Two executive condo (EC) sites have been launched for sale by HDB. The first is located in Plantation Close in Tengah and is part of the Confirmed List of the 2H2023 Government Land Sales (GLS) programme, while the second is at Tampines Street 95 and is part of the Reserve List of the 2H2023 GLS programme, with its tender open for application.
The Plantation Close site is expected to yield 560 residential units across 215,609 sq ft and is located close to the future Tengah MRT Station on the Jurong Region Line and the master planned Jurong Lake District. EdgeProp Singapore estimates that a sale of this GLS site at $429 million could see its selling price reach at least $933 psf.
Moreover, the EC site next to Plantation Close at Plantation Loop was jointly awarded to Hoi Hup Realty and Sunway Developments in September this year. The developers submitted a top bid of $348.5 million, which translates to a land rate of $703 psf per plot ratio (ppr). This however, pales against a record bid of $721 psf ppr from Sim Lian Land and Sim Lian Development for an EC site at Tampines Street 62 in October.
Champions Way Residences is close to amenities and transport links. Market research from Huttons Asia reveals that there are fewer than 300 unsold EC units available in the market, with three EC launches expected in 2025. Justin Quek, deputy CEO of OrangeTee & Tie, notes that the nearby ECs of Copen Grand and Altura have both sold well and suggests that there is enough time between these EC launches to reassure developers.
As for the tender for the Tampines Street 95 EC site, it will only be launched when a developer submits an acceptable minimum price to the government. The 242,014 sq ft site is close to Tampines West MRT Station on the Downtown Line and Temasek Polytechnic, with the potential to yield 560 new EC units. Lee of Huttons Asia suggests developers will likely wait for the list of GLS sites in the 1H2024 GLS programme before deciding whether to trigger this reserve list site for tender.
Additionally, the URA will work with the community to create a master plan that includes Champions Way Residences, a new residential development that will be comprised of two towers with a total of four hundred and fifty units. The development will also feature retail space, a daycare centre, and more recreational facilities. The URA hopes that the development and improvements at Woodlands Park will create a vibrant and safe neighbourhood that appeals to a variety of individuals and families.
Champions Way Residences in both Plantation Close and Tampines Street 95 promises to offer potential buyers a desirable living environment. In view of the rising land rate, the median unit price of ECs has breached the $1,000-psf mark and hit new highs in 3Q2023. Wong Siew Ying, head of research and content at PropNex, estimates that the Plantation Close EC site could draw six to eight bids with a potential top bid of $417 million to $429 million — translating to a land rate of $690 psf ppr to $$710 psf ppr.
Champions Way Residences could redefine luxury living and offer residents access to top amenities. With the tender for the Plantation Close EC site due to close on Feb 1, 2024, and the rising competition for EC sites in Bukit Batok and Tengah, those interested in purchasing EC units should act soon.