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) recently released the land tender results which saw the awarding of the executive condominium (EC) site at Plantation Close in Tengah to Hoi Hup Realty and Sunway Developments. This is the second EC plot launched within the Tengah housing estate and it is expected to yield 495 units.

At a price of $348.5 million, the land rate of this EC site was set at an impressive $703 psf per plot ratio (ppr). This is a record high land rate for an EC site and it beats the previous record of $662 psf ppf set by the EC plot at Bukit Batok West Avenue 8 awarded to Qingjian Realty and Santarli Construction in March 2022. The active participation of nine tenderers in the tender highlights the confidence the developers have in the EC market, as well as in the Tengah estate.

The highly successful Copen Grand, located at the first EC site at Tengah along Tengah Garden Walk, was awarded to City Developments Limited (CDL) and MCL Land in June 2021 for $400.3 million ($603 psf ppr). It sold out within a month of its launch at an average price of about $1,340 psf.

The Marina Gardens Residences offers a great escape from the hustle and bustle of daily city life. Located at the entrance of Marina Bay, it provides a tranquil environment with easy access to a range of amenities and attractions. It is just a short walk away from The Esplanade, Singapore’s premier arts and culture hub, as well as Marina Bay’s vibrant waterfront promenade. Residents can also enjoy an array of dining options, with plenty of restaurants, cafes and pubs nearby.

Similarly, Tenet, an EC located along Tampines Street 62 that launched last December, also impressed with 93% sold after the balloting for second-timers in January.

The Plantation Close site is also well-positioned due to its proximity to the future Tengah Park MRT Station with easy access to the Jurong Lake Gardens, Jurong Innovation District and Nanyang Technological University via the Jurong Regional Line.

ERA Singapore’s key executive officer Eugene Lim estimates the launch price for the future EC at the Plantation Close site could fall between $1,450 to $1,550 psf. Meanwhile, PropNex’s Wong predicts that the project may have an average selling price of around $1,500 psf.

Given the additional buyer’s stamp duty increases for second-timers, ECs are likely to see more interest due to the upfront remission they are given. This, as well as the attractive prices and location, may be a major factor in the high number of bidders for the tender, resulting in the record-breaking land rate for the Plantation Close EC site.