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Thread: Tampines Court sold en bloc for $970m

  1. #61
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    Congrats to the newly or re-minted 560 millionaires. Time to go shopping!

    Another almost $1 billion injected into the re-sale market and economy. We need a few more hundred millions in the next 12 months!

  2. #62
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    Quote Originally Posted by Arcachon View Post
    Welcome to the real World.

    Notice HDB going taller, for those buying resale you know what to buy right.
    Privatised HUDC best bet for enbloc.

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    Quote Originally Posted by star View Post
    Privatised HUDC best bet for enbloc.
    3 years SSD

    On and after 11 Mar 2017
    Up to 1 year -------------------------- 12%
    More than 1 year and up to 2 years-- 8%
    More than 2 years and up to 3 years-- 4%
    More than 3 years --------------------- No SSD payable


    https://www.iras.gov.sg/irashome/Oth...tial-Property/

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    Quote Originally Posted by Arcachon View Post
    Welcome to the real World.

    Notice HDB going taller, for those buying resale you know what to buy right.
    Was simply quoting HP65's exact words in early 2011.

  5. #65
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    Quote Originally Posted by patches View Post
    Was simply quoting HP65's exact words in early 2011.
    That's why we need to be aware of kelongism in whatever we see posted online.

    People often have their agenda and their stance can change depending on which side of the boat they are on. Few will speak their honest understanding and interpretation all the time. I guess he must have been vested again since 2011.

    Most important is read and interpret the signs yourself.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    ........
    Last edited by HP65; 24-08-17 at 17:39.

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    Quote Originally Posted by patches View Post
    "I never believe in enbloc and will never support enbloc."

    Familiar words?
    Hahahaha

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    Quote Originally Posted by HP65 View Post
    ........
    Wise words from keyboard warrior, HP65, in January 2011. So much about smelling my BS. Wonder who is the bigger BS with an agenda.

    0 credibility, Mr Big Picture who doesn't believe and will never support en bloc, but so happen to be very strongly supportive of Normanton's chance. Haha!

  9. #69
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    6 years later you will also be a convert. And someone will pull one of your statements from 2017. You believe?

    Quote Originally Posted by patches View Post
    Wise words from keyboard warrior, HP65, in January 2011. So much about smelling my BS. Wonder who is the bigger BS with an agenda.

    0 credibility, Mr Big Picture who doesn't believe and will never support en bloc, but so happen to be very strongly supportive of Normanton's chance. Haha!
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    Quote Originally Posted by Kelonguni View Post
    6 years later you will also be a believer. You believe?
    Kelonguni, I have made my stand clearly in the Normanton thread where I think we will see an inflexion point in property en bloc wave in around 16 months, whether that takes the entire property market much higher or lower, we won't know. If you want me to have a long term view of 10-30 years, yes property is a safe asset as part of our investment allocation. Whether a good or poor entry point is dependent of one's perspective of market timing and opportunity. As many have already pointed out, today's market is a very fragmented one, where one can find opportunities with low downside.

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    Quote Originally Posted by patches View Post
    "I never believe in enbloc and will never support enbloc."

    Familiar words?
    Of course! I said it...glad you brought it up. Looks like you are a reincarnated nick! So which nick were you using before your life as Patch? Why do you need to change your nick ;-) You remember my words spoken awhile ago. Or you actually bother to trace all 526 past postings of mine to pick this out. Either way, I'm honored to have a follower here in condosingapore.

    Correct! I have changed my stance now....since you pointed it out....I'll tell you a secret why....

    Back then developers thought we owners were stupid. They played hard ball, offered low premium over what we can get from selling individually. They also thought they can buy from GLS if we do not sell.

    Unfortunately they lost out on opportunities and lately, they also got muscled out by China developers in GLS. They had no choice but to turn to enbloc route again and offer higher premium to sellers now. It also helped that prices has dropped in the last 2-3 years so it's also easier for sellers to get back into the market (good trade old for new/ newer properties although smaller) with the enbloc monies. So why not? I'm glad I'm vindicated for speaking up against enbloc back then. If not, how can we be in a better position now?

  12. #72
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    Quote Originally Posted by patches View Post
    Wise words from keyboard warrior, HP65, in January 2011. So much about smelling my BS. Wonder who is the bigger BS with an agenda.

    0 credibility, Mr Big Picture who doesn't believe and will never support en bloc, but so happen to be very strongly supportive of Normanton's chance. Haha!
    I think i have stated my agenda all along, i only want ppty prices to go up...1 way up, in a sustainable manner.....i am a multiple ppty owner...i want to make good money. Back in 2011, enblockers gonna lose out...now, its a different story. At this point of the price curve, take the money and reinvest unless you need the cash. And for investors with new ppty that can't benefit from the enbloc directly, enbloc will benefit us by:-

    1) reducing short term supply, thus boosting demand for the rest of us
    2) ultimately reintroducing supply that cost more for new buyers. So current investors ppty are `cheaper' in comparison.

    I have bare my soul...so what's my agenda
    Last edited by HP65; 24-08-17 at 22:14.

