HDB awards Tampines EC site for $422mil

The tender for the executive condominium ground at Tampines St 62 has gotten allocated to a alliance amongst Qingjian Realty together with Santarli Construction, which tendered the top offer of $Four hundred Twenty Two mil, exposed the HDB on Tue 3Aug.

The rate formulates towards a land fee of $Six hundred Fifty Nine per sq ft ppr.

Nicholas Mak, ERA S’pore’s Chief of Research and Consultancy, mentioned that it is the “top ground rate being paid for an executive condominium spot throughout the background of this particular type of realty”.

Released to buy on 15 April, the 23,799.2 square metre plot has a maximum gross floor space of 59thousand 4hundred 98 square m. The 99years rent period ground– which features an optimum facility elevation of Sixty Three to 64 m Singapore Height Datum– is predicted to offer 590 accomodation units.

The bidding of the ground ended on 22 July with nine offers gathered.

Midtown Modern Condo Price

Christine Sun, Snr VP of Research & Analytics at OrangeTee & Tie, expects the asking price for the Tampines EC to fluctuate from $1thousand 2hundred 50 to $1.3K per sq ft.

“Based on Urban Redevelopment Authority caveats, the selling rate for recent exec condominiums is inclining more to $One thousand Two hundred psf this year, which include Piermont Grand EC, which in turn became retailed at a mean amount of $1thousand 1hundred 51 psf, Provence Residence exec condo at $1.15K psf, Parc Central Residences executive condo at $One thousand One hundred Seventy Three per square foot, OLA executive condominium and Rivercove Residence EC both at $1,143 psf,” Sun spoke.

“That is why, a typical asking price of exceeding $1.2K psf for new exec condo may be break at the time this particular land is launched,” Sun beefed up.

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