Treasure At Tampines , Developer Sim Lian has purchased sprawling Tampines Court for $970 million as the collective sale market in Singapore continues. It is one of the mega deal for the former Housing and Urban Development Company property in 10 years since Farrer Court changed hands for $1.34 billion in 2007. The 560-unit development, in Tampines Street 11, went in the marketplace last month after two previous failed attempts at a collective sale. The cost for the privatised property computes to about $676 per sq ft (psf) per plot ratio, said Mr Terence Lian, head of investment sales at marketing agent Huttons Asia. Each owner stands to get about $1.71 million to $1.75 million. The developer should make two payments to their state – one for enhancing the intensity of the website to a gross plot ratio of 2.8, representing the maximum gross floor area to land area ratio, and another to top up the lease to 99 years, from the leftover tenure of 69 years. The worthiness of the premiums is approximately $359 million – on the top of sale price. Real Estate Industry watchers think that the 702,164 sq ft site might build into a project of approximately 2,000 to 2,100 new units – or as much as 2,600 units, if the developer and builder wanted to max out the entire site. Sim Lian will have a screen of just five years to develop and sell all the units, if it is to prevent paying additional buyer’s stamp duty on the land price, analysts cautioned. Currently, there’s no new launch condominium development project scheduled to be launched in the vicinity of Tampines Court. Therefore, we do not expect much competitors for this upcoming mega launch project. The estimated breakeven , (Formerly Tampines Court) Treasure At Tampines price for the project will be between $1,200 psf and $1,400 psf. Former HUDC estate Florence Regency went up on the market for an asking price of minimally $600 million, following day after Normanton Park condominium residents launched a new tender. Mr Tan stated that more home owners could jump on the collective sale bandwagon within the next three to 6 months, that’ll appeal to developers trying to replenish their land banks. This may reflect an expectation of stronger market sentiment over the coming year or so. Inspite of the recent sudden cooling measures imposed, sales could be observed at Park Colonial, Stirling Residences & Riverfront Residences. This however, gives developer the confidence of the marketplace sentiment in addition to the buyer power of potential customers remain healthy.