The price works out to a land rate of $659 per sq ft per plot ratio (psf ppr), which is the highest land rate for an EC site to date. Photo: HDB
The tender for the executive condominium (EC) site at Tampines Street 62 has been awarded to a joint venture between Qingjian Realty and Santarli Construction, which submitted the highest bid of $422 million, revealed the HDB on Tuesday (3 August).
The price works out to a land rate of $659 per sq ft per plot ratio (psf ppr).
Nicholas Mak, ERA Singapore’s Head of Research and Consultancy, noted that it is the “highest land rate to be paid for an EC site in the history of this type of housing”.
Launched for sale on 15 April, the 23,799.2 sq m site has a maximum gross floor area of 59,498 sq m. The 99-year leasehold site – which comes with a maximum building height of 63 to 64 m Singapore Height Datum (SHD) – is expected to yield 590 housing units.
The tender of the site closed on 22 July with nine bids received.
Christine Sun, Senior Vice President of Research & Analytics at OrangeTee & Tie, expects the selling price for the Tampines EC to range from $1,250 to $1,300 psf.
“Based on URA caveats, the selling price for new ECs is inching closer to $1,200 psf this year, such as Piermont Grand EC, which was sold at a median price of $1,151 psf, Provence Residence EC at $1,150 psf, Parc Central Residences EC at $1,173 psf, OLA EC and Rivercove Residence EC both at $1,143 psf,” she said.
“Therefore, a median selling price of above $1,200 psf for new ECs could be breached when this plot is launched,” she added.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: firstname.lastname@example.org