Parktown Residences - Mixed-Use Mega Site and Second EC Site in Tengah Launched for Sale

Parktown Residence - Mixed-Use Mega Site and Second EC Site in Tengah Launched for Sale

Parktown Residence – The Housing Board announced on Friday the launch of a mixed-use mega site in Tampines Avenue 11 and the second executive condominium (EC) site in Tengah under the government land sales (GLS) programme.

The mixed commercial and residential site in Tampines Avenue 11 and the EC site in Plantation Close, Tengah, can potentially yield a total of 1,685 residential units. Both 99-year leasehold sites are available for sale under the confirmed list for the second half of 2022.

Parktown Residence: Mixed-Use Mega Site and Second EC Site in Tengah Launched for Sale

To promote innovative and productive construction methods, Parktown Residence will pilot a modified concept and price revenue tender system for the Plantation Close EC site. Developers can submit bids using alternative construction methods, besides the standard prefabricated prefinished volumetric construction (PPVC) technology, provided they meet the expected productivity levels. PPVC bids will automatically qualify for tender evaluation, while alternative bids must include a write-up demonstrating feasibility.

The concept evaluation committee, chaired by the Building and Construction Authority, will assess whether alternative bids meet productivity improvement requirements and match PPVC technology before qualifying. Developers are not required to submit detailed concept designs at this stage.

This initiative aligns with the Government’s goal to enhance building productivity, with HDB targeting a 40% construction productivity improvement by 2030, following a 25% increase by 2020.

Ms. Wong Siew Ying, head of research and content at PropNex Realty, anticipates significant interest in the second EC site in Tengah, following robust sales at the 639-unit Copen Grand EC in nearby Tengah Garden Walk. Copen Grand, the first EC in Tengah, sold 73% of its units during its launch weekend in October.

Ms. Wong expects the Plantation Close site, near Jurong Lake District and between future Tengah Park and Bukit Batok West MRT stations, to attract five or six bids, with the top bid estimated at $297 million to $322 million, translating to a land rate of about $600 to $650 per sq ft per plot ratio (psf ppr).

The 50.7ha mixed-use mega site in Tampines, Parktown Residence is expected to yield 1,190 residential units and 14,000 sq m of commercial space, is likely to attract large developers or consortiums due to its size. Huttons Asia senior director of research Lee Sze Teck noted the lack of amenities in the Tampines North area, highlighting the need for the mixed-use site to provide essential services.

The Tampines site will include a bus interchange, community club, and hawker centre. Mr. Lee predicts the top bid to exceed $1,000 psf ppr, with a total quantum of over $1 billion. Tenders for both sites will close at noon on June 27, 2023, alongside another mixed-use site in Marina Gardens Lane launched by the Urban Redevelopment Authority earlier in December.