Sim Lian Group Submits Top Bid 465 Mil Ec Site Tampines St 95
Sim Lian Group has emerged as the top bidder for an Executive Condominium (EC) site at Tampines Street 95, with a bid of $465 million. This translates to a record land rate of $768 psf per plot ratio (ppr) for ECs, surpassing the previous high of $729 psf ppr set in August.
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The site, which was launched on August 22 under the Confirmed List of the 2H2024 government land sales (GLS) programme, has a gross plot ratio of 2.5 and is expected to yield about 560 EC units.
A total of five different bids were submitted for the tender, which closed on Oct 24. Sim Lian’s bid narrowly beat the second-highest offer of $457.52 million, or $756 psf ppr, from a joint venture comprising Santarli Realty, Apex Asia, Kay Lim Holdings, and Heeton Holdings.
According to Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), the close margin between the bids suggests that developers are being cautious in their financial commitments, while also maintaining optimism about future market conditions.
Other bids for the site came from Sing Holdings ($439.55 million or $726 psf ppr), CSC Land Group ($438.76 million or $725 psf ppr), and a joint venture between Hong Leong Holdings and TID ($425.7 million or $703 psf ppr).
Mark Yip, CEO of Huttons Asia, notes that EC sites in Tampines usually see strong interest and bids from developers, as EC projects in this area have a track record of achieving good sales on launch day. For instance, Tenet, an EC project at Tampines Street 62, sold 447 out of 618 units in December 2022, while Parc Central Residences at Tampines Street 86 sold 414 out of 700 units in January 2021.
Sim Lian is no stranger to the Tampines region, having previously developed the 2,203-unit private condo Treasure at Tampines and the 670-unit The Tampines Trilliant. They also have an upcoming EC project, the 760-unit Aurelle of Tampines, scheduled for launch next year.
The new EC project at Tampines Street 95 is expected to reap the benefits of its close proximity to Tampines West MRT station on the Downtown Line, as well as an upcoming mixed-use project across the road at Tampines Street 94, which was recently awarded to a Hoi Hup-Sunway joint venture.
Yip adds that Tampines has seen several Build-to-Order (BTO) launches in recent years and has a large pool of potential upgraders looking to purchase an EC. The site is also located within a 1km radius of Red Swastika School and St Hilda’s Primary School, making it a desirable location for families with school-going children.