HDB awards Tampines EC site for $422mil

The tender for the EC spot at Tampines Street 62 has already gotten allocated to a alliance in between Qingjian Realty together with Santarli Construction, that handed in the highest bid of $422 mil, declared the HDB on Tue 3Aug.

The cost figures out towards a land cost of $659 per sq foot per PR.

Nicholas Mak, ERA S’pore’s Chief of R&C, documented in which it is the “greatest ground cost to be paid for an exec condominium site throughout the history regarding this particular homes”.

Provence Residence Condo Price

Commenced for sale on 15April, the 23thousand 7hundred 99.2 sq metre ground has a highest gross floor surface area of 59thousand 4hundred 98 sq m. The Ninety Nine years rent period site– in which includes an optimum facility altitude of 63 to Sixty Four metre SGP Height Datum– is anticipated to provide Five hundred Ninety house units.

The bidding of the plot concluded on 22 July with nine bids accepted.

Christine , Snr Vice President of R&A at OrangeTee & Tie, calculates the selling rates for the Tampines EC to fluctuate from $1,250 to $1,300 per square feet.

“Based upon Urban Redevelopment Authority warnings, the market price for modern exec condo is inclining more to $One thousand Two hundred per sq ft in 2021, which include Piermont Grand executive condominium, in which was eventually sold off at a median rate of $One thousand One hundred Fifty One psf, Provence Residence exec condo at $1thousand 1hundred 50 psf, Parc Central Residences exec condo at $One thousand One hundred Seventy Three psf, OLA executive condominium and even Rivercove Residence executive condo both of these at $One thousand One hundred Forty Three per square foot,” Christine reported.

“Due to this fact, a mean market price of greater than $1,200 per sq foot for new ECs may be broken at the time this particular land is released,” Christine continued.

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