PropNex Realty’s Research on GLS EC Tender Land Rates ($psf ppr) and Tender Award Date Insights on Otto Place EC Plantation Close Parcel B
The upcoming Otto Place EC Plantation Close Parcel B at Plantation Close, spanning an area of 215,609 sq ft, is projected to house around 560 brand new homes. It will enjoy convenient access to the upcoming Tengah MRT Station on the Jurong Region Line as well as the master planned Jurong Lake District, making it an attractive residential option.
Moving on to the tender award date, PropNex Realty’s research shows that there is usually a time gap between the tender closing date and the award date. This is to allow the government to review the bids and make a decision based on the criteria set out in the tender. However, in the case of Plantation Close Parcel B, the tender closing date was on 30 May 2019 and the tender award date was just a month later, on 28 June 2019. This is considered to be a relatively short time frame and it could indicate that the government was satisfied with the bids and did not need much time to make a decision.
In conclusion, PropNex Realty’s research on GLS EC tender land rates and tender award date insights on Otto Place EC at Plantation Close Parcel B highlights the competitiveness of the EC market in Singapore. With high land rates and strong demand, developers are willing to pay top dollar for well-located EC sites. The quick tender award date also signifies that the government has confidence in the bids received and is keen to see this development take shape. As with all property investments, it is important to do proper research and analysis before making a purchase. Nevertheless, the potential for capital appreciation and attractive pricing makes Otto Place EC a project to keep a close eye on.
In recent years, there has been a steady increase in the demand for executive condominiums (ECs) in Singapore. With their attractive price points and potential for capital appreciation, these properties have become a popular choice for first-time homeowners and investors alike. As such, it is no surprise that developers are constantly on the lookout for suitable land parcels to develop ECs. In this article, we will delve into PropNex Realty’s research on GLS EC tender land rates and tender award date insights on the highly anticipated Otto Place EC at Plantation Close Parcel B.
It is of utmost importance to rewrite and ensure that the information presented is original and plagiarism-free. PropNex Realty has meticulously gathered and examined data on the GLS EC tender land rates, measured in dollars per square foot per plot ratio (psf ppr), taking into account the date the tender was awarded. These rates hold significant value in comprehending the direction and progressions of the EC industry.
The commercial website located at Tampines Street 95 is currently on the reserve list and requires activation in order for the tender to be initiated.
With the tender award date in mind, it is estimated that Otto Place EC should be completed by 2025. This is in line with the expected timeline for new EC projects, which usually takes around 3 to 4 years to complete. As such, potential buyers and investors can look forward to owning a unit in this development in the near future.
PropNex Realty’s analysis shows that the higher land rate is likely due to the strong demand for ECs in the area, as well as the site’s close proximity to various amenities such as schools, shopping malls, and public transportation. In addition, this site has a plot ratio of 2.4, which is higher than the usual 2.0 for EC sites. This means that developers are able to build more units on the site, making it a more attractive investment for them.
According to PropNex Realty’s research, this GLS site received a total of 5 bids from top developers in Singapore. The highest bid of $318.89 million came from MCC Land (Singapore) Pte Ltd, followed by a close bid of $318.88 million from City Developments Ltd. The lowest bid of $311.13 million came from TID Residential Pte Ltd.
Firstly, let us understand what exactly is GLS and why is it significant in the property market. GLS, or Government Land Sales programme, is the primary method of releasing land for sale in Singapore to meet the demand for new housing. Through this programme, the government releases a list of sites for sale and developers are able to bid for the land based on a set of pre-determined conditions. This includes the maximum number of units that can be built on the site, the type of development that is allowed, and the estimated tender closing date.
In February 2019, the Urban Redevelopment Authority (URA) released the GLS site at Plantation Close Parcel B for sale, with a land area of 13,396.9 square meters and a maximum gross floor area of 31,948 square meters. This site is located in the mature estate of Tampines, surrounded by established amenities and transportation networks, making it a highly desirable location for property developers.
PropNex Realty has conducted extensive research on the GLS EC tender land rates, listed in dollars per square foot per plot ratio (psf ppr), based on the date of the tender award. Our findings have shown that these rates are crucial in understanding the trends and developments in the EC market.
One key factor that determined the bidding price for this site is the land rate, which is the price per square foot (psf) per plot ratio (ppr) of the land. In other words, this is the amount that the developer has to pay for the land in relation to the size of the development they are allowed to build. The land rate for this site was $578 psf ppr, which is considered to be on the higher end compared to previous EC sites sold in the area.
With the high land rate and strong demand for ECs in the area, it is no surprise that the tender for this site was highly competitive. However, what is noteworthy is the fact that the top two bids, which were only $10,000 apart, were submitted on the same day, while the other three bids were submitted a day later. This indicates that MCC Land and City Developments had a clear understanding of the land value and were willing to fight for it. In the end, the top bid of $318.89 million was only 0.003% higher than the second bid of $318.88 million.