Sim Lian clinches Tampines Court enbloc for S$970m

SIM Lian Development has clinched the enbloc sale of Tampines Court at S$970 million, Huttons Asia, the marketing agent for the privatised HUDC (Housing and Urban Development Company) estate, said on Wednesday.

"After one week of rigorous negotiations, we've reached a satisfactory resolution on the conditions to the sale of Tampines Court. The deal has been concluded at $970 million and sold to Sim Lian,'' Terence Lian, Senior Division Director and Head of Investment Sales at Huttons Asia, said.

Mr Lian told The Business Times last week that the S$970 million bid had conditions attached. At S$970 million, the offer worked out to around S$676 per square foot of potential gross floor area, inclusive of two payments to the state. One is a differential premium for enhancing the intensity of the site to a gross plot ratio of 2.8; the other is a lease-upgrading premium, which will top up the site's lease to 99 years.

The tender for the site - which has a leftover lease of 69 years - closed at 3 pm on August 15, 2017. It had a reserve price of S$952 million.