Friday, May 18, 2012

Tampines EC site attracts muted interest

An executive condominium (EC) site (pictured) at Tampines Avenue 10 (Parcel A) has seen just three bids, with a consortium comprising F.E. Lakeside Ltd, FCL Topaz Ltd and Sekisui House Ltd offering the highest bid of S$252.78 million.

“As the site’s location is more challenging, it attracted only three bids. The top bid of S$252.78 million or S$418 psf ppr reflects a breakeven cost of S$800 psf to S$820 psf. It is likely that the new project will be priced around S$900 psf,” said Li Hiaw Ho, Executive Director at CBRE.

The plot is located at the westernmost part of Tampines New Town and is close to Tampines Retail Park, Tampines Polytechnic and United World College of South East Asia.

Chia Siew Chuin, Director of Research & Advisory at Colliers, commented that the response was “relatively subdued,” as it was “not within walking distance to the Tampines Regional Centre or any MRT station”.

In comparison, another EC site at Tampines Central 7 / Tampines Avenue 7 / Tampines Avenue 9 received six bids when the tender closed last week.

“Nevertheless, it is in close proximity to Temasek Polytechnic and the recreational areas of Bedok Reservoir Park. There should be buyer interest from locals as well as foreigners who work in Changi Business Park and Tampines Regional Centre,” noted Chia.

The URA (Urban Redevelopment Authority) will award the tender after all the bids have been evaluated.

View the original article here

Source From Property Guru

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