Sim Lian awarded Tampines Street 62 Parcel B EC site at record $721 psf ppr

Sim Lian Land and Sim Lian Development have been awarded the EC site at Tampines Street 62 (Parcel B) with a bid of $543.28 million for the site, which works out to $721 psf per plot ratio (psf ppr), smashing the record-high land rate of $703 psf ppr. Last month, the plot at Plantation Close was awarded to Hoi Hup Realty and Sunway Developments for $703 psf ppr, while the Tampines Street 62 (Parcel B) drew bids from seven tenderers.

The 301,392 sq ft site is located adjacent to Tenet, the 618-unit EC by Qingjian Realty, Santarli Realty and Heeton Holdings that was jointly awarded the site in August 2021 for $422 million, or $659 psf ppr. With 616 units at Tenet having been sold at an average price of $1,382 psf, the bid of $721 psf ppr for Parcel B reflects the high confidence Sim Lian Group has for ECs in Tampines.

The site can yield 700 units, and the Tampines Street 62 (Parcel B) plot will benefit from its location in a mature estate close to the Tampines North MRT Station, as well as the future commercial and residential project at Tampines Avenue 11. There is healthy demand for ECs in the area, and PropNex’s Wong Siew Ying believes the future EC at the site could have an average selling price exceeding $1,500 psf.

Shopping malls, schools, hawker centers, and lifestyle amenities located nearby further enhance the development’s appeal.

The Tampines Ave 11 Condo Capitaland development consists of 7 blocks of residential apartments and an integrated space for commercial and lifestyle uses. Residents can expect 1 to 4-bedroom units, as well as penthouses with balconies and spacious living areas, to cater to different needs. The rooftop amenities spread across 11,000 sqm of space, offer panoramic views of the Singapore skyline, and include a gym, swimming pool, play area, and greenery. It is designed to be a great place to relax and socialize.

Tampines Ave 11 Condo Capitaland is committed to creating a sustainable and energy-efficient development in order to reduce energy consumption. This means the development has adopted energy-efficient building systems and environmentally friendly materials, making sure residents have quality living spaces that are eco-friendly. With a holistic living environment that combines convenience, comfort, and sustainability, Tampines Ave 11 Condo Capitaland is set to become the premium lifestyle destination in Singapore’s East region.

Transacted prices of new ECs recently hit a new high when Altura, the 360-unit EC in Bukit Batok West Avenue 8, clocked an average price of $1,475 psf, based on caveats lodged as of Oct 10. Last month, a 980 sq ft unit at Altura transacted at $1,585 psf, setting an all-time high for a new EC unit.

Despite the strong demand for ECs, PropNex’s Wong cautions that higher land prices will put upward pressure on selling prices, and buyers might have to fork out more funds upfront to purchase a new EC unit in the future.

Explore comprehensive data about all ECs, including the average profit at 5 and 10 years to help you make an informed choice. With new launches in the Outside Central Region going at an average price of around $2,070 psf this year, ECs should still be a value proposition for eligible buyers even if prices hover at around $1,500 psf. Singaporean households aspiring to live in a private home should make the most of the opportunities available.