  13. #73
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    Quote Originally Posted by patches View Post
    Kelonguni, I have made my stand clearly in the Normanton thread where I think we will see an inflexion point in property en bloc wave in around 16 months, whether that takes the entire property market much higher or lower, we won't know. If you want me to have a long term view of 10-30 years, yes property is a safe asset as part of our investment allocation. Whether a good or poor entry point is dependent of one's perspective of market timing and opportunity. As many have already pointed out, today's market is a very fragmented one, where one can find opportunities with low downside.
    What kind of `stand' is that, hahaha...hand stand? Or Sitting on the fence...."whether market will go up or down, we won't know"....might as well not say it...joker.

  14. #74
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    It does sound like the Malaysia bomoh...

    It's either high up in the sky, or landed.

    Call a spade a spade.

    Quote Originally Posted by HP65 View Post
    What kind of `stand' is that, hahaha...hand stand? Or Sitting on the fence...."whether market will go up or down, we won't know"....might as well not say it...joker.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  15. #75
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    Quote Originally Posted by Kelonguni View Post
    It does sound like the Malaysia bomoh...

    It's either high up in the sky, or landed.

    Call a spade a spade.
    Anyway like you said, this is a ppty forum...so people who visit this forum will eventually buy ppty. So they will become a believer eventually ...and then they will change their nick...maybe call `Patch up" lol

  16. #76
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    Ha ha ha!
    Soon Kelonguni property will want to sell at Hermes price......... Don't think sparrow can become pheonix?

    Quote Originally Posted by HP65 View Post
    Anyway like you said, this is a ppty forum...so people who visit this forum will eventually buy ppty. So they will become a believer eventually ...and then they will change their nick...maybe call `Patch up" lol

  17. #77
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    Sparrow or Phoenix, mine are just nestlings.

    Not looking to sell at the moment. Even add 20% still not worth the various taxes and effort to sell.

    May buy one more if a suitable gap arises though.

    Quote Originally Posted by teddybear View Post
    Ha ha ha!
    Soon Kelonguni property will want to sell at Hermes price......... Don't think sparrow can become pheonix?
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  18. #78
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    Quote Originally Posted by Kelonguni View Post
    Sparrow or Phoenix, mine are just nestlings.

    Not looking to sell at the moment. Even add 20% still not worth the various taxes and effort to sell.

    May buy one more if a suitable gap arises though.
    Not sure how many you have....sounds like more than 2. Also not sure if you have kids, have 1 per kid and 1 for own stay is more than enough imo.

    My suggestion is look at other countries or other investments. Look for private equity venture...its rewarding and I don't mean financially alone. I lost monies in some of these companies (completely) but I learnt a lot and made a lot more friends (a lot younger too) in the process.

  19. #79
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    Yes, into those areas too. But the rent also depreciates as SGD still grows faster than some of these high growth SEA countries.

    Enough currently for 1 per kid plus 1 to stay. Also currently considering options to stay elsewhere in the medium to long term. SG is a fantastic place to work and have kids but the culture can be stifling. I do change my mind often about this though.

    Quote Originally Posted by HP65 View Post
    Not sure how many you have....sounds like more than 2. Also not sure if you have kids, have 1 per kid and 1 for own stay is more than enough imo.

    My suggestion is look at other countries or other investments. Look for private equity venture...its rewarding and I don't mean financially alone. I lost monies in some of these companies (completely) but I learnt a lot and made a lot more friends (a lot younger too) in the process.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  20. #80
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    I am sure that you will sell sooner or later because your 99-years lease will run down and when your property is >30 years old there will be few buyers (if any)................

    Quote Originally Posted by Kelonguni View Post
    Sparrow or Phoenix, mine are just nestlings.

    Not looking to sell at the moment. Even add 20% still not worth the various taxes and effort to sell.

    May buy one more if a suitable gap arises though.

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    Quote Originally Posted by teddybear View Post
    I am sure that you will sell sooner or later because your 99-years lease will run down and when your property is >30 years old there will be few buyers (if any)................
    Don't made me sing the same song again.

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    Most likely my child(ren) holding the LH or FH will get to make the decision after I pass on. I most likely will opt not to sell given the trend of shrinking sizes especially the one for own stay.



    Quote Originally Posted by teddybear View Post
    I am sure that you will sell sooner or later because your 99-years lease will run down and when your property is >30 years old there will be few buyers (if any)................
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  24. #84
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    Quote Originally Posted by Kelonguni View Post
    Most likely my child(ren) holding the LH or FH will get to make the decision after I pass on. I most likely will opt not to sell given the trend of shrinking sizes especially the one for own stay.
    Agree. I get what you mean bro. I have a hard time letting go of space (2,800 sqft) in my Meyer Road dwelling. When I look at Duo 4 bedder (1,900 sqft) and compare against the $11 mil penthouse (3,200 sqft), I am staring at reality. Its either I move further away or I really, really downgrade in size. There is no way I can afford $11 mil at Duo PH.

