A three-bedroom system at The Esparis, a condominium located at Pasir Ris Drive, was sold at a public auction by Huttons Group on June 16. A mortgagee sale, the building brought $1 million or 2% above its opening cost, says James Wong, head of auction as well as sales at Huttons.
The EC at Tengah Mrt Station and Tengah Town Is One of the Most Talked-About Developments in Singapore
The EC at Tengah MRT station and Tengah Town is one of the most talked-about developments in Singapore. This article will explore the recent Tender Bid for Copen Grand EC, which is led by CDL and MCL Land. We will also learn about the Green and Substainable Tengah District, which will integrate various green features and sustainable practices. Let’s get started!
A joint venture between CDL and MCL Land has won a EC site in Tengah New Town. Their bid of SGD 400.3 million, or $6,492 per square meter, is the highest bid in the EC land sale programme to date. This is the second successful bid by the CDL-MCL Land consortium. The first was for the Northumberland Road plot, which they bought in early May.
The development company plans to build 12 blocks of up to 14 storeys, with a total of 620 EC units. It will be designed to achieve a BCA Green Mark GoldPLUS rating, or Super Low Energy. Tan WH, the chief executive officer of MCL Land, said that the project will be close to the Tengah Neighborhood Hub, the upcoming Jurong Region Line and Orchard Road.
The Esparis is a 99-year leasehold building by City Developments that was completed in 2006. There are a total amount of 274 devices at the condominium. It is within a brief drive distance of facilities consisting of Pasir Ris East Community Club, White Sands as well as Downtown East shopping centers and also Pasir Ris Park.
The successful sale of the apartment at The Esparis comes not long after the public auction and also sales team at Huttons was developed. “We pride ourselves as a boutique auction house, leveraging on the staminas of Huttons’ 4,380 affiliates to market the buildings,” Wong states.
Looking ahead, Wong sights that mortgagee sales could get during the rest of the year as relief measures for customers end and also interest rate increases. “Owners have actually expanded more receptive towards using public auctions to sell their buildings over the years and will be our vital target segment. We see an expanding auction market in 2022 as well as past,” he adds.