SINGAPORE: Units in the upcoming development on Tampines Street 95 are estimated to start at an average selling price of over S$1,600 per square foot (psf), said property analysts.
According to Singapore Business Review, PropNex noted that the project is expected to be well received by buyers, encouraging developers to bid for the site.
The recent land tender for this site attracted five competitive bids, with the top offer reaching S$768 per square foot per plot ratio (psf ppr).
Sim Lian Group, the highest bidder, already has an executive condominium (EC) project set to launch in Tampines in the first half of 2025.
PropNex suggests this may have influenced the developer’s bid as the company aims to establish a solid presence in the Tampines area, describing it as “a strategic move to defend its market.”
With Sim Lian’s project launching in the year’s first half, the Tampines Street 95 development will likely only be launched for sale in 2026.
OrangeTee stated that the gap between launches in the area would “ensure sufficient demand for the EC” in Tampines.
PropNex added that the tender results show strong developers’ confidence in ECs.
They explained that the high interest from developers in the EC plot isn’t surprising, as “the EC segment continues to be a bright spot in the housing market.”
Propnex said EC sites are often considered safe bets, attracting steady interest from local buyers like first-time homeowners and HDB upgraders.
PropNex states, “This pool of buyers is typically unaffected by cooling measures, and they form a stable demand base for ECs.”
OrangeTee expressed a similar view, anticipating “keen demand” for the future project on the land parcel.
They added that the “relative scarcity of ECs” will help maintain steady interest from buyers, as ECs remain one of the most affordable private housing options for HDB upgraders.
Huttons added that the rising demand for recent project launches may have encouraged developers to acquire more land.
They noted that interest rates, expected to decrease in 2024 and 2025, could give developers more flexibility to bid for land. /TISG
Read also: US interest rate cut boosts confidence in Tampines mixed-use GLS site
Featured image by Depositphotos (for illustration purposes only)
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