Sim Lian bags Tampines site for S$543 million at record EC land rate

In a recent development, a joint venture led by Sim Lian Group successfully acquired an executive condominium (EC) site in Tampines for a total of S$543.28 million. The winning bid amounted to S$721 per square foot per plot ratio (psf ppr), marking a 2.5% increase over the previous record set at S$703 psf ppr for an EC site in Plantation Close. This demonstrates the growing confidence in the EC market, particularly in Tampines. PropNex Realty’s Wong Siew Ying predicts that the average selling price for the Tampines EC site is likely to exceed S$1,500 psf, indicating strong market potential. The Tampines site is strategically located close to upcoming MRT stations and future developments, making it a desirable choice for potential buyers.