HDB awards Tampines EC site for $422mil
The bidding for the EC plot at Tampines St Sixty Two has already gotten rewarded to a alliance between Qingjian Realty together with Santarli Construction, who handed in the top bid of $4hundred 22 million, revealed the HDB on Tue 3Aug.
The price figures out to a ground cost of $6hundred 59 psf per PR.
Nicholas , ERA SGP’s Head of R&C, indicated such it is the “maximal land figure being paid for an EC plot across the background regarding this form of real estate”.
Launched available on 15April, the Twenty Three thousand Seven hundred Ninety Nine point Two square meter site has a peak gross floor area of 59,498 square meter. The 99 years lease period ground– which provides an optimum construction altitude of 63 to Sixty Four metre SGP Height Datum– is projected to offer 590 house units.
The bidding of the site ceased on 22July with nine offers accepted.
Christine Sun, Senior VP of Research & Analytics at OrangeTee & Tie, calculates the selling amount for the Tampines exec condo to extend from $One thousand Two hundred Fifty to $One thousand Three hundred per square ft.
“Based on Urban Redevelopment Authority warnings, the market price for current exec condominiums is leaning closer to $1,200 psf in ’21, which include Piermont Grand EC, which in turn got retailed at a typical price tag of $One thousand One hundred Fifty One per sq foot, Provence Residence EC at $1.15K psf, Parc Central Residences EC at $One thousand One hundred Seventy Three psf, OLA EC as well as Rivercove Residence EC both at $1.143K psf,” Sun stated.
“Hence, a mean asking price of greater than $1thousand 2hundred per sq foot for new executive condominiums may be breached when ever this particular plot is kicked off,” Sun said further.