Housing Board reported on Monday the awarding of the contract to Sim Lian Land Development for $543 million or $721 psf per plot ratio.

A site adjacent, Parcel A was awarded in August of 2021 for $422 millions, or 659 psf per ppr. This was a land rate record for EC sites.

Tenet EC, a new product launched by developers at the site in December 2022, sold 72 per cent its units when it was first introduced.

Huttons Asia’s senior director for data analytics, Lee Sze Teck, said that developers are showing more interest in the EC sector. Seven developers have expressed an interest in the Tampines area.

He also noted that recent EC launches saw strong sales – both the 639-unit Copen in Tengah Garden Walk as well as the 618-unit Tenet on Tampines Street 62 have been fully sold. Altura Bukit Batok has 360 units and is almost 90 percent sold.

He added that a large number of HDB flats will reach the five-year minimum occupant period in 2024 and 2020.

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The Tampines EC development could cost from around $1.430 psf – $1.500 psf.

The new record is likely to lead to higher condominium prices, as it’s against the grain for a 99year leasehold condo to be priced below an EC.

An executive condominium in Tampines Street 62 set a record price.

This rate is higher that the previous record land rates of $703 psf ppr, awarded in Sept. for a EC site located in Plantation Close Tengah.

It also surpassed a previous record of $509 million set by Piermont Grand EC on Sumang Walk Punggol in 2018.

The Tampines St. 62 (Parcel b) site is almost as big as four football fields and can yield around 700 residential units.