Breaking Ground Plantation Close EC Parcel B Sets Record Bid with Hoi Hup Realty and Sunway Development Joint Venture
According to Hoi Hup Realty’s chairman, Wong Swee Chun, the goal is to establish a range of top-notch ECs that take advantage of their close proximity to the upcoming Tengah development, as well as the nearby Jurong Lake District and Second CBD. This can be seen in the Plantation Close EC Parcel B EC, which seamlessly incorporates these future amenities.
In a recent joint bid, Hoi Hup Realty and Sunway Development set a record-breaking offer for the Parcel B at Plantation Close EC. This highly anticipated land parcel is part of the Executive Condominium (EC) development in Punggol, Singapore. The combined bid of $514.1 million has set a new record for the highest price paid for an Executive Condominium site, surpassing the previous record of $509.37 million set by City Developments Ltd for the Sumang Walk EC in 2018.
Hoi Hup Realty and Sunway Development’s winning bid translates to a land cost of $583 per square foot per plot ratio (psf ppr). This is a significant increase from the land price of the neighboring EC, Piermont Grand, which was sold at $583 psf ppr in 2018. This indicates the confidence of developers in the potential of the Punggol area and the growing demand for ECs.
The winning bid for the executive condo (EC) site at Plantation Close was awarded to a partnership between Hoi Hup Realty and Sunway Development, amounting to $423.38 million or $701 psf per plot ratio (psf ppr). This was announced on Feb 14th. The plot spans 215,691 square feet and has a leasehold of 99 years. The joint venture plans to develop a new 560-unit EC on this site.
Furthermore, the location of the site allows for easy connectivity to the future Jurong Region Line, providing seamless transportation options for businesses and their employees. This strategic placement also offers access to the future Tuas Mega Port, positioning companies in the area to tap into potential global trade opportunities.
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Moreover, the site’s proximity to the nearby Tuas Checkpoint provides ease of access for businesses involved in cross-border trade. This advantageous location presents a range of benefits for companies looking to establish a strong presence in the thriving Jurong area.
In conclusion, the record-breaking bid for Plantation Close EC Parcel B is a clear indication of developers’ confidence in the Singapore property market. The strategic location, combined with the joint venture’s experience and reputation, will likely result in a highly successful and sought-after development. This sets a positive trend for the future of the property market, and homebuyers can look forward to more exciting developments in the near future.
One distinctive feature of this development is its location within an established residential estate. The tranquil and green surroundings of Punggol will provide a peaceful escape for residents from the hustle and bustle of city life. Furthermore, the site is situated near the Punggol Waterway, offering residents scenic views and recreational activities such as jogging and cycling.
As part of the bidding conditions, the winning developer will have to comply with a Design, Build and Sell Scheme (DBSS) to ensure the quality and timely delivery of the project. This scheme, introduced in 2005, has been successful in regulating private developers and ensuring homebuyers’ interests are safeguarded.
The current property market has been showing signs of recovery, with sales picking up in recent months. The success of the collective sale of Normanton Park for $830.1 million and the record-breaking bid for a residential GLS site at Irwell Bank Road by CDL for $1.003 billion are clear indications of renewed confidence in the property market.
Additionally, the site is in close proximity to an array of amenities and facilities, including educational institutions, shopping malls, and recreational areas. This provides a conducive environment for both work and play, attracting top talent to the businesses situated on the site.
The strong interest in this development site can be attributed to its strategic location in Punggol, one of the fastest-growing districts in Singapore. With its proximity to the upcoming Punggol Digital District, Punggol Coast MRT Station, and various amenities such as shopping malls and recreational facilities, Plantation Close EC Parcel B is envisioned to be a highly sought-after residential project.
With the relaxation of certain restrictions, developers have more flexibility in the design and selling of ECs. This includes allowing EC buyers to sell their units in the open market to Singaporeans and Permanent Residents after five years of occupation. This change has made ECs an even more attractive investment option for homebuyers.
The winning bid also reflects the developers’ confidence in the EC market. Executive Condominiums are a popular choice for Singaporeans who aspire to own a private property at a more affordable price. With the cap on income ceiling and grant eligibility raised in 2019, the demand for ECs has been steadily increasing. Plantation Close EC Parcel B, with its prime location and potential for capital appreciation, is expected to be highly sought after by homebuyers.
The joint venture between Hoi Hup Realty and Sunway Development is not their first collaboration. They have previously worked together on several projects, including the successful completion of Parc Canberra Executive Condominium. With their combined experience and expertise, buyers can expect a well-designed and quality development at Plantation Close EC Parcel B.