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 2,000 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).
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 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/ SC, 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 AT TAMPINES COURT ALONG TAMPINES STREET 11 THROUGH COLLECTIVE SALES
Biggest collective sale since 2007 for ex-HUDC estate; site could yield more than 2,000 new units
Developer Sim Lian has snapped up sprawling Tampines Court for a cool $970 million as the collective sale market here continues to sizzle.
It is the largest such deal for a former Housing and Urban Development Company property in a decade since Farrer Court changed hands for $1.34 billion in 2007.
The 560-unit development, in Tampines Street 11, went on the market last month after two previous failed attempts at a collective sale.
The price for the privatised property works out to about $676 per sq ft (psf) per plot ratio, said Mr Terence Lian, head of investment sales at marketing agent Huttons Asia. Each owner stands to get about $1.71 million to $1.75 million.
The developer will need to make two payments to the state - one for enhancing the intensity of the site to a gross plot ratio of 2.8, representing the maximum gross floor area to land area ratio, and another to top up the lease to 99 years, from the leftover tenure of 69 years.
The value of the premiums is about $359 million - on top of the sale price.
Mr Lian told The Straits Times: "After one week of rigorous negotiations, we have reached a satisfactory resolution on the conditions to the sale of Tampines Court."
Property industry watchers believe the 702,164 sq ft site could be turned into a project of about 2,000 to 2,100 new units - or as many as 2,600 units, if the site is stretched to its limits.
This could be both a boon and bane for Sim Lian, the watchers said.
Mr Galven Tan, CBRE director of capital markets, told The Straits Times: "It was mentioned in the media that there was only one bidder for the tender. It was the size of the development that really deterred participation."
Sim Lian will have a window of just five years to develop and sell all the units, if it is to avoid paying additional buyer's stamp duty on the land price, analysts cautioned.
Mr Nicholas Mak, executive director of ZACD Group, said: "Presently, there is no new condo project scheduled to be launched in the vicinity of Tampines Court. Hence, there would be few competitors for the new condo project on this site."
He estimated that the break-even price for the project would be between $1,050 psf and $1,150 psf.
CBRE's Mr Tan also noted that the land's cost to developers could be passed on to buyers in terms of slightly higher home prices.
There has been a bumper crop of collective sales here this year, with more potentially on the way.
Former HUDC estate Florence Regency went up for sale on Tuesday, with an asking price of at least $600 million, just a day after Normanton Park condominium residents launched a fresh tender.
Mr Tan said that more home owners could jump on the collective sale bandwagon in the next three to six months, which will appeal to developers looking to replenish their land banks.
This could reflect an expectation of stronger market sentiment over the coming year or so.
Source: Straits Times 24th August 2017
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