    Whatever we talk about LH or FH etc, sometimes it is not us who will make the decision to sell or stay. We just hope for the best they will make the best decision for themselves. We just need to do our part.

    PropVestor

  25. #85
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    Default Tampines Court sold en bloc for $970m

    Tampines Court sold en bloc for $970m

    AUG 24, 2017

    Biggest collective sale since 2007 for ex-HUDC estate; site could yield more than 2,000 new units

    Annabeth Leow


    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.


    Other collective sales this year

    Seven other deals on collective sales have been sealed so far this year, to the tune of $2.5 billion. This is far more than the three deals, worth $1 billion, for all of last year.

    ONE TREE HILL GARDENS

    The Strata Titles Board last Friday approved the year's first collective sale, which took place in May. The site went to Lum Chang Holdings for $65 million, and the developer plans to redevelop it into semi-detached houses and bungalows.

    CITIMAC INDUSTRIAL COMPLEX

    A freehold industrial site at the junction of MacPherson and Paya Lebar roads, the 110- strata-unit property was snapped up in late July by an unnamed foreign buyer for $430.1 million.

    SERANGOON VILLE

    July also saw the former HUDC estate in Serangoon North Avenue 1, on a 296,913 sq ft triangular-shaped plot, sold for $499 million to an Oxley Holdings-led consortium.

    THE ALBRACCA

    The condominium in Meyer Road changed hands in July for $69.1 million in a deal with developer Sustained Land, and could be redeveloped into a 65-unit high-rise project.

    EUNOSVILLE

    The privatised HUDC property was sold in June for $765 million to a Jardine Matheson Group unit, MCL Land. The owners had asked for just $643 million to $653 million when launching the site for tender.

    RIO CASA

    The former HUDC estate in Hougang Avenue 7 was sold in May for $575 million to Oxley- Lian Beng Venture, a joint venture comprising KSH Development, Oxley Holdings, Lian Beng Group and Apricot Capital.

    GOH & GOH BUILDING

    Alika Properties, a unit of BBR Holdings, in May snapped up the freehold property at 110 to 122 Upper Bukit Timah Road for $101.5 million. It comprises seven apartments and seven shops.

  26. #86
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    There is almost 100% certainty they will sell before the property reaches 99-years of age, but at the same time cursing why leave a 99-years leasehold property to them that will surely depreciating in price over time. If only they inherited a freehold property and the price will only increase with inflation and not depreciate as the 99-years deadline nears..............

    Quote Originally Posted by Kelonguni View Post
    Most likely my child(ren) holding the LH or FH will get to make the decision after I pass on. I most likely will opt not to sell given the trend of shrinking sizes especially the one for own stay.

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    Sim Lian plans over 2,000 units at Tampines site

    It will pay S$970m or S$676 psf ppr for Tampines Court collective sale; YTD en bloc sale tally of S$3.48b is the best showing since 2007

    August 24, 2017


    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.

  28. #88
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    So hold forever and ever nobody buys is better?

    Quote Originally Posted by teddybear View Post
    There is almost 100% certainty they will sell before the property reaches 99-years of age, but at the same time cursing why leave a 99-years leasehold property to them that will surely depreciating in price over time. If only they inherited a freehold property and the price will only increase with inflation and not depreciate as the 99-years deadline nears..............
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    Quote Originally Posted by teddybear View Post
    There is almost 100% certainty they will sell before the property reaches 99-years of age, but at the same time cursing why leave a 99-years leasehold property to them that will surely depreciating in price over time. If only they inherited a freehold property and the price will only increase with inflation and not depreciate as the 99-years deadline nears..............
    I don't mind my father leave me a 99 years leasehold property, problem is he don't even have one when he die.

    He is the best father to me, I learn what he do and do my best not to follow him.

    To my Son I give him all the knowledge I know and ask him to do it better.

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    Quote Originally Posted by reporter2 View Post
    Sim Lian plans over 2,000 units at Tampines site

    It will pay S$970m or S$676 psf ppr for Tampines Court collective sale; YTD en bloc sale tally of S$3.48b is the best showing since 2007

    August 24, 2017


    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.
    My friend ask me what property is good to buy.

    He told me about another property agent friend who told him about Tampines Court a few year ago good to buy but he did not buy.

    I told him it is a waste of my time for me to explain what is good to buy because it will be another Tampines Court.

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    Replies: 0
    -: 12-06-19, 18:47
  2. TripleOne Somerset sold for $970m
    By reporter2 in forum HDB, EC, commercial and industrial property discussion
    Replies: 1
    -: 27-12-13, 17:20
  3. Tampines Court attemps en-bloc for the 2nd time
    By DuffyDuck in forum En Bloc Discussion and News
    Replies: 11
    -: 04-02-11, 18:37
  4. Melrose Court sold for S$44m in en bloc sale
    By sleek in forum En Bloc Achieved
    Replies: 3
    -: 02-09-10, 14:37
  5. Tampines Court being sold for $405m: sources
    By mr funny in forum En Bloc Achieved
    Replies: 1
    -: 28-03-07, 23:30

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