Executive Condominium (EC) GLS Site at Tampines Street 95 top bid was submitted by Sim Lian Group at $465 million. The offer sets a new record land pricing for ECs and comes to $768 psf per plot ratio (ppr).
It exceeded the previous $729 psf ppr high established in August when an EC site at Jalan Loyang Besar was granted to a consortium headed by Qingjian Realty.
Launched on August 22 under the Confirmed List of the 2H2024 government land sales (GLS) programme, the Tampines Street 95 GLS EC site was With a gross plot ratio of 2.5, the land should produce around 560 EC units from new development.
On October 24 the tender ended and received five proposals. A media release by HDB on October 24 states that later on the tender award decision would be revealed.
With a combined offer of $457.52 million, a joint venture including Santarli Realty, Apex Asia, Kay Lim Holdings, and Heeton Holdings translated to a land rate of $756 psf ppr. With barely 1.6%, the Sim Lian offer hardly exceeded the JV.
“The narrow margin between bids suggests that developers are carefully balancing their optimism about future market conditions with the need to remain prudent in their financial commitments,” says Mohan Sandergeran, head of research and data analytics at Singapore Realtors Inc.
Other proposals came from Sing Holdings, with an offer of $439.55 million ($726 psf ppr), CSC Land Group, with a bid of $438.76 million ($725 psf pr), and a JV between Hong Leong Holdings and TID, with a bid of $425.7 million ($703 psf pr).
Mark Yip, CEO of Huttons Asia, claims that EC sites in Tampines often attract considerable interest and bids from developers since the EC projects in this region may generate excellent sales on launch day.
He notes that Tenet, an EC site at Tampines Street 62, sold 447 out of 618 apartments in Dec 2022 while Parc Central Residences at Tampines St 86 sold 414 out of 700 units in Jan 2021.
Sim Lian is acquainted with the Tampines area having constructed the 670-unit The Tampines Trilliant (EC) and the 2,203-unit private condo Treasure at Tampines. Says Yip of Huttons, they have an impending EC, the 760-unit Aurelle of Tampines at Tampines St 62, set for launch next year.
The new EC project at Tampines St 95 will gain from its close vicinity to Tampines West MRT station on the Downtown Line and a forthcoming mixed-use building diagonally across the road at Tampines St 94. October 11 saw the granting of this site to a Hoi Hup-Sunway JV.
Yip says “Tampines has seen several BTO launches in the past few years and has a huge pool of potential upgraders looking to upgrade to an EC.” Families with children of school-going age will find the land sought-after as it is also within one km of Red Swastika School and St Hilda’s Primary School.
