SINGAPORE - Sim Lian Development has landed Tampines Court for S$970 million in the biggest collective sale here in the last 10 years.
Huttons Asia, the marketing agent for the ex-HUDC estate, confirmed the sale, reported earlier by The Business Times.
Farrer Court, sold en bloc back in 2007 for S$1.34 billion, still holds the record.
Each of the 560 owners of Tampines Court will receive between S$1.71 million and S$1.75 million, said Huttons Asia.
The winning bid topped the reserve price of S$960 million. At S$970 million, it translates 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, according to The Business Times. Tampines Court has 69 years left on its 101-year lease.
Tender for the property closed on Aug 15 but the offer came with conditions attached which the collective sales committee needed to evaluate.
Built in 1985, Tampines Court sits on a huge 702,164 sq ft site. The 560 units there range in size from 1,658 sq ft to 1,733 sq ft across 14 blocks.