Sim Lian Group Submits Top Bid 465 Mil Ec Site Tampines St 95
Sim Lian Group has emerged as the top bidder for a 241,982 sq ft 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), surpassing the previous high of $729 psf ppr set in August for an EC site at Jalan Loyang Besar won by a Qingjian Realty-led consortium.
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The EC site at Tampines Street 95 was launched under the Confirmed List of the 2H2024 government land sales (GLS) programme on August 22. With a gross plot ratio of 2.5, the site has the potential to yield around 560 EC units.
The tender for the site closed on October 24, attracting a total of five bids. HDB announced that a decision on the award of the tender will be made at a later date.
A joint venture comprising Santarli Realty, Apex Asia, Kay Lim Holdings, and Heeton Holdings submitted the second-highest bid of $457.52 million, translating to a land rate of $756 psf ppr. The winning bid by Sim Lian was only 1.6% higher than the JV’s bid, indicating that developers are maintaining a cautious approach in their financial commitments while remaining optimistic about future market conditions, according to Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI).
The remaining bids came from Sing Holdings, CSC Land Group, and a joint venture between Hong Leong Holdings and TID, with offers of $439.55 million ($726 psf ppr), $438.76 million ($725 psf ppr), and $425.7 million ($703 psf ppr) respectively.
According to Mark Yip, CEO of Huttons Asia, Tampines is a popular location for EC projects, as seen from the strong participation and bids from developers for this site. He pointed out that recent EC projects in the area, such as Tenet and Parc Central Residences, have achieved impressive sales on their launch day, selling 447 out of 618 units in December 2022 and 414 out of 700 units in January 2021 respectively.
Notably, Sim Lian is well-versed in the Tampines region, having developed the 2,203-unit private condo Treasure at Tampines and the 670-unit The Tampines Trilliant (EC). They are also set to launch another EC project, the 760-unit Aurelle of Tampines, at Tampines St 62 next year.
Yip further highlighted that the new EC project at Tampines St 95 will benefit from its proximity to Tampines West MRT station on the Downtown Line and an upcoming mixed-use project at Tampines St 94, awarded to a Hoi Hup-Sunway joint venture on October 11.
With several BTO launches in Tampines in recent years, the area has a large pool of potential upgraders looking to upgrade to an EC, making it an attractive location for developers. The site is also within 1km of Red Swastika School and St Hilda’s Primary School, highly sought-after by families with school-going children.