Tampines Court is once again going for en bloc sales after 82 percent of the residents agreed for collective sales. This is the third time Tampines Court will hit the collective sales market. The property is expected to sell for S$960 million.
The estate owned by former Housing and Urban Development Company (HUDC) went for collective sale in 2008, however, it was dismissed by the Strata Title’s Board. In 2011, the estate tried for en block sales again. Once again, the en block sales failed for it could not convince the residents to go for en bloc sales. In order to make collective sales, at least 80 percent residents must approve. That is according to The Straits Times.
The marketing agent Huttons says, “The buyer will have to pay S$348 million additional charges in order to top up the lease to a fresh 99 years.” Based on the additional charge and asking price, the plot ratio will be S$665 per sq ft.
Terence Lian, the investment sales head with Huttons Asia, said that each homeowner will be receiving around S$1.7 million and they are optimistic with the present market scenario. “They believe that there is an opportunity for them to launch the sale,” he says.
Tampines Court covers 702,000 sq ft area and still has 69 years left on its 99 years lease. There are 560 units between the size of 1,658 sq ft and 1,733 sq ft and spreads across 14 residential blocks.
According to Hutton’s, redevelopment will generate 2,100 housing units. The average size of each unit will be around 900 sq ft.
“The site is located in a mature estate,” says Lian. “It can be redeveloped into an eco-town, with larger apartments.”
If the en bloc sale is successful, this will be the biggest en bloc sale in a decade for a former HUDC property.
