HDB awards Tampines EC site for $422mil

The bidding for the EC ground at Tampines St 62 has actually gotten alloted to a union of Qingjian Realty and Santarli Construction, that submitted the greatest proposal of $422 million, reported the HDB on Tuesday 3Aug.

The deal calculates to a land figure of $659 psf per PR.

Nicholas Mak, ERA SGP’s Chief of Research and Consultancy, indicated such it is the “strongest land price being purchased an executive condo spot as part of the record with this sort of realty”.

Launched available on 15 April, the 23,799.2 square meter ground has a total gross floor surface space of 59.498K sq meter. The Ninety Nine years rent period site– which includes a highest building elevation of Sixty Three to 64 metre SGP Height Datum– is calculated to blossom Five hundred Ninety home units.

The tender of the ground ceased on 22July with nine quotes accepted.

Christine , Senior VP of R&A at OrangeTee & Tie, forecasts the market price for the Tampines exec condo to stretch from $1.25K to $1,300 per square feet.

“Formed on Urban Redevelopment Authority caveats, the market price for new exec condo is leaning nearer to $1thousand 2hundred psf in 2K21, namely Piermont Grand exec condo, which was sold at a typical pricing of $1.151K psf, Provence Residence exec condominium at $1,150 per sq foot, Parc Central Residences executive condominium at $1thousand 1hundred 73 per sq feet, OLA executive condo as well as Rivercove Residence executive condominium both equally at $One thousand One hundred Forty Three per square feet,” Christine expressed.

Midtown Bay Condo Price

“As a result, an average asking price of more than $1thousand 2hundred per sq foot for new ECs may possibly be broken at the time this lot is started,” Christine continued.

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