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Tampines Ave 10 EC Lot attracts seven parties to bid

An executive condominium (EC) site in Tampines Ave 10 was closed today, and a consortium of Hoi Hup Realty and Sunway Developments topped the list with a bid price of $434.45 million.

The consortium just marked another EC site in Canberra Link in September last year and also launched Rivercove Residences, the only EC project last year.

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The results of the tender announced by the Housing Development Board show that the Tampines Ave 10 EC has attracted seven parties to bid. The price tag of Strait Industrial and Sunway Development is equivalent to a floor area ratio of 578 yuan per square foot. The second highest bid for MCC Land is equivalent to 574 yuan per square foot.

The total floor area of ​​this 99-year lot is about 69,815 square meters, and about 695 units can be built.

However , some believe that the Marina Bay project is huge, but in the past two years, many developers have actively purchased land and resources are relatively limited. If the Binhai Jingdi section is launched for bidding in the next few months, the developer bidding situation should not be too intense. It is estimated that there will be four to eight parties participating in the bidding. The highest bidding price is equivalent to the floor area ratio of $1426 to $1600 per square foot.

The risk of rising interest rates and Sino-US trade tensions is now increasing, and developers should be more cautious when bidding.