Hoi Hup wins Tampines Avenue 10 EC site that drew 7 bids at close
The latest Tampines Avenue 10 EC ended with 7 bids in January 2019, making it the first Executive Condominium site sold since Anchorvale Crescent EC.
The GLS site is about 24,933.70 square metres and could potentially yield a maximum Gross Floor Area (GFA) of 69,815 square metres (sqm) based on the assigned plot ratio of 2.80. HDB estimates that some 695 residential units could be built, subject to the discretion of Hoi Hup Realty and Sunway Developments.
Provisional Tender Results for Land Parcel at Tampines Ave 10 for Executive Condominium
| S/N | Name of Tenderer | Tender Price (S) | $psm/GFA |
|---|---|---|---|
| 1 | Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd | $434,450,000 | $6,222.87 |
| 2 | MCC Land (Singapore) Pte Ltd | $431,618,000 | $6,182.31 |
| 3 | CDL Constellation Pte Ltd and TID Residential Pte Ltd | $414,288,000 | $5,934.08 |
| 4 | Qingjian Realty (Residential) Pte Ltd. And Evia Real Estate (8) Pte Ltd. | $408,888,899 | $5,856.75 |
| 5 | Sim Lian Land Pte Ltd | $377,250,000 | $5,403.57 |
| 6 | Creative Investments Pte Ltd, Santarli Capital Venture Pte Ltd and Kay Lim Realty Pte Ltd | $364,488,988 | $5,220.78 |
| 7 | JBE Development Pte Ltd | $335,000,000 | $4,798.4 |
The highest bid was put forth by Hoi Hup Realty Pte Ltd (Hoi Hup Realty) and Sunway Developments Pte Ltd (Sunway Developments), a subsidiary of Malaysian group Sunway Berhad. The joint venture submitted the highest bid of $434.45 million for the Tampines site, which translates to $578 per square feet (psf) per plot ratio (ppr). The next highest bid was submitted by a Chinese developer MCC Land came closely behind at $431.62 million, which translate to $574 psf ppr.
While the winning bid is slightly higher than what City Developments Ltd paid for The Tapestry condominium, the outstanding sales performance of more than 70% sold might have strengthened the optimism amongst bidders.
The breakeven price for the developer could be an estimated $1000 psf when various cost in land, construction, financing and marketing. The developer could be expected to launch the future Tampines Avenue 10 EC at $1250 to $1350 depending on the market condition.
Nearby Transactions from the Arc at Tampines Executive Condominium developed by Hoi Hup
| Project Name | Address | Area (sqm) | Type of Area | Transacted Price ($) | Unit Price ($ psm) | Unit Price ($ psf) | Sale Date | Property Type | Tenure | Completion Date | Type of Sale | Postal District | Planning Area |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ARC AT TAMPINES | 9 Tampines Avenue 8 #05-XX | 114 | Strata | 1,120,000 | 9825 | 913 | 29-Nov-18 | Executive Condominium | 99 Yrs From 22/02/2011 | 2014 | Resale | 18 | Tampines |
| ARC AT TAMPINES | 11 Tampines Avenue 8 #04-XX | 92 | Strata | 900,000 | 9783 | 909 | 28-Jun-18 | Executive Condominium | 99 Yrs From 22/02/2011 | 2014 | Resale | 18 | Tampines |
| ARC AT TAMPINES | 17 Tampines Avenue 8 #16-XX | 72 | Strata | 730,000 | 10139 | 942 | 13-Apr-18 | Executive Condominium | 99 Yrs From 22/02/2011 | 2014 | Resale | 18 | Tampines |
| ARC AT TAMPINES | 11 Tampines Avenue 8 #02-XX | 89 | Strata | 820,000 | 9213 | 856 | 10-Aug-17 | Executive Condominium | 99 Yrs From 22/02/2011 | 2014 | Resale | 18 | Tampines |
| ARC AT TAMPINES | 21 Tampines Avenue 8 #05-XX | 100 | Strata | 800,000 | 8000 | 743 | 1-Dec-15 | Executive Condominium | 99 Yrs From 22/02/2011 | 2014 | Resale | 18 | Tampines |
Based on the recent transactions from Arc at Tampines, the upcoming Tampines Executive Condominium may push prices at Arc at Tampines beyond $1000 psf. Coincidentally Hoi Hup Realty was the developer fand will have to push themselves to create a strong and better property development.
The strong attributes of the mature Tampines town such as established MRT network lines, easy access to several expressways and multitude of shopping malls have endeared itself with many young couples and families. There are plenty of primary to tertiary education choices available for young families with schooling children. The upcoming Punggol Digital District and Tampines Regional Centre will create more employment opportunities for residents in Tampines outside the Central Area.
