HDB awards Tampines EC site for $422mil
The tender for the EC ground at Tampines St Sixty Two has already been awarded to a collaboration amongst Qingjian Realty and Santarli Construction, in which filed the top bid of $422 million, announced the Housing and Development Board on Tuesday 3August.
The value calculates to a ground fee of $Six hundred Fifty Nine psf per PR.
Nicholas , ERA S’pore’s Head of Research and Consultancy, mentioned in which it is the “strongest ground rate to get purchased an EC site throughout the history regarding this kind of homes”.
Opened procurable on 15 April, the Twenty Three thousand Seven hundred Ninety Nine point Two sq metre site has an optimum GFA of Fifty Nine thousand four hundred Ninety Eight square metre. The 99yrs leasehold site– in which features a max structure elevation of 63 to 64 m SHD– is forecasted to generate 5hundred 90 accomodation units.
The tender of the site concluded on 22July with 9 tenders collected.
Christine , Senior Vice President of R&A at OrangeTee & Tie, calculates the market price for the Tampines EC to extend from $1.25K to $1thousand 3hundred per square foot.
“Based on Urban Redevelopment Authority cautions, the market price for latest ECs is leaning closer to $1thousand 2hundred psf in 2021, just like Piermont Grand EC, which in turn was eventually sold at an average price tag of $1,151 psf, Provence Residence EC at $One thousand One hundred Fifty psf, Parc Central Residences executive condo at $1.173K per sq feet, OLA EC furthermore Rivercove Residence EC both of these at $1,143 psf,” Christine claimed.
“For that reason, a median asking price of over $1.2K per square feet for brand new executive condo could be broken anytime this particular parcel is kicked off,” she beefed up.