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EC site in Tampines awarded for S$233.5m

PropertyGuru

By Romesh Navaratnarajah: The Housing and Development Board (HDB) has awarded a residential site (pictured) slated for an executive condominium (EC) development located next to The Tampines Trilliant to a consortium comprising Singxpress Property Development Pte Ltd, Creative Investments Pte Ltd and Kay Lim Realty Pte Ltd.

The developers jointly offered the top bid of S$233.5 million when the tender closed on 10 May 2012.

Located at Tampines Central 7/Tampines Avenue 7/Tampines Avenue 9, the 99-year leasehold site drew a total of six bids. With a total area of 20,750.50 sq m, it could generate 850 EC units with a maximum gross floor area (GFA) of 58,101.40 sq m.

Creative Investments is a wholly-owned subsidiary of Amara Holdings Ltd.

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Following the acquisition, the three developers will form a JV (joint venture) company to undertake the site's development, with Creative Investments holding a 40 percent stake, while Singxpress Property Development and Kay Lim Realty will hold 30 percent each.

"The project will be financed by internal funds from the group, bank borrowings and/or from other sources," said Amara. Related Stories: Singapore buyers 'invading' London

Foreign developers flock to Asia to boost sales

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