{"id":64471,"date":"2017-08-24T09:48:11","date_gmt":"2017-08-24T02:48:11","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/sim-lian-to-build-12-storey-condo-at-tampines-site\/"},"modified":"2017-08-24T09:50:59","modified_gmt":"2017-08-24T02:50:59","slug":"sim-lian-to-build-12-storey-condo-at-tampines-site","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sim-lian-to-build-12-storey-condo-at-tampines-site\/","title":{"rendered":"Sim Lian to build 12-storey condo at Tampines site"},"content":{"rendered":"


\n\u00a0
\nSim Lian intends to develop a condominium project with over 2,000 units on the Tampines Court site, which it acquired for S$970 million, reported Business Times.
\nThis makes Tampines Court the biggest collective sale since 2007, when Farrer Court was sold for S$1.3388 billion.
\nExceeding the initial reserve price of S$952 million, the S$970 million price works out to a land rate of S$676 psf per plot ratio, inclusive of the differential premium of S$359 million for site intensification and topping up the lease to 99 years, said Terence Lian, head of investment sales at Huttons Asia, which brokered the sale.
\nThe owners are set to receive between S$1.71 million and S$1.75 million each.
\nSEE ALSO:\u00a0Why the hype around properties with en-bloc potential?
\nNestled on a 702,164-sq-ft site, Tampines Court comprises 560 units spread across 14 blocks. The site can accommodate a maximum gross floor area of around 1.97 million sq ft, based on its plot ratio of 2.8 under the Urban Redevelopment Authority\u2019s 2014 Master Plan.
\nA sought-after estate, Tampines is poised to become more exciting with the Changi Airport\u2019s expansion, noted Sim Lian Holdings managing director Ken Kuik.
\n\u201cThis, combined with the fact that new MRT stations are coming up in the Tampines area, will attract more residential property buyers as well as enhance the investment proposition for the area.\u201d
\nThe group is making the purchase via Sim Lian (Treasure), a joint venture between Sim Lian Land and Sim Lian Development. It will also handle the construction of the project.
\n\u201cWe\u2019re looking at a 12-storey project with easily over 2,000 units, ranging from one-bedders to four or even five-bedders,\u201d said Kuik.
\nA market watcher expects Sim Lian\u2019s breakeven cost to stand at around S$1,200 psf, after factoring in an anticipated increase in DC rates come 1 September and other costs.
\nThe en bloc sale will be subject to the Strata Titles Board\u2019s (STB) approval and if necessary the High Court, unless the owners\u2019 unanimous approval is obtained.
\nTo avoid paying additional buyer\u2019s stamp duty on the land price, Sim Lian will have to finish developing the project and sell all units in five years starting from the date the collective sale order is granted by the STB or the court.
\n\u00a0
\nThis article was edited by Denise Djong.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Sim Lian to build 12-storey condo at Tampines site<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 Sim Lian intends to develop a condominium project with over 2,000 units on the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-64471","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-gLR","jetpack-related-posts":[{"id":105365,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/treasure-at-tampines-moved-272-units-at-1280-psf-on-average\/","url_meta":{"origin":64471,"position":0},"title":"Treasure at Tampines moved 272 units at $1,280 psf on average","date":"March 25, 2019","format":false,"excerpt":"\r A Sim Lian spokesman said the developer was heartened by sales to date for Treasure at Tampines, which is located in one of Singapore\u2019s fastest growing regional centres. (Photo: Sim Lian) Treasure at Tampines sold 272 units at an average price of $1,280 psf during its launch weekend \u2013\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104979,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/treasure-at-tampines-to-launch-at-an-average-price-of-1280-psf\/","url_meta":{"origin":64471,"position":1},"title":"Treasure at Tampines to launch at an average price of $1,280 psf","date":"March 14, 2019","format":false,"excerpt":"\r Artist\u2019s impression of Treasure at Tampines, an upcoming launch with 2,203 condo units. Singapore\u2019s largest condominium to date, Treasure at Tampines, will be launched for sale this Friday (15 Mar), with units carrying an average price of around $1,280 psf. Jointly developed by Sim Lian Holdings and Sim Lian\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":105221,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/treasure-at-tampines-sales-launch-brought-forward\/","url_meta":{"origin":64471,"position":2},"title":"Treasure at Tampines sales launch brought forward","date":"March 21, 2019","format":false,"excerpt":"\r Close to 7,000 people visited the project\u2019s sales gallery recently. With 2,203 units, the project is touted as Singapore\u2019s largest condo. (Photo: Sim Lian) Following a \u201cvery encouraging response\u201d at the launch preview, the developers of private condo Treasure at Tampines have brought forward the sales launch of the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":79642,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tampines-court-is-the-sale-still-on\/","url_meta":{"origin":64471,"position":3},"title":"Tampines Court: Is the sale still on?","date":"February 12, 2018","format":false,"excerpt":"\r The developer Sim Lian Group is awaiting Planning Permission approval from the URA so that it can build more housing units on the site. Worried at the lack of updates on the collective sale process, homeowners at Tampines Court wanted to know whether the sale of the development to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":63808,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tampines-court-set-to-be-biggest-collective-sale-in-a-decade\/","url_meta":{"origin":64471,"position":4},"title":"Tampines Court set to be biggest collective sale in a decade","date":"August 16, 2017","format":false,"excerpt":"\r Built in 1985, Tampines Court sits on a huge 702,164 sq ft site.\u00a0 Following two failed attempts at a collective sale in 2008 and 2011, Tampines Court is poised to become the biggest en bloc sale of a former Housing and Urban Development Company (HUDC) estate in a decade,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":59606,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tampines-court-to-go-en-bloc-again\/","url_meta":{"origin":64471,"position":5},"title":"Tampines Court to go en bloc again","date":"July 3, 2017","format":false,"excerpt":"\r \u00a0 For the third time, Tampines Court will once again hit the collective sales market on Tuesday carrying an indicative price of S$960 million, after 82 percent of its owners consented to the sale. The former Housing and Urban Development Company (HUDC) estate\u2019s first attempt at an en bloc\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/64471"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=64471"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/64471\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=64471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=64471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=64471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}