HDB awards Tampines EC site for $422mil
The bidding for the executive condo ground at Tampines St Sixty Two has already been alloted to a partnership linking Qingjian Realty with Santarli Construction, in which proposed the greatest offer of $4hundred 22 million, revealed the Housing and Development Board on Tuesday 3 August.
The rates calculates into a ground premium of $659 per square foot per PR.
Nicholas , ERA SGP’s Chief of R&C, documented such it is the “maximal land premium being spent on an exec condominium ground throughout the record regarding this form of property”.
Started procurable on 15April, the 23thousand 7hundred 99.2 sq m spot has a total gross floor space of 59.498K square m. The Ninety Nine years leasehold site– in which includes a top constructing level of Sixty Three to Sixty Four meter Singapore Height Datum– is expected to offer 590 housing apartments.
The bidding of the plot terminated on 22July with nine tenders collected.
Christine Sun, Senior VP of R&A at OrangeTee & Tie, projects the market price for the Tampines exec condo to range from $One thousand Two hundred Fifty to $1.3K per sq feet.
“Depended on Urban Redevelopment Authority caveats, the asking price for brand new executive condo is inclining more to $One thousand Two hundred psf current yr, such as Piermont Grand EC, which became sold at an average cost of $1.151K psf, Provence Residence executive condo at $1,150 psf, Parc Central Residences EC at $One thousand One hundred Seventy Three per sq feet, OLA executive condominium as well as Rivercove Residence executive condominium both of these at $1thousand 1hundred 43 psf,” she shared.
“Because of this, a mean selling value of beyond $One thousand Two hundred per sq feet for current executive condominiums may possibly be break when this land is opened,” Christine beefed up.