Location map of the EC site at Tampines Avenue 10. Source: HDB
The tender for an executive condominium (EC) site at Tampines Avenue 10 received healthy interest from developers, with seven bids received.
A consortium comprising Hoi Hup Realty and Sunway Developments submitted the highest bid of $434.45 million, followed by MCC Land (Singapore) with a $431.6 million bid.
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CDL Constellation and TID Residential submitted the third highest bid of $414.3 million, while Qingjian Realty (Residential) and Evia Real Estate (8) offered $408.9 million for the site.
Lee Sze Teck, Huttons Asia’s head of research, attributed the keen interest received to the site’s location.
“It is not often that you get an EC site in a mature estate,” he said. “Furthermore sales of new EC projects in Tampines have been well-received in the past. Plus there is a lot of latent demand in the market for EC units judging from the ground experience. That may explain why we see such robust bids put in by developers.”
Launched for sale in October, the 24,933.7 sq m EC site has a maximum gross floor area of 69,815 sq m and a gross plot ratio of 2.8. It comes with a 99-year lease and could yield 695 housing units.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
