Plantation Close EC site at Tengah awarded to Hoi Hup Realty and Sunway Developments at record $703 psf ppr
Hoi Hup Realty and Sunway Developments succeeded in securing the executive condominium (EC) site at Plantation Close in Tengah, on Sept 11. This is the second EC plot launched within the Tengah housing estate and will yield an estimated 495 units.
With its strategic location and attractive amenities, Tengah Plantation Close EC provides ample convenience for its residents.
Tengah Plantation EC is a modern executive condominium nestled in Tengah, Singapore. It features thoughtfully planned smart living features that will enhance your living experience. These include secure digital gate access, energy-saving appliances, a smart home system and a smart parking system. Strategically placed at the heart of Tengah, the development offers its residents the utmost convenience with its attractive amenities.
Wong Siew Ying, head of research and content at PropNex Realty noted that the tender for the site was awarded to the two developers at the tender price of $348.5 million, or a land rate of $703 psf per plot ratio (ppr). This is the highest land rate yet for an EC site, surpassing the previous record of $662 psf ppf set by the EC plot at Bukit Batok West Avenue 8 which was awarded to Qingjian Realty and Santarli Construction in March 2022.
The record-breaking land rate went to a site that saw an impressive turnout of nine tenderers, and the successful bid may reflect a confidence in the Singapore property market and ECs in particular.
Lee Sze Teck, senior director of data analytics at Huttons Asia commented that the high number of bidders may be a sign of developers increasingly looking to “enter a market that is more stable and well-supported despite the narrower margins”.
The development also enjoys double benefits, being within close proximity to Tengah Park MRT Station and Jurong Lake Gardens, Jurong Innovation District and Nanyang Technological University via the Jurong Regional Line. The added convenience is expected to add to the appeal of the EC site.
ERA Singapore’s key executive officer Eugene Lim estimated the launch price for the future EC to lie between $1,450 to $1,550 psf. On the other hand, PropNex’s Wong predicts an average selling price of around $1,500 psf.
This comes in the wake of two successful sales of ECs in the area. Copen Grand, launched in October 2022, saw its entire 495 units sold out within one month of launch at an average price of about $1,340 psf, while Tenet, launched last December, had 93% of its units sold after the balloting for second-timers in January.
The high demand for ECs may be related to the increase in additional buyer’s stamp duty for a second property purchase; in comparison to private properties, ECs are given upfront remission.
The Tengah Plantation Close EC site is set to become another chapter of success for executive condominiums in Singapore.