Tampines St 62 sets price record for an executive condo site
An executive condo (EC) in Tampines Street 62 recently set a price record.
Housing Board stated on Monday, that Sim Lian Land Development was awarded the site for $543 Million or $721 square feet per plot ratio.
This is higher then the previous record rate of $703 psf ppr that was awarded for an EC in Plantation Close Tengah.
It also surpassed a record set in 2018 by Piermont Grand EC located in Sumang Walk Punggol, of $509 million.
Huttons Asia senior data analyst Lee Sze Teck revealed that the EC Market is attracting a lot of interest, with seven developers vying over the Tampines Site.
He stated that previous EC releases have had strong sales – 639-unit Copen grand in Tengah Garden Walk (Tampines Street 62) and 618-unit Tenet are also fully sold. Altura Bukit-Batok, which has 360 apartments, is nearly 90 percent sold.
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The project might also benefit from the potential pool of buyers that comes with more than 2,00 HDB flats, which will reach their 5-year minimum occupancy period between 2024 and 2025.
The new condominium record could result in higher prices as it is contrary to the norm to price a 99 years leasehold condo under an EC.
The Tampines 62 parcel (Parcel B), which is about 28,000 sq.m., or almost four football-field-sized, can yield approximately 700 residential apartments.
A site named Parcel A that is adjacent was awarded $422 million in August 2020, which equates to $659 psf/ppr. At the time it was a site with a land value record.
Tenet EC is a product that was developed on site and sold at least 72 percent of the units it launched in December 2022.
Future Tampines EC projects could cost around $1.430 psf – $1.500 psf.