How much have EC land rates risen over the past 10 years?
The highest EC land rate recorded was $721 pst ppr for Tampines St. 62 (Parcel B).
EC land rates have climbed over the past 10 years, increasing from $341 psf per plot ratio (psf ppr) in 2013 to a high of $721 psf ppr.
The latest record land rate stood at $721 psf ppr for the EC plot in Tampines St. 62 (Parcel B). It smashed the 2018 record of the Sumang Walk EC site whose land rate was $583 psf ppr.
Meanwhile, PropNex observed that prices of new EC units have hit a fresh benchmark, with the average transacted unit price crossing $1,470 psf at Altura EC in Bukit Batok in 2023.
Given this, PropNex said: "Offering one or two more EC sites on each half-yearly GLS programme could help to give some assurance to developers that there is ample EC land supply, and this may, in turn, moderate the bid prices for such sites in public land tenders."
“As new ECs are more affordably priced compared with new private condos, having a larger supply of new ECs will also be a boon for home buyers and HDB upgraders,” PropNex added.
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