HDB awards Tampines EC site for $422mil
The bidding for the executive condo plot at Tampines Street 62 has already been assigned to a joint venture between Qingjian Realty plus Santarli Construction, that committed the maximal bid of $Four hundred Twenty Two million, shared the Housing and Development Board on Tuesday 3Aug.
The rates figures out towards a ground price of $659 per sq ft per plot ratio.
Nicholas , ERA S’pore’s Chief of R&C, considered that it is the “highest value ground premium being purchased an EC spot throughout the record of this particular type of homes”.
Started available on 15 Apr, the 23,799.2 square m spot has a maximum GFA of 59.498K square m. The Ninety Nine years rent period site– which comes with a max structure level of 63 to 64 meter SHD– is calculated to produce 590 lodging apartments.
The tender of the site terminated on 22July with 9 proposals obtained.
Christine Sun, Snr VP of Research & Analytics at OrangeTee & Tie, calculates the asking price for the Tampines EC to range from $1thousand 2hundred 50 to $1thousand 3hundred per square foot.
“Built upon Urban Redevelopment Authority cautions, the asking price for new ECs is leaning nearer to $1thousand 2hundred psf this yr, such as Piermont Grand exec condominium, which got sold off at an average amount of $One thousand One hundred Fifty One per square feet, Provence Residence EC at $1thousand 1hundred 50 per square ft, Parc Central Residences exec condominium at $1,173 per square ft, OLA EC and Rivercove Residence exec condominium both of these at $One thousand One hundred Forty Three psf,” Christine reported.
“Due to this fact, an average asking price of above $1,200 per square foot for all new ECs could quite possibly be broken the moment this particular plot is released,” Sun included.