- The Straits Times
At a reserve price of S$952 million ($688 million), the collective sale of a sprawling 702,164 sq ft Tampines Court was set to become Singapore’s biggest en bloc sale in a decade just last week.
Today, this has become a reality, with Huttons Asia confirming the sale to housing developer Sim Lian Group who clinched the deal at S$970 million – S$18 million above the asking price – according to a report by The Business Times.
Each of the 560 owners of Tampines Court will receive between S$1.71 million and S$1.75 million, The Straits Times reported. These units range from 1,658 sq ft to 1,733 sq ft across 14 blocks.
Huttons Asia is the marketing agent for the former Housing and Urban Development Company (HUDC) estate.
Terrence Lian, senior division director and head of investment sales at Huttons, was quoted by BT as saying that the deal was reached “after one week of rigorous negotiation”.
The S$970 million bid comes with “conditions attached”, but these were not detailed in the report.
The offer works out to approximately S$676 per square foot of potential gross floor area, inclusive of two payments to the state.
According to BT, one of these payments is to enhance the intensity of the site to a gross plot ratio of 2.8, and the other is to top up the site’s lease to 99 years.
The site currently has 69 years leftover on its 101-year lease.
This deal is reportedly Singapore’s second most expensive since Farrer Court was sold en bloc for S$1.34 billion back in 2007.
For more information on the sale, read The Business Times.