Seven tenderers have submitted offers for the Tampines Street 62 (Parcel B) EC site

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The Government Land Sale (GLS) tender for the executive condominium (EC) site at Tampines Street 62 (Parcel B) closing on July 18 Seven tenderers submitted bids, with four of them having made an alternative proposal.

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The second site that has an altered concept and revenue tender system following the tender process for plantation close at the EC site in Plantation Close which closed on the 27th of June.

In the system developers may submit standard proposals by using prefabricated prefinished volumetric construction (PPVC) technology, which automatically qualifies for evaluation of tenders. They can make an alternate bid that uses other construction techniques, so long as the construction method will result in a specified efficiency improvements.

The bids of alternative bids will be evaluated by an Concept Evaluation Committee chaired by the Building Construction Authority to determine whether they are eligible to be evaluated for tender. According to HDB an announcement on the selection to the bid will be made at a later time after all bids are examined.

The Tampines Street 62 (Parcel B) site measures 301,392 sq feet. It could yield 700 units, with a an average plot ratio of 2.5 or 753,484 sq feet.

Chia Siew Chuin, the head of research and research for residential homes and consultancy at JLL states that the fierce market in this Tampines St 62 (Parcel B) site underscores the high demand for ECs in Tampines.

The property is adjacent the site of the Tenet, a 618-unit EC operated by Qingjian Realty, Santarli Realty and Heeton Holdings which has seen approximately 614 units (99%) taken up with a median of $1,386 per square foot since it was launched in December, based on caveats that were lodged. “The high market for the units in Tenet could possibly spill over into the new EC located on the existing site,” adds Chia.

Tricia Song, CBRE’s head of research Southeast Asia at CBRE, states that the amount of bids received is the same vein as the other recently announced EC sites which is a sign of developers preferring E-commerce sites that are not affected by recently announced property chilling measures.

The site includes site located at Bukit Batok West Avenue 9, that received nine bids before being granted in March 2022 for $266 million or $662 per plot ratio (psf ppr). This site for Tenet was also awarded, and it received nine bids was given by Qingjian Realty and Santarli Construction in July 2021, after they made a offer for $422million (a record-setting $659 psf ppr). In the month of June Plantation Close EC Plantation Close EC received nine bids, and two tenderers offering another proposal.

Song believes that the Tampines Street 62 (Parcel B) site could receive a highest bid of between $650 and $700 per sq ft ppr, with an estimated launch price of $1,400 per SF.

Wong Siew Ying, head of content and research of PropNex Realty, predicts a similar price for the highest bid. He also notes that developers are still interested in EC sites and could be seeking to tap into the vast number of HDB upgraders located in and around Tampines.

She also mentions she believes that the site is located close to Tampines Avenue 11, a Tampines Avenue 11 mixed-use GLS site that is planned to be developed as an integrated project, featuring a bus interchange community club, hawker centre and more. The site will also be connected to the planned Tampines North MRT station on the Cross Island Line, further making it more attractive to potential buyers.