Press Release

Press Release

14 March 2023

Launch of land parcels at Jalan Tembusu and Tampines St 62 (Parcel B)

FOR IMMEDIATE RELEASE

Singapore, 14 March 2023 – The government has just launched the land parcels at Jalan Tembusu and Tampines St 62 (Parcel B).

Jalan Tembusu

The Jalan Tembusu site has a site area of 20,572.1 sqm, a Gross Plot Ratio (GPR) of 3.5, and can yield an estimated 840 units.

The Jalan Tembusu site is well-located, with ample amenities in the vicinity. It is not far from the upcoming Tanjong Katong MRT Station on the Thomson-East Coast Line (TEL), and Dakota MRT Station. There are other amenities like the Old Airport Road Hawker Centre as well as Haig Road Market and Cooked Food Centre. It is also a short distance from Paya Lebar, with numerous malls in the area. 

Quite a number of schools are also located in close proximity, such as Chung Cheng High School (Main), Tanjong Katong Girls’ School, Tanjong Katong Primary School, and Tanjong Katong Secondary School. 

Being near the Canadian International School, this project may be popular among tenants working or studying in the school.

Three nearby projects, Tembusu Grand, Grand Dunman, and The Continuum, are slated for launch this year.  The previous GLS site at Jalan Tembusu (Tembusu Grand) was sold at a land rate of S$1,302 psf ppr in January 2022, while the site at Dunman Road (Grand Dunman) was sold at a land rate of S$1,350 psf ppr in June 2022.

Due to the size of the site, developers may form a consortium to share bidding costs and reduce the project’s risks.  We estimate that there may be 2 to 5 bidders, with a bid price of S$1,300 to S$1,380 psf ppr.

Tampines St 62 (Parcel B)

The Tampines St 62 (Parcel B) site is 28,000.2 sqm with a GPR of 2.5 and can generate approximately 700 units.

The Tampines St 62 (Parcel B) site is next to the launched EC project Tenet (Parcel A site). The Parcel B site is near an upcoming mixed-use project at Tampines Ave 11, which will have 14,000 sqm of commercial space, a bus interchange, a community club, and a hawker centre. The plot is also near the future Tampines North MRT Station on the upcoming Cross Island Line.

The most recent EC land tender was at Bukit Batok West Avenue 5, sold in September 2022, at a bid price of S$626 psf ppr from CDL Zenith Pte. Ltd. The Parcel A plot next to this site was sold at a bid price of S$659 psf ppr in August 2021 to QJ-OS Pte. Ltd. And Santarli Pte. Ltd.

New ECs are lacking in Tampines. The EC project at Parc Central Residences is fully sold out, while Tenet has a few unsold units. 

We anticipate healthy interest from developers since the previous EC project launches sold well despite the high-interest rates and cooling measures. As prices of new condos continue to climb and the price gap between new ECs and new condos widens, eligible buyers will continue to choose ECs that are deemed to be more affordable.

We expect around 4 to 7 bidders with a final bid price of S$630 to S$680 psf ppr. The future selling price of the EC here could range from S$1,380 to S$1,450 psf.