A New Pinnacle in Executive Condominium Pricing
With its recent record-breaking EC site sale, Tampines Street 62 is making waves in Singapore’s real estate scene. Sim Lian Land and Sim Lian Development secured the prized site for an eye-watering $543 million, translating to $721 psf ppr, a revelation by the Housing Board.
Previous Records Left in the Dust
Surpassing the earlier benchmark of $703 psf ppr at Plantation Close in Tengah, this isn’t the first time we’ve seen records tumble. Remember 2018’s Piermont Grand EC in Punggol, which cost $509 million? Tampines Street 62 has overshadowed that, too.
A Glimpse of the Groundbreaking Site
Sprawling across a mammoth 28,000 sq m (think four football pitches!), this site promises approximately 700 future homes. Notably, its neighbour, Parcel A, fetched $422 million ($659 psf ppr) in August 2021, rewriting the books then.
The Attraction Quotient: Why Developers are Zooming In
The EC arena is buzzing, with developers eagerly eyeing potential goldmines. Case in point: the fierce competition for the Tampines site, with seven heavyweights in the fray. The previous successes, like the fully occupied 639-unit Copen Grand and 618-unit Tenet, underline this trend.
What Lies Ahead: A Peek into the Future
Lee Sze Teck of Huttons Asia highlighted developers’ unwavering confidence in Tampines ECs, especially with the forthcoming Cross Island Line boosting its appeal. Additionally, over 2,000 HDB flats will soon open a fresh pool of potential buyers. As for pricing predictions, Mr. Mak forecasts a range of $1,430 to $1,500 psf. He hints that this milestone might ripple into the condo market, pushing prices upwards.
Considering an Executive Condo (EC) Purchase? Now’s the Time!
For those of you contemplating whether an Executive Condo (EC) is a worthy investment, the recent trends in the market might help you decide. The demand for ECs is visibly outpacing supply, with recent take-up rates showcasing the heightened interest. These condos aren’t just getting snatched up and setting their price records.
While new ECs are crafted to rival private homes in terms of amenities, their pricing remains 20-30% more economical than private condos, making them valuable. The consistent price climb over the years, especially the 31.9% hike from 2019 to 2022, highlights that the popularity of resale ECs isn’t waning.
For aspiring EC buyers, the data speaks for itself. It’s crucial to conduct comprehensive research, weigh the benefits, and make an informed decision sooner rather than later. Waiting for prices to plummet might be a long shot, and you could miss out on an advantageous market position. Speak to us and take action today.
Useful Page: List of Unsold Executive Condos