Sim Lian awarded Tampines Street 62 Parcel B EC site at record $721 psf ppr

Sim Lian Land and Sim Lian Development have achieved a new record for an executive condominium (EC) site with their bid of $543.28 million for the Tampines Street 62 (Parcel B) site. According to HDB’s Oct 9 announcement, this price works out to $721 psf per plot ratio (psf ppr) – smashing the previous record of $703 psf ppr set for an EC site at Plantation Close.

Upon its closure in July, seven tenders had submitted bids for Tampines Street 62 (Parcel B). The 301,392 sq ft site can yield 700 units and lies adjacent to the 618-unit EC built by Qingjian Realty, Santarli Realty, and Heeton Holdings which sold at an average price of $1,382 psf.

Wong Siew Ying, head of research and content at PropNex Realty, notes that the Parcel B site had drawn considerable interest from developers. This is due, in part, to the success of Tenet providing an indication of strong demand for ECs in that particular area.

The location of the future EC in the mature estate close to the Tampines North MRT Station and Tampines Avenue 11’s commercial and residential development will benefit the site. Lee Sze Teck, senior director of data analytics at Huttons Asia, believes that the record bid of $721 psf ppr shows the confidence that Sim Lian Group has for ECs in Tampines.

Residents can take advantage of the nearby Bukit Panjang Integrated Hub which includes a hawker centre, food court, community centre and onsite clinics. With plenty of amenities located within a short distance, Senja Close EC Bukit Panjang is an ideal home for those seeking convenience and comfort.

Wong adds that the likely average selling price for the future EC could exceed $1,500 psf and still provide value to eligible Singaporean households looking to purchase private homes.

However, the strong interest in EC plots from developers could fuel higher land prices and lead to higher selling prices for new units, impacting affordability for potential buyers. Transacted prices of new ECs have already spiralled with Altura, the 360-unit EC in Bukit Batok West Avenue 8, reaching an average price of $1,475 psf. Last month, an 980 sq ft unit at Altura was sold at $1,585 psf – its all-time highest price for a new EC unit.