Tampines Court gets a bid of S$970m that comes with conditions

THE collective sale tender for Tampines Court, which closed on Tuesday, received a bid of S$970 million, above the reserve price of S$952 million.

"There are however conditions attached and the CSC (collective sales committee) is evaluating the same," said Terence Lian, head of investment sales at Huttons Asia, the marketing agent for Tampines Court's collective sale.

"We hope to wrap things up, ie, make an award within two weeks," he added.

He termed the tender result as "satisfactory", having crossed the reserve price and "considering the sprawling land size Tampines Court sits on".

Assuming Tampines Court is sold at S$970 million, this would be the biggest collective sale of a privatised HUDC (Housing & Urban Development Company) estate since the S$1.34 billion sale of Farrer Court in 2007.

Tampines Court has a land area of 702,164 sq ft and a 2.8 plot ratio (ratio of maximum gross floor area to land area). Mr Lian estimates that the site could be potentially redeveloped into a new project with up to 2,609 units based on an average size (gross floor area) of about 753 sq ft. The Tampines Court site has a balance lease term of about 69 years.