PROJECT DETAILS
Tampines Court, was sold to Sim Lian in a collective sales in the 2nd quarter of 2017 for S$970 million. This amount is higher than the reserve price of S$960 miilion. The owners of the 560 units development, a privatised HUDC, each got an average of S$1.75 million. Owners are under pressure as their estate is getting older and the resposibility of upgrading rests on their shoulders.
Tampines Court was built in the late 1980s by the former Housing and Urban Development Company (HUDC) in December 1985 and had a lease of 101 years. It has a land area of 702,964 sqft with 69 years left on its lease and a plot ratio of 2.8. It can potentially yield 1,600 residential apartments.
This land parcel is set in the Tampines Regional Centre, Eastern Region of Singapore, bounded by Tampines Street 11 and residents have easy access to Pan Island Expressway (PIE).
New Condo Launch at Tampines Street 11 at Former site of Tampines Court
New Condo Launch at Tampines Street 11 at Former site of Tampines Court
New Condo Launch at Tampines Street 11 at Former site of Tampines Court
New and upcoming condo at former site of Tampines Court
New and upcoming condo at former site of Tampines Court
Tampines Court a 99 years leasehold development located at 118 Tampines Street 11 Singapore 520118, in district 18 Completed in 1984 * Located near Simei MRT Station * Located close to Changi General Hospital and Tampines Park Amenities near Tampines Court* Schools include Temasek Polytechnic, Anglican High School, and Tampines Junior College * Located close to Eastpoint Mall where a host of amenities are readily available, such as supermarkets, restaurants, banks, and more * Tampines Town Centre, where there are bigger shopping malls such as Tampines Mall and Century Square
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| Project | New Condo at the former site of Tampines Court |
| Developer | Sim Lian |
| Location | Tampines Street 11 |
| District | 18 |
| Tenure | 99 years leasehold |
| Site Area | 65,306.94 square metres /702,964 square feet |
| GFA: | |
| Plot Ratio | 2.8 |
| Expected TOP: | |
| Total Units | Approximately more than 2,000 residential apartments |
| Total Carpark | |
| Development | Condo comprising of communal facilities |
| Unit Type: | |
| Architect | |
| Eligibility | SC, SPR and Foreigner can buy |
FACILITIES and SITE PLAN
The Facilities and Site Plan of New Condo in Tampines Street 11 are currently seeking approval from relevant authorities.
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RESIDENTIAL FLOOR PLANS
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TAMPINES OVERVIEW
One of the most visited retail and leisure destinations in Singapore, Tampines is home to large part of the popluation in the East. In the coming years, Tampines is poised to grow further with new housing, shopping facilities, more parkland and other amenities at Tampines North. Transport within Tampines will be augmented, including new rail lines like the Downtown Line that will offer residents shorter, more comfortable and convenient commutes.
New Condo at Tampines Street 11 at Former site of Tampines Court- Housing- Better living through a better environment
The new Tampines Town Hub will be Singapore's first integrated lifestyle hub in the heartlands, bringing retail, sporting and other community services together in one convenient space where residents can gather, interact and bond.
Tampines is set to become an integral part of Tampines. When fully developed, Tampines will provide about 21,000 new homes for Singaporeans. Transport and other facilities will accompany the building of Tampines North to ensure a highly liveable and well-connected living environment for residents.
Further developments that residents can look forward to include:
- Expansion of Changi Hospital
- A new Integrated Transport Hub (ITH) with MRT and bus interchanges co-located with residential and commercial uses after the completion of the DownTown Line (DTL) at Tampines Town Centre.
- New amenities to complement new homes in Tampines North
- In the longer term, Tampines North will also have two primary schools and two secondary schools and a new community centre.
New Condo at Tampines Street 11 at Former site of Tampines Court- Leisure- Green and blue spaces come alive
Parks and waterbodies are within easy reach of residents in Tampines including Sun Plaza Park, Tampines Eco Green and many neighbourhood parks. Residents also have convenient access to the nearby Bedok Reservoir. Park connectors running along Bedok Canal and along Sungei Tampines connect to the Eastern Coastal Loop, linking Tampines to East Coast Park and Pasir Ris Park. In the coming years, a number of initiatives will be implemented to ensure that most homes in Tampines will be within 400 metres of parks or park connectors. These include:
- Setting aside substantial park alnd in Tampines North for Boulevard Park and Quarry Park that will bring greenery to the door steps of residents
- A new Park connector running between Tampines Avenue 10 and Tampines Avenue 9 to link up the Bedok Reservoir Park and Pasir Ris Park
- New neighbourhood parks in Tampines Street 86 and off Tampines Avenue 9
New Condo at Tampines Street 11 at Former site of Tampines Court- Transport- Getting you there and back
Along the ITH at Tampines Town Centre, residents can look forward to smoother travel with these enhancements to roads and public transport services, includung:
- Enhanced Transport connectivity with 5 new MRT stations (Tampines West, Tampines Tampines East, Expo and Upper Changi) along the Downtown Line (DTL) which will be completed by 2017.