The winning bid at Tampines Avenue 10 is similar to the successful tenders for executive condominiums in 2018 at the following sites:
Anchorvale Crescent EC (September 2018)
Land Area: 17,137 sqm
Max GFA: 51,411 sqm
Tender Price: $318,888,889
Cost: $576 psf ppr
Awarded To: Evia Real Estate (8) Pte Ltd & Gamuda (Singapore) Pte Ltd
Canberra Link EC (September 2018)
Land Area: 18,040 sqm
Max GFA: 45,101 sqm
Tender Price: $271,000,000
Cost: $558 psf ppr
Awarded to: Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd
Sumang Walk EC (March 2018)
Land Area: 27,056 sqm
Max GFA: 81,169 sqm
Tender Price: $509.370,000
Cost: $583 psf ppr
Awarded To: CDL Constellation Pte. Ltd. and TID Residential Pte. Ltd.
The Tampines Avenue 10 site is the latest acquisition by Hoi Hup Realty and Sunway Developments which follow their successful capture of Canberra Link EC site in Sep 2018. The lack of supply for EC units in the market has caused prices to increase between 2017 to 2018.
The developer is expected to completed within 60 months from the date of award which indicates the development is expected to complete by January 2024.
For the whole of 2018, the Executive Condominium market saw 1,071 new sale and 653 resale versus the single launch of the 628-units Rivercove Residences EC by Hoi Hup. This resulted in upward pressure on the prices and has breached $1,000 psf by end of 2018. The market condition has set a good price precedent for the developers who have won the recent EC sites such as Sumang Walk, Canberra Link and Anchorvale Crescent.
Hoi Hup and Sunway: Past Developments in Tampines Executive Condominium
Hoi Hup is an established property developer in Singapore and made headline news when their Hundred Palms Executive Condominium sold out all 531 units in under 7 hours. The developer is an active participants in executive condominium tenders and has developed Arc at Tampines, Hundred Palms Residences and Rivercove Residences.
Hoi Hup is also active in developing residential developments in prime areas such as The Whitley Residences at Whitley Road. The company has also ventured overseas major cities around the world.
Project: Hundred Palms Residences
Location: Yio Chu Kang
Tenure: 99 Years from 30 May 2016
Type: Executive Condominium
No. Of Units: 531 Units
The 531-unit Hundred Palms Residences comprises of 3, 4, 5-bedroom distributed across 9 towers. The executive condominium is generously lined with luxuriant royal palms, water cascades, timber decks and green roofs to create a tranquil and therapeutic abode at the city fringe. It has increased exclusivity for the residents with no more than 4 units per level, allowing an exceptional distance to set each home apart.
Every residential unit is angled towards the North- South to maximise cross ventilation and allows more than half of the homes in this luxurious development to enjoy a magnificent pool view. The higher floor units will even get a bonus with its unblocked views of Singapore city skyline.
Project: Rivercove Residences
Location: Anchorvale Lane
Tenure: 99 Years from 5 December 2016
Type: Executive Condominium
No. Of Units: 628 Units
The 628-unit Rivercove Residences comprises of 3, 4 and 5-Bedrooms that is spread across ten 16-storeys towers. The new Anchorvale Lane EC development is full facilities executive condominium that comes with 50 metres lap pool, children pool, jacuzzi, clubhouse, indoor gym, tennis court and kids playground.
Rivercove Residences is perfectly positioned on the water’s edge and introduces a new dimension of waterfront living for its residents. You can expect to gear up for the great outdoors as it beckons a lifestyle of electric experiences and adventures.
To unwind, simply enjoy a stroll along the Sengkang Riverside Park where you can explore the wildlife habitat and savour the coastal charms of Punggol Promenade. This rich profusion of vibrant flora and fauna is just an easy walk away making it the perfect spot for your dream home.
Project: Arc At Tampines
Location: Tampines Avenue 8
Tenure: 99 Years from 22 February 2011
Type: Executive Condominium
Designed with luxurious indulgence in mind, ARC at Tampines is an Executive Condominium comprising 574 units, in the mature Tampines estate. ARC at Tampines is set to benefit from the upcoming Downtown Line MRT which is served by the Tampines West MRT Station. Inspired by a Miami style pool, the wave-like balcony architecture brings out an iconic residential building in the heartlands.
Project: The Whitley Residences
Location: Whitley Road
Tenure: Freehold
Type: Semi Detached House
No. Of Units: 61 Units
Life distinctions that truly stand out. A creation of sheer elegance, this 3-storey of commodious 39 strata terrace units and 4 strata semi-detached units is a spectacle of magnificence even from the outside. Surrounded by the gentle sounds of all the water-themed recreational facilities, you will forget the intensity of modern work stress.
Most units come with the luxury of spacious private enclosed spaces or view of the communal recreational pool, while every unit comes with a private carpark. With an excellent host of communal facilities in the embrace of verdant beauties, life is more than just fulfilled every day.
With such an extensive portfolio and deep experience in property development, you can rest assured to receive the quality home at Tampines Avenue 10 Executive Condominium that you truly deserved.
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