It plans 680-unit project: 60% 4-room flats; 25% 3-room; the rest 5-room
SIM Lian Land, which emerged as the highest bidder for a site in Tampines designated for public housing under the Design, Build and Sell Scheme (DBSS), plans to build about 680 flats on the plot if awarded the site.
'About 60 per cent of the units will be four-room flats, another 25 per cent will be three-room flats and the remaining 15 per cent will comprise five-room flats,' Sim Lian Group executive director Diana Kuik told BT yesterday.
Sim Lian's top bid of about $178.2 million works out to about $261 per square foot of potential gross floor area. The tender drew five bids.
Sim Lian's price was about 22 per cent higher than the next highest offer of $213.62 per square foot per plot ratio (psf ppr) by Qingdao Construction (Singapore). A joint venture between Hoi Hup Realty and Sunway Developments offered about $205 psf ppr. Realty Consortium (a unit of Koh Brothers) bid $200.91 psf ppr.
The lowest offer of $110 million or $161.20 psf ppr was from Ho Lee Group.
The site will be sold on 103-year leasehold tenure inclusive of a four-year construction period.
DBSS gives developers an opportunity to design, develop, price and sell HDB flats to buyers who have to meet criteria set by the Housing & Development Board, including a monthly household income ceiling of $8,000.
The plot is next to Singapore's first DBSS project, The Premiere@Tampines, which was also developed by Sim Lian. That is fully sold.
As for the latest DBSS plot, Sim Lian hopes to launch the project around the third quarter of next year, says Ms Kuik.
In March this year, the group clinched a 99-year leasehold condo site at Tampines Ave 1/Ave 10, facing Bedok Reservoir, at a state tender.
It plans to build a 696-unit project to be named Waterview on this plot, with the majority of units being two and three-bedroom apartments. 'We'll probably launch the project around Q4 this year,' said Ms Kuik. Sim Lian paid $302 million or $421 psf ppr for the site.
Sim Lian also has available 62 units at its Clover By the Park condo in Bishan, which is still under construction. Most of these units are three and four-bedders and are priced in the high-$900 to $1,000 psf range. The 39-storey, 99-year leasehold project has a total of 616 units. It was released in June 2008.
Source: Business Times, 4 Aug 2010