HDB awards Tampines EC site for $422mil
The bidding for the executive condominium site at Tampines St Sixty Two has gotten awarded to a collaboration among Qingjian Realty along with Santarli Construction, that proposed the best tender of $422 mil, shared the HDB on Tuesday 3Aug.
The rates formulates into a ground fee of $6hundred 59 psf ppr.
Nicholas , ERA S’pore’s Head of Research and Consultancy, considered in which it is the “highest ground figure being paid for an EC ground throughout the history concerning this particular real estate”.
Released available on 15Apr, the 23,799.2 sq metre site has a maximum gross floor surface space of Fifty Nine thousand four hundred Ninety Eight sq metre. The Ninety Nine years lease period spot– which provides an optimum constructing level of Sixty Three to 64 metre SGP Height Datum– is predicted to supply 590 accomodation units.
The tender of the site ended on 22Jul with 9 offers obtained.
Christine Sun, Snr VP of R&A at OrangeTee & Tie, expects the selling price for the Tampines EC to stretch from $1thousand 2hundred 50 to $1thousand 3hundred per sq foot.
“Depended on URA warnings, the market price for current exec condo is steering nearer to $1thousand 2hundred psf present year, which include Piermont Grand EC, which in turn was eventually marketed at a mean deal of $1.151K psf, Provence Residence EC at $1thousand 1hundred 50 psf, Parc Central Residences EC at $One thousand One hundred Seventy Three psf, OLA EC and Rivercove Residence executive condo both at $1.143K per square feet,” Sun announced.
“Due to this fact, a median market price of larger than $1,200 per sq feet for new ECs might be breached at the time this parcel is launched,” Christine further mentioned.