New Launches News: New executive condo sites in Tengah and Tampines up for sale

New Launches News - TWO executive apartment (EC) sites were put up for sale by the Housing and Development Board (HDB) on Thursday (November 30) as government land sales (GLS) agents. Both plots of land have a lease term of 99 years and are expected to provide about 560 apartments each. The first site spans 20,038.2 square meters (m2) and is located at Plantation Close in Tengah. It has a maximum gross floor area (GFA) of 56,107 m2.

Launching in the confirmed H2 2023 listing under GLS for public tender sale, new launch propertythe site bidding process will close at 12 noon on February 1, 2024. The bidding process will close. ending with the bidding for the Orchard Boulevard land which was opened for sale by the Urban Redevelopment Authority (URA) on October 17 this year.

The second location is located at 95 Tampines Road, covering an area of 22,492 m2 with a maximum GFA of 56,230 m2. The website is available for registration under the GLS H2 2023 program reserve list.

Details of both plots are available on the HDB website, while developer e-brochures containing details and bidding conditions for both plots are available available for sale on the URA website.

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In June, an EC site at Plantation Close fetched S$703 per square foot per lot (psf ppr). The buyer, Hoi Hup Realty and Sunway Developments, bought this land for S$348.5 million. The latest site to go out for bid is next door to a site that was recently sold.

Lee Sze Teck, senior director of data analytics at Huttons, predicts there will be “healthy interest” from five to seven developers in the tendered site, with the highest bid between S$680/sf ppr to S$730/sf ppr.

On the other hand, OrangeTee and Tie expect the Plantation Close site, a new launch property to attract between seven and 10 bidders, with the highest bid being between S$670 and S$700 each. Although deputy managing director Justin Quek predicts strong demand, he believes current income ceilings and maximum loan amounts will influence the price potential buyers can afford.

Highlighting the previous strong sales results of EC lands sold in both Tengah and Tampines, ERA key executive Eugene Lim said he expected “tough competition” between developer for both plots of land for sale.

Like Huttons' Lee, he expects “strong competition and competitive bids” from site developers at Plantation Close. Lim also highlighted the possibility of joint bidders due to higher prices, as the newest site is 25% larger than the one that recently traded at S$348.5 million. Both Huttons and ERA spokespeople noted that the Tampines location is close to Tampines West MRT station.

“EC sites located near MRT stations are rare, which is likely to attract keen interest from developers,” said ERA's Lim.

However, Huttons' Lee has a different view: “Developers may wait for (the) GLS H1 2024 program before deciding whether to activate the site for bidding.”

Adapt from THE BUSINESS TIMES

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