CapitaLand has said its new development at Bedok Town will likely attract potential buyers such as HDB upgraders.
Property analysts believe the area will also be rejuvenated as it now lacks new residential and commercial developments.
The Bedok Bus Interchange will receive a facelift in the fourth quarter of next year. The bus interchange, together with a piece of land next to it, will be transformed and incorporated into a 13-storey residential cum commercial building.
CapitaLand’s integrated development will have about 500 residential units, which make up about 60 per cent of the project. The remaining 40 per cent will be allocated to two basement levels of shopping area.
CapitaLand said the project will cater to about 300,000 residents living around the area, which is said to be the largest HDB estate in Singapore.
Aside from neighbourhood retailers, the new project is set to offer more variety.
Lim Beng Chee, CEO, CapitaMalls Asia, said: “What we’re going to do is something different – like for example, in this place you can’t find a ‘cha chaan teng’ (Chinese tea cafe), you cannot find Ramen, you cannot even find a Starbucks coffee or something similar.
“So I think these are the traits that will complement the F&B side. On top of that, there’ll be some fashion that is affordable that we can bring over – the popular brands currently are Uniqlo.”
The nearest shopping place currently is about three bus stops away – Tampines Mall – or you have to take a train down to Bugis Junction, which is about seven stops away, or you have to go to Parkway Parade.
But after the development, residents can enjoy shopping in a well-serviced shopping mall at their doorstep.
Mr Lim said the government’s recent measures to cool the property market will have little impact on its development because at “this place, there’s a lack of private condominium. I’m quite confident that when we launch it, it’ll be well taken (up).”
Analysts expect the selling price of the residential units to average around S$1,100 per square foot (psf) or more, while the retail rent will likely range between S$15 and S$27 psf per month.
The project is expected to be fully completed in the first half of 2015.
Source : Channel NewsAsia – 13 Sep 2010