HDB awards Tampines EC site for $422mil
The tender for the EC plot at Tampines Street 62 has already gotten alloted to a joint venture among Qingjian Realty with Santarli Construction, in which put forward the best offer of $422 mil, published the Housing and Development Board on Tue 3August.
The price tag formulates towards a ground price of $659 psf per plot ratio.
Nicholas Mak, ERA Singapore’s Head of Research and Consultancy, indicated that it is the “largest land rate being purchased an exec condominium spot across the background regarding this particular homes”.
Commenced available on 15Apr, the Twenty Three thousand Seven hundred Ninety Nine point Two square meter spot has a total gross floor area of Fifty Nine thousand four hundred Ninety Eight sq m. The 99yrs leasehold ground– in which comes with a top construction level of Sixty Three to 64 m SHD– is forecasted to yield 590 accomodation units.
The tender of the ground ended on 22July with 9 proposals earned.
Christine Sun, Senior Vice President of R&A at OrangeTee & Tie, anticipates the market price for the Tampines exec condo to stretch from $1thousand 2hundred 50 to $1thousand 3hundred psf.
“Based on URA caveats, the market price for brand new exec condo is inching more to $1.2K per sq foot present year, like Piermont Grand EC, which in turn became sold at a mean amount of $One thousand One hundred Fifty One per sq foot, Provence Residence exec condo at $1thousand 1hundred 50 per square foot, Parc Central Residences EC at $1,173 psf, OLA EC and Rivercove Residence EC both at $1,143 psf,” Sun stated.
“Therefore, an average market price of greater than $1thousand 2hundred per square feet for fresh ECs could quite possibly be breached at the time this particular lot is started,” Christine added.