Housing Board said on Monday that Sim Lian Land Development and Sim Lian Land were awarded the tender for the site at $543,000,000 or $721 per square foot per plot ratio (psf/ppr).

This also surpassed the prior record amount of $509 million, which was set in 2018 at the site for Piermont Grand EC, in Sumang Walk Punggol.

This land rate is higher than that of the previous record land price, which was $703 psf ppr awarded in September for an EC Site in Plantation Close Tengah.

The Tampines Street, 62 parcel B is approximately 28,000 square meters – roughly the same size as four football pitches – which can yield 700 residential units.

The price of an executive condominium (EC), located in Tampines Street 62, has reached a new record.

Read more: The Hill showroom

A parcel A next to it, valued at $422,000,000, or $659/sqft ppr in August 2021. The land rate was a new record for an EC Site.

Tenet EC was launched at the site by developers, who sold 72% of their units at its launch in December 2020.

The project may also attract buyers from the over 2,000 HDB units that will be reaching their five-year minimum occupancy period in 2024-2025.

The Tampines EC future project is expected to cost between $1,430 psf and $1,500 psf.

It is not logical to price a 99 year leasehold condominium below an EC.

Huttons Asia Senior Director of Data Analytics Lee Sze Teck says the EC is attracting a greater interest from developers. Seven are vying for Tampines.

He pointed out that the previous EC launch saw strong sales – both the 639 unit Copen Grand, in Tengah Garden Walk in Tampines Street 62 and the Tenet, with 618 units, are sold out. Altura Bukit Batok, with 360 units, has been sold to almost 90%.