The tender for the Executive Condominium (EC) site at Tampines Street 95 saw Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd emerging as the top bidders, offering $465.0 million, which translates to $768 per square foot per plot ratio (psf ppr). The second-highest bid of $457.5 million, equivalent to $756 psf ppr, came from a consortium involving SNC2 Realty Pte. Ltd., Apex Asia Alpha Investment Two Pte. Ltd., Kay Lim Realty Pte. Ltd., and Heeton Homes Pte. Ltd. This marginal difference of 1.6% between the top two bids underscores the competitive nature of the tender, indicating the strong interest from developers in securing a foothold in this desirable location.

The Tampines Street 95 EC site is strategically located near the Tampines West MRT station, providing excellent connectivity for both residents and businesses. Additionally, it is close to major shopping destinations such as Tampines Mall, Tampines 1, and Century Square, which offer a variety of retail, dining, and entertainment options. The site is expected to benefit from the amenities of a recently closed mixed-use Government Land Sale (GLS) site, which is likely to be launched and completed before the EC project.

An analysis of the new EC sales in the Tampines Planning Area shows median unit prices were around the $1,500 psf mark in the first three quarters of 2024. This trend reflects sustained demand for ECs in Tampines due to the area's established amenities, connectivity, and overall appeal. The data also indicates that buyers are confident in the long-term value of ECs in the area.

The overall transaction data for new ECs in the first nine months of 2024 reveals that 51% of units sold were priced at $1,500 psf and above, reflecting a growing willingness among buyers to invest in higher price points. This trend underscores the robust demand for well-located ECs, even as price levels increase. Buyers continue to prioritize strategic positioning, lifestyle amenities, and the unique attributes of ECs as a hybrid between public and private housing.

The popularity of ECs can be attributed to their appeal as a gateway to the private residential market for HDB upgraders. The increase in demand for higher-priced units also reflects buyers' confidence in the long-term value appreciation of ECs. Despite rising prices, ECs remain attractive to HDB upgraders and first-time buyers who value their strategic location, comprehensive amenities, and potential for long-term investment growth.

Considering these demand dynamics, it is expected that future EC projects will continue to launch at comparable or slightly higher prices, particularly if they are situated in highly desirable locations

In conclusion, the competitive bidding for the Tampines Street 95 EC site, combined with the sustained demand for ECs in the Tampines Planning Area, highlights the appeal of this location for both developers and buyers. The strategic positioning, connectivity, and amenities make ECs an attractive option, with buyers showing a growing interest in higher price points, driven by the long-term value these developments are expected to provide.

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Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics  

Email: mohan@sri.com.sg