Privatised HUDC estate Tampines Court (below), which was put up for sale for the third time, received a $970 million bid, which is subject to conditions, according to Terence Lian, head of investment sales at Huttons Asia, the marketing agent.

Inclusive of development charges and lease upgrading premium, estimated at $318 million, the land rate works out to about $655 psf ppr, Lian says. The site can house about 2,600 units with an average size of 753 sq ft.

The 560-unit Tampines Court sits on a 702,164 sq ft site and has about 69 years left on its original 101-year lease. Based on the 2014 Master Plan, the site has a gross plot ratio of 2.8. Should the sale go through, each owner at Tampines Court is likely to receive $1.7 million to $1.75 million.

Source: Huttons Asia

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