SINGAPORE – An executive condominium (EC) site in Tampines Street 62 has set a new price record.
The tender for the site has been awarded to Sim Lian Land and Sim Lian Development at $543 million, or $721 per sq ft per plot ratio (psf ppr), said the Housing Board on Monday.
This is higher than the previous record land rate of $703 psf ppr for an EC site in Plantation Close in Tengah, awarded in September, said Mr Nicholas Mak, chief research officer of property search portal Mogul.sg.
It also surpassed the previous record quantum of $509 million, set in 2018, for the site of Piermont Grand EC in Sumang Walk, Punggol.
The site in Tampines Street 62 (Parcel B) is around 28,000 sq m – almost the size of four football fields – and can yield about 700 residential units.
An adjacent site, named Parcel A, was awarded at $422 million, or $659 psf ppr, in August 2021. At the time, it set a new record land rate for an EC site.
Developers launched Tenet EC at the site, which sold 72 per cent of its units at launch in December 2022.
Huttons Asia senior director of data analytics Lee Sze Teck said the EC market is attracting more interest from developers, with seven of them vying for the Tampines site.
He noted that past EC launches have seen strong sales – the 639-unit Copen Grand in Tengah Garden Walk and the 618-unit Tenet, also in Tampines Street 62, are fully sold. Meanwhile, Altura in Bukit Batok, which has 360 units, is close to 90 per cent sold.
“The top bid of $721 psf ppr speaks of the confidence the developer has for ECs in Tampines,” Mr Lee said, adding that the area will be more attractive in future when the Cross Island Line is completed.
The project could also have a potential buyer pool from the more than 2,000 HDB flats that will reach their five-year minimum occupation period in 2024 and 2025, he said.
Mr Mak said the future Tampines EC project could be priced at around $1,430 psf to $1,500 psf.
“The new record could lead to higher prices for condominiums because it goes against the grain to price a 99-year leasehold condo below an EC,” he added.