- Expansion of the cycling network in Tampines Town and new cycling routes in Tampines North
- Two new roads, Tampines Street 85 and Tampines Street 86
- Improvements along Tampines Expressway and Pan Island Expressway
- Extension of Tampines Street 82
- Improvements in Simei Street 3 (From Simei Avenue to Simei Street 1), Tampines Avenue 4, Tampines Avenue 5, Tampines Avenue 7, Tampines Avenue 9, Tampines Avenue 10, Tampines Street 82, Bedok Reservoir Road and Tampines Street 23/32.
- Realignment and wideing of Simei Road and Somapah Road
New Condo at Tampines Street 11 at Former site of Tampines Court- Economy- Quality jobs closer to home
New Developments in Tampines will boost the number of jobs available, giving residents the opportunity to work closer to home.
What residents can expect
- New Industrial sites within Tampines North along Tampines Avenue 10 and next to IKEA, Giant and Courts
- More employment and and educational opportunities from the continued development of Changi Business Park and Singapore University of Design and Technology (SUTD).
SIM LIAN WON TOP BID FOR CONDO SITE OF FORMER TAMPINES COURT THROUGH COLLECTIVE SALES
SIM Lian plans to develop a condo with more than 2,000 units on the Tampines Court site which has been awarded to it for S$970 million.
At S$970 million, this is the second-largest collective sale in dollar quantum after Farrer Court, which went for S$1.3388 billion back in 2007.
Inclusive of Tampines Court, eight collective sales totalling S$3.48 billion have been inked so far this year, surpassing the three deals worth a tad over S$1 billion for the whole of 2016, based on JLL's figures.
The year-to-date tally is the best showing since 2007, when S$11.52 billion of collective sales were done. JLL's figures cover collective sales across all property sectors.
Huttons Asia brokered the collective sale of Tampines Court, which is near Simei MRT Station. The tender closed on Aug 15 and was awarded on Tuesday night.
The property agency's head of investment sales, Terence Lian, estimates that the S$970 million price translates to S$676 per square foot per plot ratio inclusive of an estimated S$359 million that Sim Lian will have to pay to the state for differential premium (based on the current March 1, 2017 development charge or DC rates) and lease upgrading premium for topping up the site's lease to 99 years from the current balance lease term of 69 years.
The differential premium is payable for enhancing the intensity of the site to a gross plot ratio of 2.8.
The S$970 million price achieved for Tampines Court exceeds the reserve price of S$952 million in the collective sale agreement inked by the majority owners of the privatised Housing and Urban Development Company (HUDC) estate.
Owners controlling about 83 per cent of Tampines Court's share value and strata area have agreed to the sale so far.
The development comprises 560 units with sizes of between 1,658 sq ft and 1,733 sq ft across 14 blocks. Owners will receive sums ranging from S$1.71 million to S$1.75 million per unit.
Tampines Court is on a 702,164-sq-ft sprawling site. Based on the site's 2.8 plot ratio under the Urban Redevelopment Authority's Master Plan 2014, the site can accommodate a maximum gross floor area of nearly 1.97 million sq ft.
Ken Kuik, managing director of Sim Lian Holdings, said Tampines, a sought-after mature estate, is set to become more exciting with the expansion of Changi Airport.
"This, combined with the fact that new MRT stations are coming up in the Tampines area, will attract more residential property buyers as well as enhance the investment proposition for the area," he added.
The group is making the acquisition through Sim Lian (Treasure), a joint venture between Sim Lian Development and Sim Lian Land. The group will also handle the project's construction. "We're looking at a 12-storey project with easily over 2,000 units, ranging from one-bedders to four or even five-bedders," said Mr Kuik.
The group does not have any undeveloped residential land bank in Singapore. It has developed a range of housing projects in Tampines - The Premiere and Centrale 8 DBSS (Design, Build and Sell Scheme) projects for the Housing & Development Board, The Tampines Trilliant executive condo development and Waterview, a private condo.
A market watcher estimated that after factoring in an anticipated hike in DC rates come Sept 1, 2017 and other costs, Sim Lian's breakeven cost could be around S$1,200 psf.
The collective sale will be subject to approval by the Strata Titles Board (STB) and if necessary the High Court - unless unanimous approval from owners is obtained.
The property and construction group will have to finish developing the new project on the site and selling all of its units within five years from the collective sale order granted by the STB or the court - as part of the conditions for upfront remission of the 15 per cent additional buyer's stamp duty on the land price.
This is the third attempt at a collective sale at Tampines Court. The maiden effort for S$405 million was dismissed by the STB in 2008. A second attempt in 2011 failed to garner the required consent level from owners, according to earlier articles.
Source: Business Times 24th August 2017
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