HDB awards Tampines EC site for $422mil
The bidding for the EC plot at Tampines St Sixty Two has already been rewarded to a partnership of Qingjian Realty with Santarli Construction, that committed the largest bid of $Four hundred Twenty Two million, published the Housing and Development Board on Tue 3 August.
The amount calculates into a land figure of $6hundred 59 psf ppr.
Nicholas Mak, ERA SGP’s Head of Research and Consultancy, noted such it is the “highest land premium to be paid for an executive condo site as part of the background in this type of property”.
Opened available on 15Apr, the 23,799.2 square m site has an optimum GFA of 59.498K sq m. The 99years leasehold ground– that comes with a max construction height of 63 to Sixty Four metre SHD– is expected to blossom 5hundred 90 housing units.
The bidding of the ground concluded on 22 Jul with nine proposals accepted.
Christine , Snr VP of Research & Analytics at OrangeTee & Tie, predicts the sales price for the Tampines EC to range from $One thousand Two hundred Fifty to $One thousand Three hundred psf.
“Based upon URA caveats, the selling deal for recent exec condominiums is inching nearer to $1.2K psf present yr, namely Piermont Grand EC, which in turn was eventually transacted at an average value of $1thousand 1hundred 51 per sq foot, Provence Residence exec condo at $1.15K per sq feet, Parc Central Residences exec condo at $1,173 per square ft, OLA EC furthermore Rivercove Residence executive condo both equally at $1.143K per square ft,” Christine stated.
“Therefore, a mean market price of beyond $1thousand 2hundred psf for latest exec condominiums might be break as soon as this particular lot is released,” Christine continued.