Tengah and Tampines launch executive condominiums for sale
The Housing and Development Board, in its capacity as agent for the Government Land Sales (GLS), launched the sale of two executive condominium sites on Thursday (30 Nov)
Leases for both parcels are 99 years long and each is expected to produce 560 units of housing.
The first site is situated at Plantation Close, Tengah. It measures 20,038.2 sq m. The maximum gross floor area is 56,107 square metres.
Tender exercise will close on February 1, 2024 at 12pm. This site was included on the H2 2023 confirmed list under the GLS program for public sale. The closing of this site will be grouped with the sale of the Orchard Boulevard property launched by the Urban Redevelopment Authority on October 17th, 2018.
The second site, located in Tampines Street 95 is a total of 22,492 square meters with a maximum gross floor area (GFA) of 56,230 square metres.
The site is open for applications under the Reserve List of the H2 GLS Programme.
On the URA’s website you can purchase electronic developer’s packets that contain details and tender conditions for both sites.
In June, a EC site in Plantation Close sold for S$703 psf ppr. Hoi Hup Realty, Sunway Developments and other buyers paid S$348.5million for the site.
The site that has recently been sold is next to the latest site put up for auction.
The site is expected to attract five to seven developers, with the highest bids ranging between S$680 per square foot ppr and S$730 per square foot ppr.
Experts also anticipate that the Plantation Close site will attract seven to ten bidders with the highest bid being S$670 – S$700 per square foot per person. Although strong demand is expected, the current income limit and maximum loan amount can affect the price that buyers are able to afford.
Most predict “intense” competition among developers to buy the two land parcels that are being offered for sale, especially Plantation Close. They highlight past sales performance for EC sites in Tengah as well as Tampines.
EC sites near MRT stations tend to be rare, which will likely generate a lot of interest from developers.