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In The News Press Release
by OrangeTee & Tie Pte Ltd.

OrangeTee's comments on tender closing at site at Tampines Ave 11 and Plantation Close

Government Land Sales

Press Release

27 June 2023


Closing of land tenders at Tampines Ave 11 and Plantation Close 

FOR IMMEDIATE RELEASE


The Housing and Development Board (HDB) has closed the tender for the sites at Tampines Ave 11 and Plantation Close today. 

Tampines Ave 11

There were a total 3 bids for this land parcel, and the highest bid was S$1,206,390,880, or S$884.58 psf ppr from Topaz Residential Pte. Ltd. and Topaz Commercial Pte. Ltd.

There was healthy demand for this plot. The lack of malls in the area to cater to the residents could have made developers keen on acquiring this parcel. There is a large catchment area from the surrounding BTO flats, as well as 2 upcoming EC projects (Tenet and the EC project at Tampines St 62 Parcel B), with few amenities nearby. Hence, the future commercial and retail hub at this site would enjoy heavy footfall from the residents nearby, making this site attractive to developers.

Moreover, the large number of BTO flats nearby may also contribute to stronger upgrader demand for the future project here, which will be integrated with amenities such as a bus interchange, hawker centre, and other retail and commercial shops. The project will also be connected directly with the Tampines North MRT station on the Cross Island Line. 




EC at Plantation Close

Demand for this plot was high with 9 tenderers (2 with alternative proposal). This may indicate that developers are still confident in EC projects. While there will be a few more ECs projects launching in the vicinity (Bukit Batok West Ave 8 and Bukit Batok West Ave 5), from 2H 2017 onwards, each GLS programme only had 1 EC launched for sale (including 2H 2023 GLS) on the Confirmed List, meaning that ECs will also remain relatively low in supply.

The price gap between new private condos in the suburbs and ECs remains significant. ECs will hence continue to be attractive for their affordability for eligible buyers. The increased ABSD cooling measures introduced in April 2023 makes new ECs even more attractive as HDB upgraders do not need to pay ABSD upfront since they are required to sell their HDB within 6 months of getting their keys to the new EC.





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