Tampines St 62 Executive Condominium site sets price records

A Tampines Street 62 executive condominium in Singapore has set a record price.

Housing Board stated on Monday, that Sim Lian Land Development has won the bid for the site at $543,000,000 or $721 square feet per plot ratio.

The Tampines 62 parcel (Parcel B), which is about 28,000 sq.m., or almost four football-field-sized, can produce approximately 700 residential apartments.

This is higher then the previous record land rates of $703 psf ppr that was awarded in Sept. for a EC in Plantation Close Tengah.

The new record also surpassed that of the previous site, Piermont Grand EC located in Sumang Walk Punggol, where the previous $509m was recorded in 2018.

A site named Parcel A that is adjacent was awarded $422 million in August 2020, which is $659 per sq ft ppr. It set a record at the time for a EC site.

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Developers released Tenet EC a site that sold 72 percent its units when it launched. They think the EC is attracting a greater interest from developers.

Previous EC launches had seen good sales – 639 units of Copen Grand in Tengah Garden Walk as well as 618 units of Tenet in Tampines Street 62 have both been sold to capacity. Altura Bukit-Batok, which is a 360-unit development, is also close to 90% sold.

The top bid at $721 psf ppr reflects developer confidence in ECs of Tampines. It also demonstrates that the area, once the Cross Island Line project is complete, will be even more attractive.

The project will also benefit from the potential pool of buyers that are more than 2,00 HDB flats, which will reach a minimum 5-year occupancy period in both 2024 and 2020.

Future Tampines EC projects could be priced between $1.430 psf – $1.500 psf.