The first executive condominium (EC) site in Tengah "forest town" has been awarded to Taurus Properties SG for $400.32 million, the Housing Board announced yesterday.
This translates to $603 per sq ft per plot ratio (psf ppr) for the 99-year leasehold site in western Singapore - a record land rate for an EC site under the Government Land Sales programme.
The bid smashed the previous record of $583 psf ppr garnered by the Sumang Walk EC site in Punggol, which was awarded in March 2018, noted PropNex's head of research and content Wong Siew Ying.
It is also higher than the $576 psf ppr achieved for the EC site in Yishun Avenue 9 that was awarded last November, she added.
"We anticipate that the potential selling price of the new Tengah EC could hover around $1,190 to $1,250 psf," said Ms Wong, noting that the site's proximity to the Jurong Innovation District may attract home buyers to the project.
Located in Tengah Garden Walk - a road that has yet to be built - the site is around 22,020 sq m and has a maximum gross floor area of 61,659 sq m.
It is within walking distance of three MRT stations on the future Jurong Region Line and close to Tengah's future car-free town centre.
Taurus Properties SG, a wholly owned subsidiary of City Developments Limited (CDL) and joint venture partner MCL Land, said it would develop around 620 residential units in total with generous landscaping. These units will be spread across 12 blocks of up to 14 storeys each, it added.
Proposed future developments in the vicinity include a bus interchange, sports centre, community club and a polyclinic.
In addition, there are 12 plots of land zoned for education institutions within Tengah, and all are within 2km of the EC site. Existing primary schools within a 2km radius include Shuqun Primary and Princess Elizabeth Primary.
CDL group chief executive Sherman Kwek said the masterplan to develop Tengah into a smart and sustainable town is exciting.
"Currently, the demand for ECs remains extremely strong and this augurs well for the development," he added. "We are honoured by the opportunity to develop the first EC in this locale and to transform this expansive site into an attractive and high-quality project that future home owners would be proud of."
The tender, which was launched for sale last November, drew seven bids, including offers from CSC Land Group, and a combined offer from Hoi Hup Realty and Sunway Developments. The EC project sits in Tengah's Garden District, one of five planned for the estate.
Tengah, touted to be Singapore's first smart and sustainable town with green features, is expected to house about 42,000 new homes when fully developed. So far, a total of 11 Build-To-Order projects have been launched, with the most recent in last month's sales exercise.