A uniquely zoned commercial site, specifically for food and beverage (F&B) use, was launched at Punggol Point for public tender by the Urban Redevelopment Authority (URA) yesterday.
Unlike most sites launched by URA which are typically zoned under commercial, residential or mixed-development categories, the specific usage for the Punggol Point site could suggest the establishment of a distinctive F&B hub.
The subject F&B site, which has an area of 11,606.6 square metres, is expected to complement existing and upcoming attractions in the Punggol area such as the horse-riding centre and the development of Coney Island as a regional park. The site will be sold with a lease term of 15 years and will contribute to the overall vision of Punggol Point as a key recreation destination.
Punggol Point is one of seven new waterfront housing districts aside from Punggol Central, where most of the current developments are.
The first two to be developed within the next five years will be the Northshore and Matilda districts. The former will boast the tallest residential buildings in the area - at 29 storeys, and overlooking the Strait of Johor - while the latter will draw inspiration from the rich history of the area such as the iconic Matilda House.
As for Punggol Point, it is slated to take on the charm of a rustic coast given its location right next to the Strait of Johor.
According to market analysts, a site with such specific F&B zoning is relatively uncommon and is usually only done in response to public requests or to meet certain needs in the area.
The most recent of such sites was a public tender in 2002 for a piece of land with 12 years' lease under the Tampines MRT viaduct. It was sold to Tan Hee Nam for $10.3 million and received a total of 23 bids.
Prior to that, in 1995, a parcel of land with 30 years' lease was sold to Wah Khiaw Developments for $17.1 million and saw the development of China Square - a giant indoor food court in Telok Ayer Street.
However, unlike the four-storey China Square establishment, the development at Punggol Point will only be allowed a height of two-storeys.
The maximum permissible gross floor area, inclusive of outdoor refreshment area, is 3,000 sq m.
Source: Business Times –5 December 2012
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