Tampines Street 95 units to sell above $1,600 psf, says expert

The top bid for the land parcel was $768 psf ppr.

Experts estimate that units in the upcoming development on Tampines Street 95 will have an average selling price above $1,600 per square foot.

PropNex said the project would also be well received by buyers, which, in turn, encouraged developers to bid for the site.

The land parcel drew strong interest, with the top bid reaching $768 per square foot per plot ratio (psf per).

The top bidder, Sim Lian Group, also has an upcoming EC project in Tampines, expected to hit the market in H1 2025. “It is possible that the developer may have placed a bolder bid in an attempt to secure the Tampines St. 95 EC plot - as a strategic move to defend its market,” PropNex said.

With the launch of Sim Lian’s project in H1, the development at the Tampines Street 95 land parcel will likely be launched for sale only in 2026.

The gap in launches in the area will “ensure sufficient demand for the EC” in Tampines, said OrangeTee.

Overall, the Tampines Street 95 received five bids. PropNex said the tender results for Tampines Street 95 “reflect strong confidence among developers in the executive condominium (EC) housing type.”

“There is a healthy tender participation for the EC plot among developers is not surprising, as the EC segment continues to be a bright spot in the housing market,” PropNex said.

“EC sites are usually seen as safer bets, as such units enjoy good demand among locals, who are either first-time homebuyers or HDB upgraders. This pool of buyers is typically not affected by cooling measures and they form a stable demand base for ECs,” PropNex added.

OrangeTee shared a similar sentiment, saying they anticipate “keen demand for the future project” in the land parcel.

“The relative scarcity of ECs will also help to ensure consistent interest from buyers,” OrangeTee said, adding that ECs continue to be one of the most affordable private housing options for aspiring HDB upgraders.

Huttons, for its part, said the “improving take-up for recent project launches may have given some push to developers to replenish their land bank.” “ Interest rates which are likely to trend lower in 2024/2025 may have allowed developers more leeway to bid for land.,” the expert added.

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