Tampines St 62 sets new price record for executive condos

The price of an executive condominium (EC), located in Tampines Street 62 at Singapore, has reached a new record.

Housing Board said on Monday that Sim Lian Land Development and Sim Lian Land were awarded the site for $543 million or $721 per square foot per plot ratio (psfppr).

This land rate is higher than that of the previous record land price, which was $703 psf ppr awarded in September for an EC Site in Plantation Close Tengah.

This also surpassed the $509-million record set in 2018 at the site of Piermont Grand EC, Sumang Walk Punggol.

The Tampines Street, 62 parcel B is approximately 28,000 square meters – roughly the same size as four football pitches – which can yield 700 residential units.

Read up more on : The Continuum

A parcel A next to it, valued at $422,000,000, or $659/sqft/ppr in August 2021. The land rate was a new record for an EC Site.

Developers have launched Tenet EC in the Tampines area. This site has sold 72% of its units since launch.

The previous EC launches saw strong sales – the 639 unit Copen Grand, located in Tengah Garden Walk in Tampines Street 62 and the 618 unit Tenet are both fully sold. Altura Bukit batok, with its 360 units, has been sold to almost 90 percent.

The highest bid of $721 psf ppr shows the developer’s confidence for ECs located in Tampines. In the future, the Cross Island Line will make the area more attractive.

Project buyers may also come from more than 2,000 HDB units that will be reaching their five-year minimum occupancy period in 2024-2025.

The Tampines EC future project is expected to cost between $1,430 psf and $1,500 psf.

It is not logical to price a 99 year leasehold condominium below EC.


error: Content is protected !!