A new price record has been set for an executive condominium site on Tampines Street 62.

Housing Board announced on Monday that Sim Lian Land & Sim Lian Development won the tender at $543,000,000, or $721 sq ft ppr (psfppr).

The previous land rate record of $703 psf ppr was awarded to an EC site at Plantation Close, Tengah in September.

The amount also exceeded the previous record of $509 million set in 2018 for the site of Piermont Grand EC at Sumang Walk in Punggol.

Site in Tampines street 62 (Parcel A) is 28,000 sq. m. – the equivalent of almost four football fields. It can produce 700 residential units.

In August 2021, a parcel A adjacent to the site was awarded for $422 million or $659 per square foot per year. It was a record-breaking land price for EC sites at the time.

Developers launched Tenet EC on the site. It sold 72 percent of its units upon launch in December 2022.

Find out more about: Lentor Mansion condo

Huttons Asia’s senior director of data analysis Lee Sze Teck stated that the EC market has attracted more developers. Seven of them are vying to take over the Tampines location.

He said that previous EC launches had seen strong sales – the 639-unit Copen Grande in Tengah Garden Walk, and the 618 unit Tenet in Tampines Street 62 are both fully sold. Altura, a 360-unit development in Bukit Batok is also close to 90% sold.

He said that the project would also be able to draw a pool of potential buyers from more than 2,000 HDB apartments which will have reached their minimum five-year occupation period by 2024 or 2025.

The price of the future Tampines EC could range from $1,430 psf up to $1,500 psf.

This new record may lead to a rise in condominium prices because it is against the grain to sell a 99-year leasehold apartment below the EC.