In a noteworthy achievement, Hoi Hup Realty and Sunway Developments have secured the tender for the Plantation Close executive condominium (EC) site in Tengah, Singapore. Their record bid of $703 psf ppr underscores a firm vote of confidence in both the EC market and the Tengah area. This strategically positioned site, expected to yield 495 units, is set near upcoming MRT stations and essential amenities, presenting an attractive investment prospect.
The joint announcement by Hoi Hup Realty and Sunway Developments on Sept 12 revealed that the 99-year leasehold site covers 16,441.2 sqm with a maximum permissible gross floor area of 46,036 sqm. With this victory, the developers aim to demonstrate their capacity to create a new era of sustainable yet functional and liveable ECs. Situated in close proximity to the upcoming Tengah Park MRT Station, the site provides convenient access to the Jurong Innovation District, Jurong Lake Gardens, and Nanyang Technological University via the Jurong Regional Line.
Industry experts anticipate the launch price for the forthcoming EC at the Plantation Close site to range between $1,450 to $1,550 psf, with an average selling price predicted to be about $1,500 psf. This accomplishment reflects the developers’ confidence in the stability and potential of the EC market, particularly within the current economic landscape.
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