Tampines Court, a former HUDC (Housing and Urban Development Company) estate, has been sold for SGD. $970 million in the largest en-bloc deal in a decade. Sim Lian Development clinched the sale, after a week of negotiations with the collective sales committee. This is the biggest en-bloc sale since Farrer Court went for S$1.34 billion in 2007.
Located at Tampines Street 11, the plot of land, at 702,164 square feet, is able to yield 2,600 units with each unit an average 753 sqf, or up to 2,100 units if the average is 1,000 sqqf. The sale price was above the asking price of S$952 million. Each owner will get between S$1.71 million and S$1.75 million each, depending on the size of the unit. At the sale price of S$970 million, it works out to be about S$676 psf, after taking into account additional estimated fees of S$359 million to top up the lease to 99 years and to enhance the intensity for the site’s use.
The impending sale showed the optimism in the property market. the site has an attractive location. Tampines remains a popular destination, given its regional-centre address and proximity to other key commercial nodes like Changi Airport and Changi Business Park. The new development to be constructed could entice buyers, as there have not been many new projects in Tampines.
On the sale price, Although the quantum is large, the land price is cheap by today’s standards, on a per square foot basis.The breakeven cost for the new project will range between S$1,050 per sqf to S$1,150 per sqf, The new development would likely be a large one with many blocks, but this also means that Sim Lian would have to price (the units) reasonably … as it would have to move this large number of units within five years.
Source: The Straits Times | https://www.straitstimes.com/business/property/tampines-court-sold-en-bloc-for-970m
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