SINGAPORE: The Housing & Development Board (HDB) announced on Monday (Oct 9) that it has awarded a prime executive condominium site in Tampines Street 62 to a consortium comprising two subsidiaries of Sim Lian Group: Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd.

This decision follows an intense bidding process that culminated in a successful tender price of S$543,280,000.

The 99-year leasehold site, officially put up for tender on March 14, 2023, garnered significant attention from developers. Nine parties submitted their bids when the tender closed on July 18.

Working in collaboration, Sim Lian Land and Sim Lian Development proposed a winning bid of S$543.28 million, translating to an approximate floor area ratio (FAR) of $721 per square foot. This competitive offer secured the rights to develop the coveted site, estimated to accommodate approximately 700 residential units.

The project is mandated to be completed within five years.

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