Tampines Court up for en bloc sale

Tampines Court, a 22-year old HUDC development, is up for collective sale after obtaining an 80 per cent consensus from the owners.

The indicative value is $527 million.The development, which was privatised in 2001, sits on a 702,458 square foot (sq ft) site and has a plot ratio of 2.8 and a potential gross floor area of about 2 million sq ft. This is one of the largest en bloc sale sites available on the market said Mr Jimmy Teng, investment sales director of the Dennis Wee Group which is brokering the sale.

Prospective developers can be looking at building projects with around 1,700 units averaging 1,250 sq ft each.

“This translates into an estimated indicative value of $527 million for the leasehold site, inclusive of development charges and differential premium of approximately $107 million,” said Mr Teng.

“In an innovative move, the 702,459 sq ft site will be launched so that bidders may either opt to buy the entire site, or have the option of going for one of the two subdivided parcels of about half the size each,” said Dr Phang from Phang & Co, the en-bloc lawyer for Tampines Court.

Source: Weekend Today, 27 January 2007

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