This mega project is call NORTHPOINT CITY and the residential name NorthPark Residences. This is a highly sought after location and located near the upcoming massive development of the Woodland-Punggol Corridor.
NorthPoint City's Summary:
- Project Name: Northpoint City
- Developer: Fraser Centerpoint Limited (FCL)
- Type: Mixed Development
- No of units: Approx. 900 residential units
- Expected TOP: TBA
- Address: Yishun Central 1
- Tenure: 99 years leasehold
- District: 27
A mixed-use commercial and residential plot at Yishun Central was launched for tender on Feb 28, 2013 with the tender results announced on Sept 5, 2013. The tender was won by North Gem Development P/L and FC North Gem Trustee P/L, units related to Fraser Centerpoint P/L for $1.43 billion dollars. This was 47% higher than the next highest bidder, a consortium that includes Far East. This price works out to be $1,077 per square foot per plot ratio (psf ppr) for the 99-year leasehold site, somewhat higher than the $750-850 psf ppr expected.
The plans for Northpoint City include a 12-storey integrated development consisting of about 900 residential units sitting on top of a retail mall, community club and bus interchange. Subject to approval this development may also be connected to Northpoint via link bridges and a covered pedestrian promenade. Another big plus is that the Yishun MRT is just across the road (Yishun Ave 2), a big advantage over other mixed developments such as Junction 9. The commercial units in this development will benefit from the heavy foot traffic associated with bus interchanges and MRT stations and the attractiveness to shoppers of having a large number of shops in the same local area.
The plot of land located between Yishun Ring Road and Yishun Avenue 9, the location of the upcoming Junction 9 mixed development was sold at just $794.44 psf ppr so Frasers is betting on the benefits of the location raising the psf that investors are willing to pay. The plot of land at Yishun Central is right next to Northpoint Mall, Yishun 10 and Yishun Library, which explains the high bid by Frasers who also owns Northpoint Mall. It’s all about market domination and the track record of Northpoint which is also owned by Frasers.
