The URA site at Lentor Central earmarked for a residential with commercial at 1st storey development and the HDB Executive Condominium site at Tampines Street 62 (Parcel A) are launched for sale under the Confirmed List. Together, these two sites can yield about 1195 residential units.
The tender for the two land parcels at Lentor Central and Tampines Street 62 (Parcel A) will close at 12 noon on 22 Jul 2021 at URA and HDB respectively.
Qingjian Realty and Santarli Construction is the top bidder for the EC site at Tampines St 62. This land parcel can build about 590 units and the land price works out to $658.93 psf ppr. It is a new record land price for a EC site. This may indicate a selling price of $1,3xx psf for this new executive condo that may be launched in end of 2022 or early 2023.
Kiwi Lim from Huttons Asia believe this is due to strong local demand for property from younger professional singles or couples as working from home created in them a desire to live apart from their parents and have their own personal space. Developers are also seeing a decline in their inventory of unsold condo units and are currently short of land banks in their possession.