The Government Land Sale (GLS) tender for the executive condominium (EC) site at Tampines Street 62 (Parcel B) closed on July 18 with a total of seven tenderers submitting bids. Among these tenderers, four submitted alternative proposals, highlighting the interest and competitiveness surrounding the project.

This particular site at Tampines Street 62 (Parcel B) measures 301,392 sq ft and has the potential to yield 700 units, with a gross plot ratio of 2.5 or a maximum GFA of 753,484 sq ft. The strong competition for this site further reinforces the high demand for ECs in the Tampines area.

It is worth noting that the use of a modified concept and price revenue tender system for this site is the second instance following the EC site at Plantation Close. Under this system, developers have the option to submit a standard bid using prefabricated prefinished volumetric construction (PPVC) technology, which guarantees their bid will be evaluated. Alternatively, developers can submit an alternative bid utilizing different construction methods, as long as they can demonstrate specified productivity improvement with the technology used. These alternative bids will be evaluated by a Concept Evaluation Committee chaired by the Building Construction Authority. The announcement of the tender award will be made at a later date, once all the tenders have been thoroughly evaluated.

The strong interest in EC sites, as reflected in the number of bids received, suggests that developers continue to favor EC projects which are less affected by recent property cooling measures. For instance, the Bukit Batok West Avenue 9 site received nine bids and was awarded at $266 million or $662 psf per plot ratio (psf ppr) in March 2022. Similarly, the site for Tenet drew nine bids and was awarded to Qingjian Realty and Santarli Construction in July 2021, with their top bid amounting to $422 million (a record $659 psf ppr). In addition, the recently closed Plantation Close EC site also received nine bids, with two tenderers submitting an alternative proposal.

Furthermore, the Tampines Street 62 (Parcel B) site benefits from its proximity to the Tampines Avenue 11 mixed-use GLS plot, which is set to be developed as an integrated development featuring a bus interchange, community club, and hawker centre.

Site Area: 2.80 ha
Proposed GPR: 2.5
Estimated no Of Units: 700
Launch Date: March 2023

Top Bid: TBC
Bid Price: TBC
PSF PPR: TBC

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