Tampines Court's developer, Sim Lian, has snapped up sprawling the land parcel @ Tampines Street 11 for a cool $970 million as the collective sale market here continues to sizzle.
Tampines Court is a 560-units development along Tampines Street 11. Sits on a large area 702,164 sq ft, it will be redeveloped in near future. The new launch can be presented more than 2000 new apartments, many experts consider it can own maximum about 2600 units.
Currently, no much new condo but the upcoming project by Sim Lian will be launched in Tampines area, so, this is an exclusive advantage for this development. The competition is significantly reduce, Sim Lian almost has no competitor. They added.
The industry experts also attribute that the ONLY opponent of the future development is The Tapestry condo (former Tampines Avenue 10 condo), the latest residential condo in District 18.
The Tapestry makes it own prime address along Tampines Street 86, it consists of 861 Residential Units with various spacious layouts for any needs, spread over seven 15-storey blocks and expected to launch in mid-March 2018.
Designed by ADDP Architects LLP, the most prestigious architect company in property market, The Tapestry @ Tampines will be a new architectural masterpiece of Singapore. For further information about the gorgeous development, please kindly CONTACT US.
According to Head of investment sales at marketing agent Huttons Asia, Mr Terence Lian, the price for the private property is increased to $676 per sq ft (psf) per plot ratio. Each homeowner has the opportunity to get a big profit from $1.71 M to $1.75 M.
Mr Nicholas Mak estimated that the break-even price for the project would be between $1,050 psf and $1,150 psf.
Sim Lian will need to make two payments to the state - one for enhancing the intensity of the site to a gross plot ratio of 2.8, representing the maximum gross floor area to land area ratio, and another to top up the lease to 99 years, from the leftover tenure of 69 years.
The value of the premiums is about $359 million - on top of the sale price. In addition, they have to develop the development and complete the selling in 5 years. This avoids paying additional buyer's stamp duty on the land price.
Since Farrer Court, which was sold for $1.34 billion in 2007, Tampines Court is the largest such deal for a former Housing and Urban Development Company property.
Adapted from The StraitsTime, Aug 24, 2017.