HDB awards Tampines EC site for $422mil
The bidding for the executive condo spot at Tampines Street 62 has recently been granted to a joint venture between Qingjian Realty together with Santarli Construction, in which put forward the largest tender of $422 mil, disclosed the HDB on Tue 3Aug.
The deal figures out towards a land fee of $6hundred 59 psf per plot ratio.
Nicholas Mak, ERA SGP’s Head of R&C, documented that it is the “highest ground fee to be paid for an exec condo plot across the history of this type of realty”.
Commenced to buy on 15April, the 23thousand 7hundred 99.2 square meter spot has an utmost GFA of 59,498 sq m. The 99yrs lease period ground– in which provides a max property altitude of 63 to 64 m SHD– is predicted to blossom 5hundred 90 accomodation flats.
The tender of the ground ended on 22July with nine offers accepted.
Christine Sun, Senior VP of Research & Analytics at OrangeTee & Tie, expects the market price for the Tampines executive condominium to extend from $1.25K to $One thousand Three hundred psf.
“Based upon Urban Redevelopment Authority warnings, the market price for modern ECs is curving closer to $1thousand 2hundred psf current yr, which include Piermont Grand exec condominium, which got retailed at a mean rate of $1.151K per sq feet, Provence Residence exec condominium at $1.15K psf, Parc Central Residences EC at $1.173K psf, OLA exec condominium and even Rivercove Residence exec condominium both at $1,143 per sq foot,” she spoke.
“As a result, an average selling price of over $1,200 psf for modern ECs may be broken when ever this land is introduced,” Sun said further.