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Tampines Court: Is the sale still on?

The developer Sim Lian Group is awaiting Planning Permission approval from the URA so that it can build more housing units on the site.

Worried at the lack of updates on the collective sale process, homeowners at Tampines Court wanted to know whether the sale of the development to Sim Lian Group is still on and if they could collect their sales proceeds in April, reported the Straits Times.

This comes as Sim Lian found itself entangled in technical issues.

The firm – which is engaged with the Land Transport Authority (LTA) over its proposal to upgrade two road junctions and construct a new link to the slip road leading to the Pan-Island Expressway – is awaiting Planning Permission approval from the Urban Redevelopment Authority (URA).

The road improvements are necessary so that it can increase the number of units to about 2,000 from the current 560.

And while it could take only 20 days to assess a development application, the process may take longer depending on the development proposal’s complexity and site constraints.

Meanwhile, veteran architect Tan Cheng Siong believes that en bloc sales are disruptive to communities and society, reported TODAYonline.

He revealed that the Land Titles (Strata) Act should be addressed since its provisions “encourage people to uproot from where they stay”, and adopt a “let’s get rich by destruction” mentality, instead of staying put to “add value” to the community.

“This is not quite appropriate especially if we want to encourage a sense of community, a sense of togetherness, and a sense of place in Singapore.”

Tan discovered this during a “voluntary conservation” project on Pearl Bank. Although he and his partner Daniel Law had secured 92 percent consent from the residents, the redevelopment did not push through as the law required unanimous consent.

“So you need 100 percent consent to protect a building, but 80 percent to strike it off the surface of the earth,” said the 81-year-old founder of Archurban Architects Planners.

If left unaddressed, Singapore will “reach a point when every home is just a market value to be realised or reaped very quickly”.

“This mentality and sentiment is not healthy for our younger generation,” he noted.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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Derby Court sold to Roxy-Pacific unit for $73.88mil

Third time’s a charm for Derby Court, which was sold for $ 73.88 million to Roxy-Pacific subsidiary, RH Developments Two Pte Ltd.

Based on the development’s “as built” gross plot ratio of 2.872, the sale price translates to a land rate of around $ 1,390 psf per plot ratio, said Tan Hong Boon, regional director at JLL, which is the property’s sole marketing agent.

JLL noted that owners of the development stand to receive between $ 3.36 million and $ 6.65 million in gross sales proceeds per unit, reported Business Times.

Nestled on an 18,506 sq ft freehold site, Derby Court comprises two penthouses and 18 apartment units. It is located along Derbyshire Road within the Novena locale, near the Anglo-Chinese School (Junior) and just across the road from St Joseph’s Primary Institution (Junior).

In an SGX filing, Roxy-Pacific revealed that it intends to finance the acquisition by bank borrowings and internal funds.

It added that the acquisition is “not expected to have a material impact on the group’s consolidated earnings and net tangible assets per share of the company for the current financial year ending 31 December 2017”.

 

This article was edited by Keshia Faculin.

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