TWO executive condominium (EC) sites were launched for sale by the Housing and Development Board (HDB) on Thursday (Nov 30) in the board’s capacity as the government’s land sales (GLS) agent. 

Both land parcels have a lease period of 99 years and are expected to yield about 560 housing units each. 

The first site spans 20,038.2 square metres (sq m) and is located at Plantation Close in Tengah. It comes with a maximum gross floor area (GFA) of 56,107 sq m.

Launched on the confirmed list of H2 2023 under the GLS programme for sale by public tender, the tender exercise for this site will close at 12 pm on Feb 1, 2024. Its closing will be batched together with that of the Orchard Boulevard site launched for sale by the Urban Redevelopment Authority (URA) on Oct 17 this year.

The second site is located at Tampines Street 95, spanning a site area of 22,492 sq m with a maximum GFA of 56,230 sq m.

The site is available for application under the reserve list of the H2 2023 GLS programme.

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More details on both land parcels are available at HDB’s website, while electronic developers’ packets containing details and conditions of tender for both sites are available for sale on the URA website.

In June, an EC site at Plantation Close fetched a rate of S$703 per square foot per plot ratio (psf ppr). The buyers, Hoi Hup Realty and Sunway Developments, bagged the site at S$348.5 million. 

The latest site launched for tender is located next to the one that was recently sold. 

Lee Sze Teck, Huttons’ senior director of data analytics, anticipates “healthy interest” from five to seven developers for the site available by tender, with the top bid coming in between S$680 psf ppr and S$730 psf ppr.

On the other hand, OrangeTee and Tie expects the Plantation Close site to draw seven to 10 bidders, with the highest bid price coming in at S$670 to S$700 psf ppr. Though its deputy chief executive Justin Quek anticipates strong demand, he believes the current income ceiling and maximum loan amount will affect the price quantum that potential buyers can afford.

Highlighting past strong sales performances for EC sites sold in both Tengah and Tampines, ERA’s key executive officer Eugene Lim said he predicts “intense competition” among developers for both land parcels launched for sale.

Like Lee of Huttons, he expects “robust competition and competitive bids” from developers for the site at Plantation Close. Lim also highlighted the possibility of joint bidders due to a higher price premium, given how the latest site is 25 per cent larger than the one recently transacted at S$348.5 million.

Both Huttons and ERA spokespersons noted the Tampines site’s proximity to Tampines West MRT station.

“EC sites located near MRT stations are rare, which is likely to generate keen interest among developers,” said ERA’s Lim.

Lee of Huttons, however, begged to differ: “Developers are likely to wait for (the) H1 2024 GLS programme before deciding whether to trigger this site for tender.”