The Housing & Development Board (HDB) has just closed the tenders for the site at Tampines St 62 (Parcel B).
There was strong interest in this land parcel. There were tender submissions from 7 tenderers, of whom 4 submitted an alternative proposal. Developers may have been keen on acquiring this land parcel as executive condominiums (ECs) remain in low supply, especially for new EC projects in Tampines. Each GLS programme from 2H 2017 only had one EC launched for sale on the confirmed list.
EC projects have sold well in recent years given their affordability, and the upcoming supply of ECs remains limited. Tenet, the only EC with units available in Tampines, currently has a handful of unsold units.
The price gap between new private condos in the suburbs and ECs remains significant. ECs will continue to be attractive for their affordability to eligible buyers. The increased ABSD cooling measures introduced in April 2023 make new ECs more appealing as HDB upgraders do not need to pay ABSD upfront even if they keep their flats until the completion of their new EC.
Additionally, the development of the nearby Tampines Ave 11 plot, of which tender has recently closed, will provide more amenities to the area. The mixed-use project at Tampines Ave 11 will have 14,000 sqm of commercial space, a bus interchange, a community club, and a hawker centre. It will also be connected to the upcoming Tampines North MRT station on the Cross Island Line, boosting the connectivity of homes in this area.