HDB awards Tampines EC site for $422mil
The tender for the EC plot at Tampines Street 62 has gotten granted to a joint venture of Qingjian Realty and Santarli Construction, who handed in the highest value offer of $Four hundred Twenty Two mil, announced the HDB on Tue 3Aug.
The rate calculates into a land fee of $Six hundred Fifty Nine psf per plot ratio.
Nicholas Mak, ERA Singapore’s Head of R&C, indicated that it is the “top land fee to get spent on an exec condominium plot as part of the record regarding this form of real estate”.
Started available for sale on 15 Apr, the 23,799.2 square metre spot has a highest GFA of Fifty Nine thousand four hundred Ninety Eight square meter. The Ninety Nine years lease period plot– which comes along with a total structure elevation of Sixty Three to 64 metre SGP Height Datum– is forecasted to supply 590 house apartments.
The tender of the spot terminated on 22 July with 9 offers earned.
Christine Sun, Snr Vice President of Research & Analytics at OrangeTee & Tie, expects the sales rates for the Tampines executive condo to vary from $1thousand 2hundred 50 to $1.3K psf.
“Based upon Urban Redevelopment Authority cautions, the market price for all new executive condominiums is leaning more to $1thousand 2hundred per square foot in 2021, like Piermont Grand exec condominium, which in turn got retailed at an average deal of $1,151 per sq ft, Provence Residence EC at $1.15K psf, Parc Central Residences exec condo at $1,173 psf, OLA exec condo and Rivercove Residence exec condominium both at $One thousand One hundred Forty Three per square ft,” Christine claimed.
“Consequently, an average asking price of more than $1.2K per square ft for brand-new ECs may be breached anytime this land is launched,” Sun said further.