HDB announces call for tenders for Tengah EC site, adds Tampines site to reserve list
Under the Government Land Sales (GLS) initiative, the Housing Board has made available for sale an executive condominium (EC) Riverfront Residences in Tengah.
On November 30th, HDB announced that a Riverfront Residences Showflat located at 95 Tampines Street was also made available for application through the reserve list. If a developer has offered an amount for the property that is less than the government-mandated minimum, the site will be put out for tender.
About 560 units can be produced by each facility.
Experts predict intense competition for the 20,038.2 sq m Tengah site in Plantation Close, with at least five bids, due to the high demand for ECs.
Four EC sites in Bukit Batok and Tengah have, on average, garnered seven bidders each site since 2021, according to Mr. Eugene Lim, key executive officer at realty firm ERA Singapore.
Bids are expected to be lower than the record $721 per sq ft per plot ratio bid that Sim Lian Land and Sim Lian Development achieved in October for a site on Tampines Street 62 EC, which is located in a more established and mature community, according to market watchers.
Having a maximum gross floor space of 56,107 sq m, the site is situated at the intersection of Bukit Batok Road and the Pan-Island Motorway, at the southern edge of Tengah.
Tengah has now completed its third EC project. Additionally, the winning bids for the initial two EC plots have previously established new benchmarks.
Initially, in October 2022, units were made available for purchase at Copen Grand in Tengah Garden Walk. A joint venture partner, MCL Land, and a wholly owned subsidiary of City Developments Limited, Taurus Properties SG, had bid $400.32 million, or $603 per sq ft per plot ratio, for the development.
In September, a joint venture consisting of Hoi Hup Realty and Sunway Developments received the second site in Plantation Close for $703 per sq ft per plot ratio, which was previously the highest Riverfront Residences price for an EC site.
OLA Executive Condominium Showflat is open for online bookings. You can now register online to receive direct developer discount offers and prices.
