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.

If you are sourcing for your dream home in the East, Tembusu Grand is a one of the ideal development which you can seriously consider too.

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.