HDB awards Tampines EC site for $422mil
The tender for the exec condo site at Tampines Street 62 has gotten alloted to a collaboration in between Qingjian Realty and Santarli Construction, that sent the top proposal of $Four hundred Twenty Two million, reported the HDB on Tuesday 3 August.
The price works out to a land rate of $659 per square foot ppr.
Nicholas , ERA Singapore’s Chief of Research and Consultancy, recorded that it is the “greatest land premium being paid for an exec condominium spot as part of the history regarding this form of homes”.
Started for sale on 15April, the 23,799.2 sq m plot has an utmost GFA of 59thousand 4hundred 98 square m. The 99-year lease period plot– that features a maximum property elevation of Sixty Three to Sixty Four meter S’pore Height Datum– is expected to provide 590 lodging units.
The tender of the site ceased on 22July with 9 bids obtained.
Christine , Senior VP of R&A at OrangeTee & Tie, anticipates the sales pricing for the Tampines exec condominium to fluctuate from $1,250 to $1.3K psf.
“Based upon Urban Redevelopment Authority cautions, the selling amount for brand new exec condo is inclining nearer to $1,200 psf present yr, just like Piermont Grand EC, which in turn was eventually retailed at a typical pricing of $1.151K psf, Provence Residence EC at $1.15K per square ft, Parc Central Residences exec condo at $1,173 psf, OLA executive condo furthermore Rivercove Residence executive condominium both equally at $1,143 psf,” Sun stated.
“That is why, a median asking price of above $One thousand Two hundred psf for modern executive condo could easily be breached at the time this particular lot is started,” she replied.