The Housing & Development Board has just closed the land tender for an Executive Condominium site at Tampines Street 95 under the Confirmed List of the 2H2024 Government Land Sales (GLS) programme. The site can potentially yield 560 residential units, and the tender was launched on 22 August 2024.
There were five bids, and the highest bid came from Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd at S$465 million or S$768 psf ppr. This was 1.6 per cent higher than the next highest bid, which was S$756 psf ppr. The two highest bids were higher than the previous record land rate for an EC at Jalan Loyang Besar, which went for S$729 psf ppr. This may indicate that developers see strong potential in this EC site.
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. Notably, there will also be an integrated development neighbouring this plot at Tampines St 94, adding a sizable commercial component of up to 10,500 sqm which will bring various dining and retail amenities to the location. 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). The convenience of living at the future EC here will likely find favour with eligible buyers, which may be why there was keen demand for this site.
There also will not be too much competing demand that will divert buyers’ attention away, as there is only one other EC in Tampines (Aurelle of Tampines) that will likely launch in a few months. Given that there is a 15-month waiting period from the time of land acquisition to the launch of the EC, Aurelle of Tampines 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.
EC sites released on the GLS programme also remain limited, with only one site launched for sale every half year on the GLS Confirmed List since the second half of 2017. The relative scarcity of ECs will also help to ensure consistent interest from buyers. 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.