Sim Lian Group Submits Top Bid 465 Mil Ec Site Tampines St 95
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Sim Lian Group successfully secured the top bid of $465 million for a 241,982 sq ft Executive Condominium (EC) site at Tampines Street 95. This translates to a record land rate of $768 per square foot per plot ratio (psf ppr) and has surpassed the previous high of $729 psf ppr set in August.Mohammed Sandrasegeran, the head of research and data analytics at Singapore Realtors Inc (SRI), stated that this narrow margin between bids indicates that developers are striking a balance between their optimism for future market conditions and the need to remain financially responsible. The Tampines Street 95 EC site, which has a gross plot ratio of 2.5, was released on August 22 under the Confirmed List of the 2H2014 government land sales (GLS) programme. It is estimated to yield around 560 EC units and received five bids when it closed on October 24. A decision on the award of the tender will be announced at a later date, as stated by HDB.A consortium led by Santarli Realty, Apex Asia, Kay Lim Holdings, and Heeton Holdings made the second-highest bid of $457.52 million, translating to a land rate of $756 psf ppr. However, Sim Lian’s offer barely edged out the second-highest bid by a mere 1.6%. According to Mark Yip, the CEO of Huttons Asia, EC sites in Tampines are typically highly sought-after and receive multiple bids from developers due to their success in launching projects in that area. He notes the strong sales performance of previous projects such as Tenet and Parc Central Residences.An upcoming Hoi Hup-Sunway JV mixed-use project is being developed diagonally across the road at Tampines Street 94, which will benefit the new EC project at Tampines Street 95 with its close proximity to the Downtown Line’s Tampines West MRT station. Huttons Asia’s Yip also mentioned that this site is near desirable schools such as Red Swastika School and St Hilda’s Primary School, making it appealing to families looking to upgrade from HDB flats. Sim Lian Group has previously developed projects in the Tampines region, such as the 2,203-unit private condo Treasure at Tampines and the 670-unit The Tampines Trilliant (EC). They have another upcoming EC, the 760-unit Aurelle of Tampines at Tampines Street 62, scheduled for launch next year.