HDB releases Executive Condominium Government Land Sales site at Tampines Avenue 10
The Housing & Development Board (HDB) released a residential site at Tampines Avenue 10 zoned for Executive Condominium (EC) under the 2nd half 2018 Government Land Sales (GLS) Programme.
The Tampines Avenue 10 site has a land area of 24,963 square metres (sqm) and a maximum gross floor area of 69,829 sqm, which could potentially yield 821 dwelling units averaging 85 sqm. The new executive condominium enjoys close proximity to several important expressway such Pan Island Expressway (PIE) and Kallang Paya Lebar Expressway (KPE). Both PIE and KPE provide direct connection to important business nodes for the working class in Tampines estate.
There are good network of primary and secondary schools for the families with young children to satisfy the needs of their early education years. The Temasek Polytechnic is a tertiary education institution which provides the platform for the graduating students from secondary schools. It offers a comprehensive selection of courses from business, IT, engineering and design on their campus for full time studies.
Being a matured estate, the Tampines has three full experience shopping malls which provides a wide offering of food and beverage, grocery shopping and personal wellness and grooming services. The shopping malls are conveniently located next to the Tampines MRT and bus interchange.
This is the third Executive Condominium site released by HDB in 2018. Two other sites at Anchorvale Cresent and Canberra Link were sold earlier this year for $318.888m and $271m respectively.
Executive Condominiums are hybrid products designed to cater the needs between public and private housing. Applicants must fulfil the HDB eligibility where at least one of the applicants must be a Singaporean Citizens and the combined household income should not exceed $14,000 per month.
What is the Minimum Occupancy Period (MOP) for Executive Condominium?
All owners must fulfil a MOP of at least five years which is in tandem to the regulations applied to public housing development. This is to protect the initial objective to encourage higher ownership of private housing properties amongst aspiring citizens and permanent residents.
In the first five years for resale EC in Singapore, the owners may only sell it to another household made of singaporean or permanent residents. However, the owners may resale executive condominium freely in the secondary market from the tenth year onwards.
Due to the limited sites released for HDB Executive Condominium, industry watchers expect strong interest from developers looking to replenish their land bank.
As of 30 June 2018, The Tapestry condo by City Development has recorded a sale of 89% of the 550 units released with an average sale price of $1350 per square foot. The 861-unit new condo at Tampines Avenue 10 was well received by the public due to the perceived high quality from the reputable property developer.
Public concerns over a penthouse unit at Heron Bay EC and the presidential unit at CityLife @ Tampines EC, which were sold at $1.77 million and $2.05 million respectively, that ensued several regulations by the Ministry of National Development to safeguard affordability in executive condominium psf prices.
Technical Conditions of Executive Condominium Government Land Sales at Tampines Avenue 10
The maximum strata area of each unit in the new Executive Condominium developments shall not exceed 160 sqm. This will precent the developers from exploiting the development to build excessive apartments which are beyond the affordability of the home buyers.
Sales of new dual-key in Executive Condominium are restricted to multi-generational families only. This will encourage more families to consider the benefits of staying closer to promote household unity while maintaining their privacy.
The successful tenderer shall be allowed to launch units for sale 15 months from the date of award of the site or after the physical completion of foundation works, whichever is earlier. The main entrance of the Executive Condominium shall be located on Tampines Street 86, with a minimum distance of 25m from the tip of the bus bay.
The successful tenderer shall obtain Temporary Occupation Permit or Permits for the Executive Condominium development within sixty (60) months from the date of acceptance of the tender by the HDB but not earlier than March 2022.
The interested tenderers may pay close attention to the progress at Elias Green En Bloc located in District 18 Pasir Ris which closes on 11th January 2019 and Pasir Ris Central Government Land Sales by HDB.
The deadline to submit a tender must arrive at the Procurement Office be 12:00 noon on 15th January 2019.