For the third time, Tampines Court will once again hit the collective sales market on Tuesday carrying an indicative price of S$960 million, after 82 percent of its owners consented to the sale.
The former Housing and Urban Development Company (HUDC) estate’s first attempt at an en bloc sale in 2008 was dismissed by the Strata Title’s Board while its second try in 2011 failed to obtain the requisite 80 percent approval of the owners, reported The Straits Times.
According to marketing agent Huttons, the buyer of the 560-unit development will have to pay S$348 million worth of additional charges to top up the lease to a fresh 99 years and for intensifying the land use.
The extra charges and the asking price translates to a land rate of S$665 per sq ft per plot ratio.
Huttons Asia investment sales head Terence Lian said the home owners, who stand to receive around S$1.7 million each, are upbeat of the current market sentiment.
“They realise that there is a small window of opportunity now for them to launch the sale.”
Nestled on a 702,000 sq ft site, Tampines Court has around 69 years left on its lease. It features 560 units spread across 14 residential blocks, with sizes ranging between 1,658 sq ft and 1,733 sq ft.
Huttons noted that the site can be redeveloped to offer 2,100 housing units with an average size of 900 sq ft.
“The site is in a mature estate and has the potential to be redeveloped into an eco-town, with larger apartments that are suitable for families,” said Lian.
If successful, it will be the biggest en bloc sale deal for a former HUDC property in a decade.
This article was edited by Denise Djong.