such as light industry, warehousing and telecommunications, to a predominantly residential mixed-use development with shops allowed on the ground floor. The gross plot ratio would also rise from 3.1 to 4.9. URA said the proposed rezoning followed the submission of a development proposal.
Tan Boon Liat Building is on Outram Road, next to Havelock MRT Station and about 700 metres in a straight line from both Great World shopping mall and Zion Riverside Food Centre. Lianhe Zaobao (LHZB) previously reported that a unit of property developer Kingsford Group planned to acquire Tan Boon Liat Building for $950 million. However, the transaction remains subject to specific conditions precedent and final approval from the owners and the Strata Titles Boards.
Chu estimated that the site could yield at least 800 private homes, likely to be mainly one- and two-bedroom units. Long-stay serviced apartments could also be built. Mak estimated that the project could yield 950 to 1,000 private homes and rise to 48 storeys.
Analysts expect the site to appeal to homebuyers, given its location in the Rest of Central Region (RCR), its proximity to Orchard Road and the Central Business District, and its position right next to an MRT station.
On future selling prices, Mak said that if the project were launched in 2028, its average price could reach $3,100 to $3,200 per square foot.
Chu noted that Zyon Grand and Promenade Peak, two private residential projects in the RCR launched late last year, achieved average prices of $3,039 and $2,926 per square foot respectively. He expects prices at the future project on the Tan Boon Liat Building site could be higher still.
