HDB awards Tampines EC site for $422mil
The bidding for the EC ground at Tampines Street 62 has gotten granted to a partnership among Qingjian Realty plus Santarli Construction, that put forward the most impressive proposal of $Four hundred Twenty Two million, revealed the Housing and Development Board on Tuesday 3Aug.
The pricing works out into a land fee of $Six hundred Fifty Nine per sq ft per plot ratio.
Nicholas , ERA Singapore’s Chief of Research and Consultancy, observed in which it is the “highest value land premium to be spent on an EC plot in the history regarding this type of housing”.
Debuted procurable on 15 Apr, the Twenty Three thousand Seven hundred Ninety Nine point Two square meter plot has a maximum GFA of Fifty Nine thousand four hundred Ninety Eight sq metre. The 99-year rent period spot– that includes a highest building altitude of Sixty Three to 64 metre SHD– is forecasted to provide 590 house apartments.
The bidding of the ground ended on 22July with 9 proposals collected.
Christine Sun, Snr VP of Research & Analytics at OrangeTee & Tie, forecasts the market price for the Tampines EC to stretch from $1,250 to $1.3K psf.
“Depended on Urban Redevelopment Authority cautions, the selling value for all new ECs is curving nearer to $1.2K per square foot in 2K21, which include Piermont Grand EC, which became offered at an average cost of $1.151K per square foot, Provence Residence EC at $1thousand 1hundred 50 psf, Parc Central Residences executive condo at $One thousand One hundred Seventy Three per square ft, OLA EC furthermore Rivercove Residence exec condo both equally at $1thousand 1hundred 43 per square feet,” she announced.
“That is why, a mean market price of over $1,200 per sq feet for modern executive condo might be broken the moment this patch is debuted,” Christine said further.