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-breaking land rate of $768 psf per plot ratio (ppr), overtaking the previous high of $729 psf ppr set in August for the Jalan Loyang Besar EC site won by a Qingjian Realty-led consortium. The site, 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. The tender, which closed on Oct 24, received a total of five bids. However, a decision on the award of the tender will only be announced at a later date, as announced by HDB. The second-highest bid of $457.52 million (land rate of $756 psf ppr) came from a joint venture comprising Santarli Realty, Apex Asia, Kay Lim Holdings, and Heeton Holdings. The Sim Lian offer narrowly outpaced the joint venture by just 1.6%. 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 balancing their optimism about future market conditions with the need to remain prudent. The other bids came from Sing Holdings ($439.55 million, $726 psf ppr), CSC Land Group ($438.76 million, $725 psf ppr), and a joint venture between Hong Leong Holdings and TID ($425.7 million, $703 psf ppr). Huttons Asia CEO Mark Yip notes that EC sites in Tampines typically attract strong participation and bids from developers, given the good sales performance of EC projects in the area. He cites the recent sales of Tenet and Parc Central Residences, both in Tampines, as examples. According to Yip, Sim Lian is familiar with the Tampines region, having developed Treasure at Tampines and The Tampines Trilliant (EC). Their upcoming 760-unit EC, Aurelle of Tampines, is scheduled for launch next year. Besides its convenient location near Tampines West MRT station on the Downtown Line, the new EC project will also benefit from an upcoming mixed-use development across the road at Tampines Street 94, awarded to a Hoi Hup-Sunway joint venture on Oct 11. Moreover, Tampines has seen several BTO launches in recent years and has a large pool of potential upgraders looking to upgrade to an EC. The site is also within 1km of highly sought-after schools such as Red Swastika School and St Hilda’s Primary School.
IMM Building, also referred to as Singapore’s largest outlet mall, boasts a variety of over 90 outlet stores offering unbeatable discounts on top brands throughout the year. In addition to its impressive fashion options, IMM is home to a strong selection of furniture and home furnishing stores, including the popular IKEA, making it a go-to destination for homeowners looking to furnish their new apartments at Novo Place EC. Furthermore, the mall offers a diverse mix of food outlets, perfect for shoppers to grab a full meal or a quick bite. Don’t forget to check out Novo Place EC while you’re there!