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

The Housing and Development Board (HDB) announced on Sept 11 that Hoi Hup Realty and Sunway Developments had won the tender for the executive condominium (EC) site at Plantation Close in Tengah, with a record high land rate of $703 psf per plot ratio (ppr). This beats the previous record of $662 set by the EC plot at Bukit Batok West Avenue 8 which was awarded to Qingjian Realty and Santarli Construction in March 2022.

Expected to yield 495 units, the Plantation Close EC plot was launched for sale via a modified concept and price revenue tender. It is unclear however, if the bid of $703 psf ppr was the highest submitted by the developers.

Residents of Senja Close EC can enjoy a host of amenities such as a swimming pool, gym, tennis court, basketball court, and a clubhouse. There are also childcare facilities and plenty of lush greenery within the estate for a tranquil environment. Besides this, the development is also just a few minutes drive away from two upcoming industrial parks, and is well connected to the PIE and AYE expressways.

The land rate is nearly 17% higher than that of the first EC site at Tengah, located along Tengah Garden Walk, which was awarded to City Developments Limited (CDL) and MCL Land for $400.3 million ($603 psf ppr). This project, Copen Grand, was launched in October 2022 and was sold out one month later.

Wong Siew Ying, head of research and content at PropNex Realty, remarked that this result is reflective of the confidence developers have in the EC market and Tengah area, pointing to the success achieved by another EC project located along Tampines Street 62, Tenet.

Lee Sze Teck, senior director of data analytics at Huttons Asia, suggests that the high number of bidders may be an indication of developers targeting a market that is stable and well-supported.

The proximity to the future Tengah Park MRT Station also seems to have been a strong attraction. ERA Singapore’s key executive officer Eugene Lim comments that it would provide access to the Jurong Lake Gardens, Jurong Innovation District and Nanyang Technological University via the Jurong Regional Line.

PropNex’s Wong estimates that the launch price of the future EC at the Plantation Close site could come in at around $1,500 psf, while Lim believes it may range between $1,450 – $1,550 psf.