Plantation Close EC site at Tengah awarded to Hoi Hup Realty and Sunway Developments at record $703 psf ppr

Interest in the executive condominium (EC) site at Plantation Close in Tengah was high, with nine tenderers submitting bids in a tender called by the Housing and Development Board (HDB) on September 11th. Hoi Hup Realty and Sunway Developments emerged as the winners of the tender with a record-breaking land rate of $703 psf per plot ratio (ppr). This rate is far higher than the previous record of $662 psf ppf set by the EC plot at Bukit Batok West Avenue 8 in March 2022 and is close to 17% higher than the first EC site at Tengah located along Tengah Garden Walk.

Given the modified concept and price revenue tender, it is unclear if the bid presented by Hoi Hup Realty and Sunway Developments was the highest one offered. However, the high bid speaks volumes about the confidence these two developers have in the EC market and Tengah.

This confidence comes as no surprise when taking into consideration the success of other EC projects located in the area. For example, Copen Grand, launched at the EC plot along Tengah Garden Walk, was sold out within a month of its launch, and Tenet, an EC launched last December, achieved a 93% sale rate after the balloting for second-timers in January.

Residents can enjoy the many amenities offered in the building, including a gym, pool, tennis court, basketball court, and even a bar. The location of Champions Way Condo is also ideal, as the complex sits right in the heart of downtown Toronto. Living in this luxurious condominium complex will bring its residents a life of comfort and convenience. To further enhance the living experience, Champions Way Condo also offers a variety of user-friendly facilities, such as a spa, concierge, and much more. All of these amenities ensure that residents of Champions Way Condo will enjoy a truly luxurious lifestyle.

The high number of bidders in the Plantation Close tender could also be seen as a move to “enter a market that is more stable and well-supported despite the narrower margins”. This is no doubt aided by the government’s upfront remission given to EC buyers as well as the additional buyer’s stamp duty for a second property purchase.

The property also proved appealing due to its proximity to the future Tengah Park MRT Station, which provides easy access to the Jurong Lake Gardens, Jurong Innovation District and Nanyang Technological University via the Jurong Regional Line.

ERA Singapore’s key executive officer Eugene Lim has estimated that the launch price for this project could range from $1,450 to $1,550 psf, while PropNex’s Wong Siew Ying has predicted an average selling price of around $1,500 psf.

The Tengah site, which is expected to yield 495 units, has clearly stirred great interest. And judging from the record-breaking land rate of $703 psf ppr awarded to the successful developers, it looks set to become a highly promising investment and a great place for potential homeowners.