The Tampines St 94 mixed-use site saw 6 bids and a top bid of $1,004 psf ppr came from Hoi Hup and Sunway.
The level of participation was the highest since Nov 2023 where 6 bidders vied for Clementi Ave 1 site. It could be due to the choice location and developers’ growing confidence.
The site will be linked to Tampines West MRT station via an underpass. It is one train stop away from Tampines Regional Centre and a short drive to PIE. As it is a mixed-use site, residents will enjoy amenities right at their doorstep. The popular St Hilda’s Primary School is within 1km.
The confident bid may be due to the developer’s familiarity with Tampines. The outsized interest rate cut by the US Fed may be another reason. With a cut in interest rate, buyers can potentially qualify for a bigger loan and yet see a smaller monthly mortgage payment. This means that buyers previously sitting on the fence due to loan constraints can now buy their new home. More buyers will enter the market.