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REVIEW TREASURE AT TAMPINES
I have been residing in Tampines for 13 years and I have seen many private developments launched in this estate from ECs to condominiums. However, there is one particular project that attracted my attention as the old development called Tampines Court, about 2.5 km from my home was rumoured to be the largest en-bloc potential project in this area.
After two failed collective sale attempts in year 2008 and 2011, this HUDC estate in Tampines Street 11 finally turned into the biggest collective sale since 2007.
Developer Sim Lian has poured out S$970 million into this former Tampines Court land acquisition compensating each unit’s owner about S$1.71 – S$1.75 million from the collective sale. It was so far the largest deal for a former Housing and Urban Development Company property in a decade since 2007 when Farrer Court changed hands for S$1.34 million.
The new development called Treasure at Tampines will be the largest condominium project in Singapore having 2,203 units within a site area of 648,889 sq ft.
Besides being a mega-project, this private condo caught my attention mainly because of its location. For someone who needs to fly frequently visiting parents in hometown, living in the east became my top priority. Being strategically located around Tampines South Flyover, this condominium gives me the feeling that I would soon reach Changi Airport once turning left.
To date, Treasure at Tampines has been sold for more than 50% of its total units. Considering the size of the development, the respond is very impressive that is no wonder this project was crowned as the best-selling development in 2019.
Though I personally like staying in the east however objectively, there are some unique selling points on this project making it attractive in terms of lifestyle and investment, therefore worth buying.
Location
Treasure at Tampines is located within a matured estate with developed amenities and very near to the town centre. These twenty-nine residential blocks of 12 storeys each are being constructed at Tampines Street 11 which is close to two expressways, PIE and TPE.
There are 5 MRT Stations running along the East-West and Downtown Lines, 2 Bus Interchanges and if you are driving, the direct access to Pan Island Expressway (PIE) via a future slip road (Tampines lane) from the development will link you to the city in approximately 20 minutes.
Developer
Treasure at Tampines is developed by Sim Lian Group, one of the veterans in Singapore real estate market, especially in developing mass market condominiums.
Sim Lian Development Group has been in the construction industry for more than 40 years. They are involved in building residential, retail, commercial, industrial and mixed developments with an outstanding track record.
When it comes to well-planned projects and quality workmanship, Sim Lian has a reputation for creating homes with high efficiency use of space in all areas and corners, from bedrooms, bathrooms, kitchens even balconies.
Facilities
To ensure that 2,000 households will be living happily together, 60% of the land will be dedicated to lush landscaping and 128 exciting facilities. The developer aims to impress the residents with ‘all facilities a condominium should have’ and ‘any facility you can ever think of’.
From 13 pools spreading out on its extensive grounds, 24-hours gym to urban farming areas, Treasures at Tampines will also be the first development to have cycling tracks inside with a provision of 320 bicycle parking lots.
The 24-hours gym itself will occupy a 240 sqm area, probably one of the largest for a condo in Singapore. It has smart community system which will enable residents to instantly book condo facilities, receive instant updates on gym occupancy and availability of car washing bays through its smart community app.
On top of that, the management will provide a 1-year complimentary shuttle services to Tampines MRT and Changi Airport, which sounds cool to me! Who does not like going to JEWEL anyway? The ambience has made that place our favourite family playground before COVID-19 attacked and I am actually wondering how its current situation and hoping that all businesses there are surviving.
Developed Amenities
Tampines has the reputation as the commercial centre of the East as well as being one of the most self-sufficient towns in the city-state. There are so many amenities that Tampines can boast about, nevertheless let us start from the nearest ones. Town Council and the iconic Tampines Round Market & Food Centre where you can buy fresh produce and enjoy the famous hawker foods are just next door.
The major attractions of the town such as Tampines Hub, Tampines Mall, Century Square and Tampines One shopping malls are also nearby, connecting feeder bus no 292 is just outside the condo. In addition to that, you can enjoy the convenience of heading to IKEA, Courts Megastore and Giant Hypermarket at Tampines Retail Park by taking the free shuttle bus services departing from outside Tampines MRT station.
If you are concerned about schools, this development is surrounded by most popular primary schools like St Hilda’s, Poi Ching and Gongshang, which are located beyond 1 km range from the project.
