Hoi Hup Realty Pte Ltd’s JV with Sunway Group has topped the land sale tender for the coveted EC site at Tampines Avenue 10. The keenly participated tender closed on the 15th of January, drawing a total of 7 bidders in all with Hoi Hup Sunway submitting the highest bid of S$434.4m, or S$578 psf of GFA. Hoi Hup Sunway intends to develop a luxury EC development of up to 700 units on this 24,938sqm site which can yield up to a maximum of 69,829sqm GFA. The site provides a rare opportunity to develop a luxury EC development within a matured estate. Furthermore, with the last EC launched in the east region being in 2012, there is a pent-up demand for this asset class that is in limited supply in the east as well as the entire island.
The site is well served by a wide variety of amenities within stone’s throw in the heart of the regional centre of Tampines. This ranges from the Tampines Town Hub – Singapore’s first-ever integrated community and lifestyle hub which provides a variety of sports and community facilities, to offices, educational institutions and a number of established regional shopping malls. These malls include Tampines Mall, Tampines 1, and Century Square.
Last but not least, the site is conveniently linked to the city and the rest of the island via major arterial roads and expressways such as the Tampines Expressway and the Pan Island Expressway. It is also a short distance away from the Tampines MRT station and the Tampines West Station along the Downtown Line.
Estimated launch date will be in 2nd half of 2020.