Just a heads up. Treasure at Tampines is going to be the largest condominium development in Singapore with 2,203 units. This massive development is going to be built on the site of the former Tampines Court, along Tampines Street 11.
The developer, Sim Lian, acquired the site in an en bloc sale in August 2017, before the property cooling measures in July 2018. Tampines Court was a 560 unit, privatised HUDC development that sits on 702,164 square feet of land. The en bloc sale hit a minor hiccup when the developer had to submit a Pre-Application Feasibility Study to the Land Transport Authority (LTA) to access the traffic impact of the proposed redevelopment. Eventually, Sim Lian had to sacrifice 7 to 8 per cent of the land to build the slip road to the Pan-Island Expressway (PIE).
So what is in Tampines?
Tampines is Singapore’s first regional centre and now has about 200,000 square meters of office space and 112,000 square meters of retail space. It has 3 major shopping malls, Tampines Mall, Tampines One and Century Square. It also has the brand new Our Tampines Hub and Tampines Regional Library.
So where is Treasure at Tampines?
Technically it is sort of in the middle of three MRT stations. The nearest MRT station is Simei which is about 730 meters away. However, you would have to cross the PIE). Alternatively, Tampines MRT Station is about 861 meters and Tampines West MRT Station is about 894 meters away. It would be more practical to walk towards Tampines MRT Station. It is sheltered if you walk under the MRT track.
This is a huge development. Huge developments do have extremely comprehensive facilities. A large number of units means that the cost of maintenance can be shared by a larger group of people. This should mean that maintenance fees should be lower and facilities should be one of the most comprehensive.
The developer, Sim Lian, is a very experienced developer. They have completed numerous developments in Singapore like Carabelle, Clover by the Park, A Treasure Trove, The Lincoln Residences and The Pearl @ Mount Faber.
Tampines is a very matured estate. Food and retail options are as comprehensive as you can get all across Singapore. There are a market and food centre just next to Treasure at Tampines.
The location is not particularly optimal. Tampines MRT Station is a 10 to 15-minute walk away.
The sheer number of units that you are going to be competing with when you put up your unit for rent or sale. 2,203 units is really a massive development. Competition between buyers and tenants should be very fierce.
The price? We shall see perhaps. I really do think that the developer can afford to price this development more affordable as they purchased the plot of land for just about SGD$676 per square foot. With just about 60 new project launches happening in 2019, competition is going to be really high. Property buyers will have a huge array of developments to choose from.
For more information about Treasure at Tampines like brochures (will upload when released), price list and videos, visit the Invest Singapore Property page. I’m guessing Treasure at Tampines will be launching 1st quarter 2019?
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