Jalan Loyang Besar EC Site

About Jalan Loyang Besar EC Site

An executive condominium (EC) property at Jalan Loyang Besar in Pasir Ris was put out to public tender by HDB. There is potential to create a new 710-unit EC on the 99-year leasehold site of 305,757 square feet.

The 416-unit Watercolours at the intersection of Pasir Ris Drive 3 and Pasir Ris Link was the last EC built close by before Sea Horizon. It debuted in 2012. While the Watercolours property was sold for $122.2 million ($291 psf ppr) in October 2011, the Sea Horizon plot was sold for $207 million ($331 psf ppr) in November 2012. Head of research and content Wong Siew Ying of PropNex projects that the highest offer for the EC site in Loyang Besar will fall between $680 and $700 per plot ratio (ppr), or $520 and $535 million.

Just two of the nine EC property parcels distributed throughout the island since 2020, according to OrangeTee & Tie CEO Justin Quek, were located in the East. One was for the subsequent opening of the 618-unit Tenet EC site. Caveats filed indicate that 616 apartments, launched in December 2022, have been sold at an average price of $1,382 psf.

Sim Lian Group won the adjacent EC property at Tampines St 62 (Parcel B) in October with a maximum offer of $543.28 million, or $721 psf ppr. The 700-unit new EC is predicted to be on sale in the fourth quarter of 2024.

 

Jalan Loyang Besar Nearby Amenities

Close by attractions include Downtown East, Pasir Ris Sports Hall, Pasir Ris Hawker Centre, White Sands, and the soon-to-open Pasir Ris Mall. One km separates the EC site from Casuarina Primary School and Pasir Ris Primary School. It is close to the upcoming East-West and Cross Island lines interchange station, Pasir Ris MRT Station.

PropNex’s Wong believes the Cross Island Line would link people in the East to the West and North-eastern areas, including Jurong Lake District, Clementi, Turf City, Ang Mo Kio and Hougang.

 

Potential of the Site

“Since it has been over ten years since we saw an EC site in Pasir Ris, we expect the site to be fiercely contested by developers,” says ERA Singapore CEO Marcus Chu. He refers to Tampines Street 62 (Parcel B) and Plantation Close, the two EC sites that were granted in 2023 and each attracted nine offers.

The lot next door was the final EC property piece sold in the Jalan Loyang Besar region, according to Ngiam Juyong, project director of Huttons Asia. After being sold in 2012, it was converted into the 495-unit Sea Horizon, which was finished in 2016. In 2024, the average resale price of units sold at Sea Horizon was $1,240 psf, up more than 50% from the launch price of around $800 psf in 2013, according to caveats filed.

“Moreover, since 2020, no BTO [built-to-order] launch has taken place in Pasir Ris,” adds Ngiam. “First-time buyers’ and HDB upgraders’ potential pool of pent-up demand may drive sales of this upcoming EC.”

OrangeTee projects that the Loyang Besar EC site will draw five to eight offers, with the maximum bid price ranging from $650 to S750 per square foot per person. Ngiam of Huttons also predicts five to eight developers competing for the land, with the highest price expected to fall between $650 and $700 per square foot per year.

PropNex’s Wong adds, “We anticipate greater attention to be directed to this EC property, with developers typically remaining hesitant about the private residential market. Generally speaking, Executive condo are seen as safer bets as they are usually strong demand and EC buyers – being first-timers or HDB upgraders – are less affected by cooling measures.

Chu of ERA predicts great interest from East Asians, particularly Pasir Ris and Tampines HDB upgraders. With the $16,000 ceiling on monthly family income, Chu says developers also need to weigh the cost of their land against the affordability of purchasers. He points out that the family income limits may make it more difficult for purchasers to afford some of the bigger four- and five-bedroom homes.

 

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Review of Jalan Loyang Besar GLS

Jalan Loyang Besar New Executive Condo
Jalan Loyang Besar EC Site

An executive condominium (EC) property at Jalan Loyang Besar in Pasir Ris was put out to public tender by HDB. There is potential to create a new 710-unit EC on the 99-year leasehold site of 305,757 square feet.

Product SKU: Jalan Loyang Besar New Executive Condo

Product Brand: Property Review

Product Currency: SGD

Product Price: 1550000

Product In-Stock: InStock

Editor's Rating:
5