First Executive condominium site in Tengah awarded over $400 million in new record.
The Housing Board announced on Thursday, June 3 that the first executive condominium (EC) site in Tengah - the "forest town" has been awarded to Taurus Properties SG for $400,318,000. The 99-year leasehold site has the price range of $603 per square foot per plot ratio (psf ppr) - a record land price for an executive land parcel under the governmenr land sales (GLS) programme.
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According to Wong Siew Ying, PropNex head of research and content noted that the tender broke the previous record of $583 psf ppr garnered by the Sumang Walk EC site in Punggol. She added that this price is also higher than the $576 psf ppr achieved for the EC site in Yishun Avenue 9 which was awarded last November.
Ms Wong said they anticipated that the potential selling price of the new Tengah EC could hover around $1,190 to $1,250. She noted that the site's well-connection to the Jurong Innovation District may attract home buyers to the residential development.
Tengah Garden EC - The First Site In Tengah Garden Put Into Development
Tengah Garden EC - the first executive condominium located in the upcoming Tengah Garden Walk Road. The land parcel of this project is around 22,020 sqm and the maximum gross floor area is 61,659 sqm. It just take a walking distance to get three MRT stations on the future Jurong Region Line and nearby Tengah's future car-free town centre.
Taurus Properties SG is a wholly-owned subsidiary company of City Developments Limited and joint venture partner MCL Land, told that they would develop about the total of 620 residential units with spacious landcaping. It added that these residential units will be spread across 12 blocks of up to 14 storeys each.
Tengah Garden Residences also has a plenty of upcoming amenities in the neighborhood including a bus interchange, sports centre, community club and a polyclinic. Moreover, there are about 12 land plots zoned for education institutions with Tengah, and just within 2km away from the EC site. There are several existing primary schools nearby such as Shuqun Primary School, Princess Elizabeth Primary School within a 2km radius.
According to Sherman Kwek, CDL group chief executive said it is exciting for the masterplan to develop Tengah into a smart and sustainable town. He said that nowadays the demand for executive condos is extremely strong and this can be well for the development. They were honoured by the opportunity to develop the first EC in this locale and to transform this expansive land parcel in to an attrective and high quality development that future homeowners and investors would be proud of. The bid of the EC site was launched for sale last November, attracted seven bids including offers from CSC Land Group and a incoporated offer from Hoi Hup Realty and Sunway Developments.
The New launch EC in Tengah Garden district which is one of the five planned for the estate. Tengah is scheduled to built up about 42,000 new homes when fully developed. There is a total of 11 Built-To-Order (BTO) development have been launched lately with the most recent one in the May sales activity.