The executive condominium (EC) site at Plantation Close in Tengah received four bids at the close of its tender on 1 Feb 2024. Its closing is batched with that of a government land sale (GLS) site at Orchard Boulevard site which closed on the same day.
A joint venture between Hoi Hup Realty and Sunway Developments emerged as the top bidder for the Plantation Close EC site, with a top bid of $423.38 million that translates to a land rate of $701 psf per plot ratio (ppr).
The second highest bid of $416.89 million ($690 psf ppr) came from a consortium comprising Forsea Holdings and Qingjian Realty. Their bid was only 1.57% lower compared to the amount submitted by Hoi Hup and Sunway.
The executive condominium (EC) site at Plantation Close in Tengah sits on a land area of about 215,689 sq ft and is expected to yield about 560 housing units. This is the third EC site that has been released in the future town of Tengah to date. The first executive condo site in Tengah was purchased by a joint venture between CDL and MCL Land at $603 psf ppr in June 2021. It was launched as the 639-unit Copen Grand in October 2022. The project was fully sold a month later at the balloting for second-timers.
The executive condo (EC) site at Plantation Close will enjoy improved connectivity when two MRT stations (Bukit Batok West and Tengah Park) on the Jurong Region Line are completed in phases from 2027 to 2029. The Tengah Park MRT station will be within walking distance and can bring residents to the second Central Business District at Jurong East in less than 10 minutes.
Associate Group Director, Kiwi Lim from Propnex Realty believe the possible launch price of this new executive condo (EC) is expected to be around $1,450 psf to $1,550 psf.
