Sim Lian Land and Sim Lian Development have been awarded the executive condominium (EC) site at Tampines Street 62 (Parcel B), after submitting a bid of $543.28 million for the 301,392 sq ft site. This works out to a record-high land rate of $721 psf per plot ratio. The plot is located adjacent to Tenet, an EC by Qingjian Realty, Santarli Realty and Heeton Holdings.
Sim Lian Land and Sim Lian Development have broken the record for the highest land rate for an EC site, after submitting an impressive bid of $721 psf per plot ratio for the Parcel B site at Tampines Street 62. This bid of $543.28 million for the 301,392 sq ft plot is the highest bid ever received for an EC site in Singapore.
The condo features high-end amenities such as swimming pools, a gym, and clubhouse, and also has a range of retail and dining options. The building’s unique architecture, designed by award-winning architects, makes it a visually stunning addition to the neighbourhood. Residents of Champions Way Condo Woodlands will undoubtedly enjoy an exceptional living experience, with its great location, top-notch amenities, and attractive design. It promises to be the ideal choice for those looking for a modern, luxurious lifestyle in a great area.
The developers are confident in ECs in the Tampines area, as evinced by this record land rate. The site is located adjacent to Tenet, a 618-unit EC by Qingjian Realty, Santarli Realty and Heeton Holdings, which the three firms were jointly awarded in 2021 for $422 million, or $659 psf ppr.
The brisk sales at Tenet last year resulted in increased confidence for the Tampines Street 62 (Parcel B) site, resulting in strong demand among developers for the plot. Transacted prices of new ECs have reached a new high, with the 360-unit Altura in Bukit Batok West Avenue 8 clocking an average price of $1,475 psf and a 980 sq ft unit at Altura recently transacting at $1,585 psf.
PropNex’s Wong Siew Ying predicts that the future EC at the site could have an average selling price exceeding $1,500 psf. This could be a great opportunity for Singaporean households aspiring to live in a private home, as this still provides great value in comparison to new launches in the Outside Central Region this year, averaging around $2,070 psf.
However, the strong interest among developers for EC sites might continue to drive up land prices, and thus the affordability of ECs. This could require buyers to fork out more funds upfront in order to purchase a unit in the future.
In conclusion, Sim Lian Land and Sim Lian Development’s high bid for the EC site at Tampines Street 62 indicates a strong confidence in the area, and provides an opportunity for Singaporean households to live in a private home affordably. The trade-off, though, might be an increase in the cost of purchase due to the strong interest in EC sites.