HDB awards Tampines EC site for $422mil

The bidding for the EC spot at Tampines Street Sixty Two has already gotten allocated to a union amongst Qingjian Realty together with Santarli Construction, who committed the top proposal of $4hundred 22 million, shared the Housing and Development Board on Tuesday 3Aug.

The rate works out towards a land rate of $6hundred 59 psf ppr.

Nicholas Mak, ERA Singapore’s Chief of Research and Consultancy, mentioned in which it is the “largest ground fee to happen to be spent on an exec condominium spot throughout the past record of this type of realty”.

The Commodore Condo Price

Introduced available for sale on 15Apr, the 23thousand 7hundred 99.2 square meter plot has a peak GFA of 59thousand 4hundred 98 sq meter. The 99years leasehold ground– that provides a total building elevation of Sixty Three to 64 meter SGP Height Datum– is predicted to generate 5hundred 90 accomodation units.

The bidding of the spot ended on 22July with nine offers accepted.

Christine , Senior Vice President of Research & Analytics at OrangeTee & Tie, anticipates the market price for the Tampines EC to fluctuate from $1,250 to $1thousand 3hundred psf.

“Based upon URA cautions, the market price for brand new executive condo is curving nearer to $1thousand 2hundred psf present yr, such as Piermont Grand EC, which got offered at a median rate of $1.151K per sq feet, Provence Residence exec condominium at $1thousand 1hundred 50 psf, Parc Central Residences EC at $1thousand 1hundred 73 per square ft, OLA EC as well as Rivercove Residence executive condominium both of these at $1.143K psf,” Christine said.

“As a result, a mean selling rates of over $1,200 psf for all new ECs may be break when this particular patch is launched,” she said further.

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