Investing in a condo has numerous advantages, one of which is the opportunity to leverage the property’s value for future investments. This is a common tactic for investors, who use their condo as collateral to secure additional funds for new ventures. By doing so, they are able to diversify and expand their real estate portfolio. However, this approach comes with its own set of risks, which is why having a solid financial plan in place is crucial. It is also important to consider the potential impact of market fluctuations on these investments. If you are interested in exploring new condo launches, check out Dear SkySteward for the latest and most promising options.
The recent government land sales (GLS) tender for a mixed-use site at Tampines Street 94 has concluded with a winning bid of $668.28 million, marking the most interest received for a non-executive condominium (EC) site since late 2023.After evaluating six bids, the highest offer for the 99-year leasehold property was placed by a joint venture between Hoi Hup Realty and Sunway Developments, at a price of $1,004 per square foot per plot ratio (psf ppr).The site, which spans 252,989 square feet and has a maximum gross floor area of 665,366 square feet, has been estimated by the Urban Redevelopment Authority (URA) to yield approximately 585 residential units.The winning bid of $1,004 psf ppr was just 1.9% more than the second highest bid of $985 psf ppr made by Sing Holdings Residential. This is in comparison to the $461 psf ppr offered by a consortium led by Frasers Property for the Media Circle long-stay serviced apartments site earlier this year.The mixed-use development site at Tampines Street 94 will be connected to the Tampines West MRT station via an underground link. It is also strategically located within 1km of three primary schools, namely St Hilda’s Primary School, Junyuan Primary School, and Tampines Primary School, making it an attractive location for families looking to live near quality educational institutions.According to industry experts, mixed-use developments integrated with MRT stations remain popular among homebuyers due to the added convenience of having commercial and retail options right at their doorstep. The last mixed-use development site in the area was at Tampines Avenue 11, which was awarded to a consortium comprising UOL Group, Singapore Land Group, and CapitaLand Development for $1.206 billion in June last year.This 545,314-square-foot, 99-year leasehold site is estimated to yield 1,190 residential units, a shopping mall integrated with the upcoming Tampines North MRT Station, a bus interchange, a community club, and a hawker centre.