New EC Tampines

New EC Tampines St 62

New EC Executive Condominium Tampines St 62 — New EC Tampines St 62

New EC Tampines St 62, a Sim Lian group joint venture has bagged an executive condominium (EC) site in Tampines for S$543.28 million.

This translates to S$721 per square foot per plot ratio (psf ppr) rate for the plot.

Sim Lian’s winning bid was about 2.5 per cent higher than the S$703 psf ppr paid for an EC site in Plantation Close, which was awarded last month to Hoi Hup Realty and Sunway Developments. The Plantation Close tender had marked a new high for EC land sales, with nine bidders jumping in.

With a land rate of S$721 psf ppr, PropNex Realty’s head of research and content Wong Siew Ying estimates the average selling price for the Tampines EC site will likely exceed S$1,500 psf.

The winning bid for the Tampines plot is also 9.4 per cent higher than the S$659 psf ppr paid for an adjacent plot at Tampines St 62 (Parcel A) – awarded in August 2021 – which is being developed as Tenet EC, said Wong.

“The top bid of S$721 psf ppr speaks to the confidence the developer has for ECs in Tampines,” said Huttons Asia’s senior director of data analytics Lee Sze Teck. “Generally, EC sites in Tampines tend to have a slight premium over other locations,” he added.

New EC Tampines is highly sought after as the location is located near to Tampines North MRT Station. The Tampines North MRT Station will be a future underground MRT station located in Tampines, Singapore. The future MRT station will be close to a number of nearby shopping centres, including IKEA, Giant, COURTS Megastore, and the Giant Food Centre. It will also be a major destination for commuters heading to Orchard Road or to the city center.

Schools within the vicinity of New EC Tampines