24 Aug '17, 3am

Sim Lian to build 12-storey condo at Tampines site

Sim 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. This makes Tampines Court the biggest collective sale since 2007, when Farrer Court was sold for S$1.3388 billion. Exceeding 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. The owners are set to receive between S$1.71 million and S$1.75 million each. SEE ALSO: Why the hype around properties with en-bloc potential? Nestled on a 702,164-sq-ft site, Tampines Court comprises 560 units spread across 14 blocks. The site can accommodate a maximum g...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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