RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Sim Lian bids $970m on Tampines Court

Total sum to be paid will hit $1b.

Sim Lian bids $970m, or $655 psf, for the third attempt of a collective sale of Tampines Court.

According to DBS Equity Research, the total sum to be paid will be more than $1b. This makes it the second largest collective sale by quantum after Farrer Court in 2007.

The bid price of $655 psf includes a differential premium to intensify the site and lease-upgrading premium.

Once redeveloped, the site could bring about 2,609 residential units, with an average unit size of 70 sqm.

DBS analysts Rachel Tan and Derek Tan said, "We note that the tender has not closed pending the sellers/home owners accepting conditions put forth by Sim Lian. While we believe the project could be still profitable based on the price points, we note that there is a risk of ABSD if the development is not fully sold by the end of 5 years (estimated S$185m), given the huge size of the development."

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