Tengah, a sought-after location due to its generous gardens and green landscapes, will soon have a new condominium to brag about. However, the project, which is an executive condominium, managed to get a lot of attention not necessarily due to its future location but for the bidding war, it generated. More precisely, a new record was set for the leasehold site of the condominium, as a square foot of land per plot ratio settled at no less than $603. The last record of the kind was set back in 2018 when the sum of $538 was reached by the Sumang Walk EC, located in Punggol.
Who managed to win the bidding war? Taurus Properties is the name of the company that got the 99-year lease for the lot and will be in charge of the project. This was possible due to the amount of $400,318,000 that was offered by the company in exchange for the lease and development of the EC. Now that the bidding is over and there’s a winner, forecasts have been made regarding the possible selling prices of a square foot within the upcoming EC. According to Ms. Wong Siew Ying, who is the head of research at PropNex, a square foot in this Singapore condominium might cost between $1,190 and 1,250. She believes that the presence of the Jurong Innovation District, which is rather close to the condominium, represents a great advantage and will act as a magnet for homebuyers.
Where will the EC be developed? Its future plans indicate the address along the Tengah Garden walk, which is a road that will also be developed in the near future. The Jurong Region Line is the closest MRT station for commuters, and the development will be extremely close to Tengah’s city center, which is planned to be free of vehicles in the coming years. This will mean a cleaner, quieter, and more enjoyable urban area for its dwellers.
According to the company that won the lease, the size of the project, meant to cover 22,020 square feet, is generous enough to allow the development of 620 units, together with large green spaces as well. This means that there will be a total of 12 buildings, each holding 14 stories with various types of apartments. It is worth mentioning that the entire area is planned to be developed and improved for the benefit of the residents. Thus, besides the EC, a center for sports, bus interchange, polyclinic, and community club are all going to be constructed nearby. Also, a dozen plots are planned to hold educational institutions, which will make the neighborhood ideal for families with children.
Sherman Kwek, who is the chief executive at CDL group, said that executive condominiums are in great demand these days, which motivates developers to go this way to meet the market’s demand. Even more, Tengah is going to have its first EC, together with a considerable transformation, which will surely attract people of all ages, who may be in search of a newer and better living concept.
Visit the website below for full details:
https://www.straitstimes.com/singapore/housing/first-ec-site-in-tengah-awarded-for-40032-million-in-new-record
