New EC Site at Tampines Street 95 Launched Under GLS 2024
A new Executive Condominium (EC) site at Tampines Street 95 has been released for sale by the Housing and Development Board (HDB) under the second half of 2024 Government Land Sales (GLS) programme. The land parcel is expected to support around 560 residential units, with the tender closing on 24 October 2024.
This launch adds to the growing supply of EC developments in Singapore’s eastern region, reinforcing Tampines’ position as a key residential hub.
Strong Developer Interest Expected
Recent EC land tenders have attracted consistent developer participation, particularly as many developers adopt a cautious stance toward private housing projects. Industry analysts anticipate between four and eight bids for the Tampines Street 95 site.
Market estimates suggest land bids could range from S$650 to S$750 per square foot per plot ratio (psf ppr). For comparison, a nearby EC site at Jalan Loyang Besar in Pasir Ris achieved a record bid of S$729 psf ppr earlier this month.
Executive Condominiums Continue to Show Strong Demand
ECs remain highly attractive to homebuyers due to their affordability relative to private condominiums and long-term upgrade potential. According to PropNex CEO Wong Siew Ying, EC projects are considered lower risk for developers because of steady buyer demand.
Recent examples include:
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Tenet EC (Tampines): 72% of 618 units sold on launch day in December 2022
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Lumina Grand EC (Bukit Batok): 53% of 512 units sold during its opening weekend in January 2024
These figures reflect sustained demand for ECs across different market conditions.
Tampines Location to Attract Upgraders
Huttons Asia CEO Mark Yip highlighted that the Tampines Street 95 site’s location in a mature estate is likely to attract HDB upgraders and family buyers. He also noted that HDB’s cooling measures announced on 19 August 2024 are unlikely to significantly affect the EC market, as they do not target four-room and larger flats, which are typically purchased by upgrading households.
Site Details and Future EC Supply in the East
The Tampines Street 95 site spans 22,488.9 square metres, with a maximum gross floor area of 56,223 square metres. It is located near Tampines West MRT station, offering strong transport connectivity and lifestyle convenience.
According to ERA Singapore CEO Marcus Chu, three upcoming EC launches between 2025 and 2026 could add nearly 2,000 new units to the eastern region. OrangeTee & Tie’s Justin Quek also indicated that another EC plot in Tampines is expected to be released in 2025, further strengthening supply in the area.
Rising EC Prices and Affordability Considerations
Despite healthy demand, EC prices continue to climb. Wong cautioned that higher land costs, coupled with a 30% mortgage servicing ratio (MSR) and a household income ceiling of S$16,000, may affect long-term affordability for some buyers.
According to URA Realis data (as of 10 August 2024):
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Median new EC price: S$1,502 psf
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+6% from 2023
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+12.3% from 2022
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+28% from 2021
These increases reflect the growing competition for limited EC supply.
Developer Strategy and Nearby GLS Sites
Huttons Asia noted that developers bidding for the Tampines Street 95 plot will closely monitor the outcome of the nearby mixed-use site at Tampines Street 94, which closes on 19 September 2024. Mark Yip advised that maintaining a competitive pricing gap between the two sites will be critical to attracting buyers.
