In April 2017, URA released a piece of land (Parcel C) in Tampines 10 for Government Land Sales (GLS). City Development Limited has placed a bid for a large condominium site in Tampines. Tampines is a residential area located in the Eastern region of Singapore. There were a total of 9 bids placed for the property which is much lower than was expected.
The site is believed to launch during the fast half of this year and the winning bid came in at $370.1 million. This amount was 17.2% higher than the land purchased for the Alps Residences. With a price tag of $370.1 million, broken down into square feet equates to $1,150 per square foot. The winning bidder was Bellevue Properties which is a part of CDL. In a statement, they announced that this upcoming new launch condo will be approximately 15 stories with 800 units and will house a childcare centre.
The National Director of Research & Consultancy at JLL believes that the bidding was lower than anticipated because many developers were looking at higher-end sites located along Lorong 1 Realty Park and Stirling Rd. Others believe that developers are acting more reasonably than they have in the past and therefore showing more caution.
It is believed that the winning bid is a reflection of stable prices that might even increase by the time the project launches.
The two nearby properties, The Alps Residences and The Santorini are expected to be completed before the launching of this project. The Alps Residences Condo covers 9 blocks with 15 stories and 626 units. It is expected to complete by June of 2020.
The Santorini Condo will complete in 2018 and offers many outdoor activities and is ideal for families with children. There are a number of excellent schools in the area including Temasek Polytechnic. The theme is modern contemporary Mediterranean which reflects throughout the entire property.
Other new launches in the East