The Housing & Development Board has just launched the land tender for an Executive Condominium (EC) at Tampines Street 95 under the 2H2024 Government Land Sales (GLS) programme. The site has an estimated area of 2.25ha, and with a Gross Plot Ratio of 2.5, can yield an estimated 560 EC units. The tender will close on 24 October 2024.
The site is well-located, just a short walk away from Tampines West MRT station on the Downtown Line, which is a rarity as most ECs are usually located in less accessible locations. It is within 1km of various primary schools such as Junyuan Primary School, St Hilda’s Primary School, and St Anthony’s Canossian Primary School. Other recreational sites include SAFRA Clubhouse (Tampines). Notably, there will also be an integrated development neighbouring this plot at Tampines St 94. The land tender for this neighbouring land parcel was launched on 27 June 2024. There will be a sizable commercial component of up to 10,500 sqm at this integrated development which will bring various dining and retail amenities to the location, making living at this EC even more convenient. This site will also be next to a potential future healthcare and medical care site located south of this plot.
There may be keen demand for this site from developers, who may be keen to tap on the potential pent-up demand for ECs at this location. The most recent EC launch in Tampines was Tenet in 2022, and there are only a few units left as of the July 2024 URA monthly developer sales data. Only one other EC is slated to launch in Tampines in the near future, which is the EC at the plot next to Tenet at Tampines St 62 that was awarded in October 2023 to Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd at S$721 psf ppr. Given that there is a 15-month waiting period from the time of acquisition to the launch of the EC, the other EC at Tampines St 62 will likely launch in 2025, while this EC at Tampines St 95 will only launch some time in 2026 depending on the award date. Hence, the gap in between these project launches may help to ensure sufficient demand for the EC here. As ECs continue to remain one of the most affordable private housing options for aspiring HDB upgraders, we do anticipate keen demand for the future project here from homebuyers. Nonetheless, affordability of ECs, given the current income ceilings for eligible EC buyers, will also limit the pricing pressure of bids.
We expect5 to 8 bidders for this site, at a highest bid price of S$680 to S750 psf ppr.