Sim Lian Group submits top bid of $465 mil for EC site at Tampines St 95

Two business entities belonging to Sim Lian Group have submitted the top bid of $465 million for a 241,982 sq ft Executive Condominium (EC) site at Tampines Street 95. Sim Lian’s top bid translates to $768 psf per plot ratio (ppr). The EC site was launched on August 22 under the Confirmed List of the 2H2024 government land sales (GLS) programme. The site has a gross plot ratio of 2.5 and the new development is expected to yield about 560 EC units. The tender closed on Oct 24 and saw five different bids. According to a media announcement by HDB on Oct 24, a decision on the award of the tender will be announced later. Read also: Four in 10 HDB owners feel ECs still relevant but pricing concerns persist: PropNex Advertisement Advertisement A joint venture comprising SNC2 Realty, Apex Asia, Kay Lim Holdings, and Heeton Holdings, submitted the second highest bid of $457.52 million which translates to a land rate of $756 psf ppr. Other bids came from Sing Holdings which put in $439.55 million, CSC Land Group which put in $438.76 million, and a JV between Hong Leong Holdings and TID put in a $425.7 million bid. According to Mark Yip, CEO of Huttons Asia, EC sites in Tampines usually see strong participation and bids from developers as the EC projects in this area are able to achieve good sales on launch day, he says. He cites the recent sales performance of Tenent, an EC project at Tampines Street 62, which sold 447 out of 618 units in Dec 2022, while Parc Central Residences at Tampines St 86 sold 414 out of 700 units in Jan 2021. Yip says that Sim Lian’s familiarity with the Tampines region will be to its benefit if it is awarded the latest EC site. “Sim Lian is familiar with Tampines having built Treasure at Tampines and The Tampines Trilliant (EC). They have an upcoming EC in 2025, Aurelle of Tampines at Tampines St 62,” he says. He adds that the EC project will also benefit from its proximity to Tampines West MRT station on the Downtown Line, as well as an upcoming mixed-use project diagonal to it at Tampines St 94. This site was awarded to a Hoi Hup-Sunway JV on Oct 11. Read also: Qingjian-led consortium submits record bid of $729 psf ppr for Jalan Loyang Besar EC site Advertisement Advertisement “Tampines has seen a number of BTO launches in the past few years, and there is a large pool of potential upgraders looking to upgrade to an EC. The site is also within 1km to Red Swastika School and St Hilda's Primary School which are popular with parents,” says Yip.