The Government has released a new EC land parcel for sale in Tampines. The 62-acre parcel is zoned residential with commercial on the first storey. The highest bid for the plot was $422 million, 1.4 percent higher than the second-placed bid of $416.3 million. The tender for the EC site will close on 22 July. The land rate is the highest ever for a residential EC site. The previous record was $603 psf ppr.
The Housing & Development Board, the government’s land-sales agent, has put up the Tampines Street 62 EC site for tender. The bidders must submit their bids by 15 April 2021. The board will make a decision and publish it a few days later. The successful bidder will be awarded the plot, which is slated to yield 590 units. The project is expected to launch in the first half of 2020.
The Tender for Tampines EC site was launched on 15 April. The site is a 99-year leasehold with a maximum gross floor area of 59,498 square meters and is expected to yield around 590 housing units. It is expected to fetch a price tag of $1250 to $1300 per square meter, according to Christine Sun, Senior Vice President at OrangeTee & Tie.
The highest bidder for Tampines Street 62 EC plot was a joint venture between Qingjian Realty and Santarli Construction. The joint venture bid of $422 million was nearly 1 percent higher than the second-placed bid of $416.3 million. This bid is the highest land rate ever recorded for an EC plot in Singapore. It shattered the previous record of $603 per square foot per plot ratio set by the EC site at Canninghill Piers.
The successful Tampines EC bidder must provide EV charging points and a parking space for the residents. The price of the EC is expected to be in the region of S$1,250 psf. However, the bid is likely to be much higher as the plot is not near a MRT station. This means the developer will need to price the project higher than the previous record of S$603 psf.
A $422 million bid was received for the Tampines EC site. This is above the average land rate for new ECs. The highest land rate has been set for the Lentor Central EC site, where a single lane development was sold for S$784.1 million. A second-placed bid of $769.8 million was also submitted. The overall selling price of the Tampines EC site is expected to be in the vicinity of S$1,300 psf.
The selling price is likely to be in the range of S$1,250 to $1300 psf. However, many recent developments in Tampines have been priced at just above that mark. The median price of Piermont Grand and Parc Central Residences, two recent EC launches in Singapore, sold for between S$1,150 and $1200 psf. In Tampines, the expected selling price of the EC is expected to be around S$1,000/sf.
According to Tender for Tampines EC, a maximum gross floor area of 59,498 square metres will yield about 590 units. The site is being sold for an estimated price of S$1,250 to S$1,300 per square foot. A total of nine developers have bid for the site, and the selling price should fall between those two figures. There are some potential pitfalls for this new development.
The next executive condominium development in Singapore is being planned for Tampines Street 62. This land parcel is currently in the BTO phase. The total plot size is approximately 1.5 hectares, and the project is expected to yield up to 700 dwelling units. The project is located near the Pasir Ris MRT station. It is also close to the Tampines North Boulevard Park and Eco Green Park.
The project is a mixed-use development located in Tampines Street 62. It is located in the district 18, near Tampines North MRT station and the future Integrated Transport Centre. The proposed development will consist of 368 units, each at approximately $3K. It will have a total of five elevators and will be accessible by a escalator. The property is close to public transport such as buses and taxis, as well as retail and service facilities.
The site is located in the Tampines Street EC area, near Citylife and Trilliant condominiums. The development site has a 99-year leasehold, allowing the building to reach a height of 63 to 64m SHD. A total of 590 residential units will be built on this site, which is expected to be completed in 2021. The sales price for the project is estimated to be between $1250 and $1300 per sq ft.