Hoi Hup Realty and Sunway Developments have successfully secured a highly contested executive condominium (EC) site in Tengah for S$348.5 million, marking a record high of S$703 per square foot per plot ratio (psf ppr). The tender, which closed on June 27, attracted nine bids from major developers, reflecting strong confidence in the EC market and the Tengah area. The winning bid was approximately 6.2% higher than a previous EC site in Bukit Batok and 17% above the price for the nearby Copen Grand project.
The Plantation Close site, spanning 16,441.2 square meters, is expected to yield around 495 EC units and is strategically located between the future Tengah Park and Bukit Batok West MRT stations.
Analysts predict the launch price for the new EC could range from S$1,450 to S$1,550 psf, driven by recent demand trends and the area’s accessibility to key amenities like Jurong Lake Gardens and Nanyang Technological University. The bidding process utilized a modified concept and price revenue system, allowing developers to propose innovative construction methods, indicating a forward-thinking approach to residential development in Singapore.