HDB awards Tampines EC site for $422mil
The tender for the executive condominium site at Tampines Street 62 has already been alloted to a alliance among Qingjian Realty together with Santarli Construction, that committed the largest offer of $4hundred 22 million, revealed the HDB on Tuesday 3August.
The cost figures out towards a land premium of $6hundred 59 per square ft per plot ratio.
Nicholas Mak, ERA Singapore’s Chief of Research and Consultancy, considered in which it is the “greatest ground cost to happen to be paid for an EC spot across the record concerning this sort of property”.
Debuted up for sale on 15April, the 23thousand 7hundred 99.2 square m site has a total GFA of 59,498 sq metre. The 99 years rent period plot– which provides an optimum construction level of Sixty Three to Sixty Four m SHD– is calculated to generate 590 accomodation apartments.
The bidding of the site terminated on 22Jul with 9 proposals accepted.
Christine , Senior VP of Research & Analytics at OrangeTee & Tie, expects the sales amount for the Tampines EC to vary from $1thousand 2hundred 50 to $1,300 psf.
“Based upon Urban Redevelopment Authority caveats, the market price for new executive condo is curving nearer to $One thousand Two hundred per sq foot present year, for example, Piermont Grand EC, which in turn was eventually sold off at an average value of $One thousand One hundred Fifty One per square feet, Provence Residence executive condominium at $1,150 psf, Parc Central Residences EC at $1thousand 1hundred 73 per sq feet, OLA EC as well as Rivercove Residence executive condominium both of these at $1.143K psf,” Christine pointed out.
“As a result, a typical asking price of larger than $One thousand Two hundred psf for all-new ECs could easily be breached at the time this particular plot is started,” Sun added.