New EC site at Tengah and mixed-use plot in Tampines launched for sale

The Housing and Development Board (HDB) has announced that two land parcels under the 2H2022 Government Land Sales (GLS) programme will be released for sale on December 23. The first site is a mixed-use, commercial and residential plot at Tampines Avenue 11, while the other is an Executive Condo (EC) site at Plantation Close in Bukit Batok. The Tampines Ave 11 site is 545,314 sq ft, and it is zoned for a commercial and residential development integrated with a bus interchange, a community club, and a hawker centre. This could yield about 1,190 residential units. According to Wong Siew Ying, head of research and content at PropNex Realty, the development will provide much-needed new supply of private mass market homes in the Outside Central Region. Lee Sze Teck, senior director of research at Huttons Asia, estimates the top bid for this site to cross $1,000 psf (per plot ratio), and that the quantum of more than $1 billion will attract consortiums to share the risks. Wong also agrees that it is more likely that developers will team up to win this bid, and estimates the top bid to be around $1.2-1.3 billion, with a land rate of $850-950 psf ppr. The 176,907 sq ft EC site at Plantation Close could yield about 495 units. It is the second EC site released in the future Tengah town, following the launch of Copen Grand in October. Lee estimates the top bid for this site to be between $630 – $680 psf ppr, and Wong estimates the top bid to be around $297-322 million, reflecting a land rate of about $600-650 psf ppr. HDB has also announced a modified concept and price revenue tender system for the Plantation Close EC site, which encourages the adoption of innovative construction technologies and productive construction methods. Under this system, developers must submit an alternative bid on top of a base Prefabricated Prefinished Volumetric Construction (PPVC) bid, and a committee chaired by the Building and Construction Authority (BCA) will assess the alternative bid. The tender for both GLS plots will close on June 27, 2023, together with the mixed-use site at Marina Gardens Lane, which was launched by URA on December 5.

Tengah EC