Sumary of Record bids for Tampines EC plot, Lentor residential site:
- Tenders for both 99-year leasehold plots – a Tampines executive condominium (EC) parcel and one in Lentor Central – closed last night with nine bids for each, with developers rushing to replenish land banks as unsold private housing inventory nears a four-year low of 16,929 units.
- The $422 million bid is the highest land rate to be paid for an EC site in the history of this type of housing, said Mr Nicholas Mak, head of research and consultancy at ERA Singapore.
- It broke the previous record land rate of $603 psf ppr for an EC site in Tengah Garden Walk, the last GLS EC land tender that closed just before this tender, according to Mr Mak.
- Analysts noted that six of the nine bids for the Tampines plot, which is expected to yield 590 units, were above the $603 psf ppr land rate for the Tengah Garden Walk site.
- The plot, tendered by the Urban Redevelopment Authority, is earmarked for a private residential development with commercial space on the first floor.
- “This bid is 7.7 per cent higher than the winning bid of $1,118 psf ppr for the Ang Mo Kio Avenue 1 GLS tender that closed in May this year,” noted PropNex chief executive Ismail Gafoor.