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. The previous record was set when a Qingjian Realty-led consortium won a bid for an EC site at Jalan Loyang Besar.
The Tampines Street 95 site was launched on August 22 under the 2H2024 government land sales (GLS) programme. It has a gross plot ratio of 2.5 and is expected to yield about 560 EC units.
The tender for the site closed on October 24, with a total of five bids. According to a media announcement by the Housing and Development Board (HDB), the decision on the award of the tender will be announced at a later date.
The second-highest bid of $457.52 million came from a joint venture comprising Santarli Realty, Apex Asia, Kay Lim Holdings, and Heeton Holdings. This translates to a land rate of $756 psf ppr, just 1.6% below the winning bid from Sim Lian.
Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), believes that the close margin between bids is a reflection of developers’ cautious optimism about future market conditions.
The impressive sales numbers of Tenet in the previous year has likely instilled a sense of confidence among developers about the potential of the area. This is evident from the rapid sale of 616 units, with an average price of $1,382 per square foot, as of October 10. Additionally, the location of Parcel B in a well-established neighborhood, in close proximity to Tampines North MRT Station and a future mixed-use development at Tampines Avenue 11, further adds to its appeal. The upcoming Aurelle of Tampines EC is also a contributing factor to this site’s attractiveness as it offers a strategic location and a promising future for potential buyers.
Other bids 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 typically see strong participation and bids from developers due to the area’s ability to achieve good sales on launch day. He points to the recent sales performance of Tenet, an EC project at Tampines Street 62, which sold 447 out of 618 units in December 2020, and Parc Central Residences at Tampines Street 86, which sold 414 out of 700 units in January 2021.
Sim Lian, the top bidder, is no stranger to the Tampines region, having developed the 2,203-unit private condo Treasure at Tampines and the 670-unit The Tampines Trilliant (EC). They also have an upcoming EC, the 760-unit Aurelle of Tampines at Tampines Street 62, scheduled for launch next year, according to Yip.
The new EC project at Tampines Street 95 is strategically located near the Tampines West MRT station on the Downtown Line and an upcoming mixed-use project diagonally across the road at Tampines Street 94, which was awarded to a Hoi Hup-Sunway joint venture on October 11.
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 within 1km of Red Swastika School and St Hilda’s Primary School, making it an attractive choice for families with school-going children.
