Home owners at Tampines Court may have thought that their collective sale was sewn up when a buyer was found, but the deal has become mired in technical hitches. The process is believed to have been delayed as developer Sim Lian Group awaits Planning Permission approval from the Urban Redevelopment Authority (URA).
Assuming Tampines Court is sold at S$970 million, this would be the biggest collective sale of a privatised HUDC (Housing & Urban Development Company) estate since the S$1.34 billion sale of Farrer Court in 2007.
Tampines Court has a land area of 702,164 sq ft and a 2.8 plot ratio (ratio of maximum gross floor area to land area). Experts estimate that the site could be potentially redeveloped into a new project with up to 2,609 units based on an average size (gross floor area) of about 753 sq ft. The Tampines Court site has a balance lease term of about 69 years.