Developers show renewed confidence as Tampines Street 94 draws six bids

The highest bid was $668.3m.

The competitive bids for the Tampines Street 94 site may signal increasing confidence among developers, according to Huttons. 

Huttons said the level of participation for this site was the highest since November 2023, when six bidders competed for the Clementi Avenue 1 site.

The Tampines Street 94 site received six bids, led by Hoi Hup Realty and Sunway Developments, with a tender price of $668.3m, or $1,004 per square foot per plot ratio (psf ppr).

Beyond the growing confidence of developers, Huttons attributed the strong participation in the bids to the site’s location.

"The confident bid may be due to the developers' familiarity with Tampines," Huttons said.

PropNex echoed this sentiment, saying Tampines has always been one of the most popular towns among homebuyers.

OrangeTee & Tie said the site garnered strong interest as it is slated for an integrated development, which is particularly popular with buyers. 

"With a large number of HDB flats located in the vicinity, the site will serve as another retail and commercial hub in Tampines. There will likely be heavy footfall at the commercial element of this development, making this land parcel even more attractive," OrangeTee & Tie said.

"There may also be pent-up demand for private homes in this area, as the most recent private home launch in Tampines was Treasures at Tampines back in 2019. That project managed to sell out its 2,203 units before achieving TOP and has since seen multiple sub-sale and resale transactions with healthy profits," it added.

Knight Frank expects possible selling prices for residential units on the site to start from S$1,900 psf, with an average of around $2,000 psf.

"Potential homebuyers would be enticed by the site’s connectivity to public transport, particularly Tampines West MRT Station, and its relative proximity to Temasek Polytechnic and the park and recreational areas at Bedok Reservoir," Knight Frank said.