Tampines Street 62 sets price record for executive condos

A site for executive condominiums (ECs) in Tampines Street 62 has broken a price record.

Housing Board reported on Monday the awarding of the contract to Sim Lian Land Development for $543 Million, or $721 psf per plot ratio.

This rate is higher that the previous land record award of $703 psf ppr, for a EC site located in Plantation Close Tengah. It was given in September.

It also surpassed a previous record amount of $509 million, which was set in 2018 by Piermont Grand EC on Sumang Walk at Punggol.

The Tampines St. 62 (Parcel b) site is almost as big as four football fields and can yield around 700 residential units.

A site adjacent, Parcel A was awarded in August of 2021 for $422,000,000 or $659 psf per year. This was a land rate record for EC sites at the time.

Developers launched Tenet EC at the site. It sold 72 per cent at launch. They believe the EC market attracts more developers. Seven of them are vying for Tampines.

Read up more on : Sora Condo

Past EC launch have been successful – both the 639-unit Copen Grand and 618-unit Tenet on Tampines Street 62 in Tengah Garden Walk are sold out. Altura Bukit Batok has 360 units and is nearly 90% sold.

The bid of 721 psf ppr reflects the developer’s confidence that ECs will thrive in Tampines, and the area is expected to be even more desirable in the future after the Cross Island Line opens.

The project may have an additional pool of buyers from the HDB flats which will reach their 5-year minimum occupancy period between 2024 and 2025.

The Tampines EC development could cost from around $1.430 psf – $1.500 psf.

The new record is likely to lead to a rise in condominium prices, as it’s against the grain for a 99year leasehold condo to be priced below an EC.

 


error: Content is protected !!