Tengah, Tampines: Executive condominiums now for sale
In June, a EC in Plantation Close fetched S$703 per sq. foot per plot rate (psf ppr). Hoi Hup Realty as well as Sunway Developments purchased the property for S$348.5m.
The new site, which was just sold, is located right next to a previous one.
Experts expect a healthy amount of interest from between five and seven developers to the site being offered by tender. The best bid will range between S$680/sf/ppr – S$730/sf/ppr.
Housing and Development Board launched two executive condominium (EC) site sales on Thursday 30 November in its capacity as government land sales agent.
The two land parcels each have a 99 year lease, and it is estimated that they will yield 560 homes.
The first location is at Plantation Close Tengah and measures 20,038.2 Square metres. The gross floor surface (GFA), which is the maximum, is 56.107 sq. m.
The site will be listed on H2 2023 on the GLS list and sold through a public tender on Friday, February 1, 2024. The site’s closing will take place in conjunction with the Orchard Boulevard sale launched by the Urban Redevelopment Authority, URA, on Oct 17 of this year.
HDB website has additional details about the two land parcels, and URA website sells electronic developer’s packages containing information and conditions of bid for both locations.
Experts also expect the Plantation Close to attract seven to 10 bidders. With the highest bid coming in between S$670-S$700 psf, ppr. Although experts expect strong demand, current income limits and the maximum amount of loan will determine the price that potential buyers could afford.
Most developers expect “intense competitors” for the land parcels being sold, especially Plantation Close. This is based on past strong performances of EC sites that were sold in Tengah or Tampines.
EC sites situated near MRT station are rare. Developers will be interested in these sites.
The second is located on Tampines St 95. This site has an area of 22492 sqm, with a maximum Gross Floor Area of 56230 sqm.
The site may be reserved under the H2 2023 Programme GLS.