HDB awards Tampines EC site for $422mil
The tender for the exec condominium spot at Tampines St Sixty Two has actually been alloted to a collaboration among Qingjian Realty and Santarli Construction, that put forward the best bid of $422 million, reported the Housing and Development Board on Tue 3 Aug.
The deal formulates into a ground rate of $Six hundred Fifty Nine per sq foot per plot ratio.
Nicholas Mak, ERA S’pore’s Chief of R&C, noted such it is the “greatest ground cost to be purchased an executive condo site throughout the background regarding this sort of real estate”.
Kicked off up for sale on 15Apr, the 23thousand 7hundred 99.2 square meter plot has a max GFA of Fifty Nine thousand four hundred Ninety Eight square metre. The 99years rental ground– in which provides a peak building elevation of Sixty Three to 64 m SHD– is anticipated to blossom 5hundred 90 lodging units.
The bidding of the site ceased on 22Jul with 9 tenders gathered.
Christine , Senior VP of R&A at OrangeTee & Tie, predicts the asking price for the Tampines EC to fluctuate from $1.25K to $1thousand 3hundred per square ft.
“Based upon URA warnings, the selling value for current ECs is inching nearer to $1.2K psf current year, just like Piermont Grand EC, in which became advertised at a mean rates of $1.151K psf, Provence Residence EC at $1thousand 1hundred 50 per sq foot, Parc Central Residences exec condo at $1.173K per sq ft, OLA executive condo and Rivercove Residence exec condo both at $1,143 psf,” Sun pointed out.
“For these reasons, a median selling rate of over $One thousand Two hundred per square feet for fresh exec condo may possibly be breached the moment this particular parcel is kicked off,” Christine continued.