For those who are entering higher level of education, you have choices of good schools such as St Hilda’s secondary school, Ngee Ann secondary school, Tampines Junior College, Temasek Polytechnic and United World College South East Asia (UWCSEA) a well-known international school campus for expats and foreigners.
Low Entry Price
If there is a disadvantage of buying a new launch property, that would be, usually it is not possible to purchase them at below market price.
New launches have never been priced at lower per square foot prices than resale properties.
However, I think Treasure at Tampines is priced quite competitively. This project is recognized as one of the top 10 cheapest condo projects in Singapore for 2019 for having the lowest entry price point in that year.
Starting from just S$1,100 per square foot or S$585,000 for a 1 bedroom can be considered as a good entry price for both home buyers and investors. We all know that EC’s pricing is also averaging around this price or slightly lower, but how big is the chance to lay your hand on an EC remembering all the eligibility requirements you need to fulfil.
Below is the table where we can compare Treasure at Tampines price with other ongoing new launch projects within the same category.
PROJECT NAME | TENURE | ESTATE | AVERAGE PSF |
The Jovell | 99-Year Leasehold | Pasir Ris | S$ 1,292 |
Riverfront Residences | 99-Year Leasehold | Hougang | S$ 1,315 |
Parc Komo | Freehold | Changi | S$ 1,510 |
The Tapestry | 99-Year Leasehold | Tampines | S$ 1,377 |
Treasure at Tampines | 99-Year Leasehold | Tampines | S$ 1,331 |
Besides, there is an ongoing promotion of S$4,000 to S$10,000 discount based on unit types.
Rentability
Tampines as home to the first Regional Centre outside of CBD is considered as a major employment hub. As a key business hub in the East, this estate has several big companies such as UOB, OCBC, DBS, AIA, CDL, Hitachi, Singapore Airlines and many others established their offices in Tampines.
With that in mind and the close proximity to Changi Airport and Changi Business Park, we can expect a strong workforce in this area meaning a pool of potential tenants looking to live near their workplaces is already standing before you.
What I personally like about this project
- Proximity to Changi Airport. As described earlier, I love living near airport. Recalling the news on Terminal 2 slowly turning off the lights as a sign of ceasing their operation just makes me sad.
- Large scale project. If you ask, why I prefer a large scale development to a small one? Firstly, smaller developments usually have lesser transactions to support the demand of the project, causing them hardly have higher transactions in resale value. This condition makes the development upside as an investment property slimmer. Secondly, if you plan to rent out or sell in the future, tenants and buyers would prefer units in big scale developments which have more facilities. This means, a large scale development will have more rental and sale transactions within, creating a demand for the project itself. As such, the demand will gradually lead to a higher resale value.
- Generous living space and functional layout. Each unit is designed to have optimum layout, none of the space is wasted. The room type is designed to be generously spacious for big family. The common rooms are able to fit in queen size bed and still leaving plenty of walking space.
- Low maintenance fee. When you are buying a property, it is important to always check on the maintenance fee as it is actually an expense. Being a huge project, Treasure at Tampines could spread its maintenance expenses across 2,203 units within the development, making it affordable for its residents. It is estimated to start from S$150 to less than S$200 per month for 1 bedroom (463 sq ft) to 3 bedroom (947 sq ft). As for 3 bedroom premium (1,087 sq ft) to 5 bedroom (1,722 sq ft) the maintenance fee is estimated to be S$210 to S$264 per month. This is in fact, very low compared to other new launches which usually range from S$280 to S$420.
If you are looking for a property in Tampines or district 18, you may want to consider this project. Let me know if I could assist you further, I will be glad to be your property advisor.
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ABOUT ME
Lina Halim is on a mission to assist you in reaching your real estate goals.
As a Senior Associate Director with OrangeTee & Tie Pte Ltd, she takes the time to listen and understand your unique needs, only to plan and tailor a custom strategy that will help you acquire the specific property assets.
Never a fan of high pressure tactics, Lina centres her business on being committed, sincere and genuine with her clients.
She uses her real estate experience and property market knowledge to scope out only the most fitting opportunities for her clients.
Be it a need to get the right buyer or seller, she always put the client’s interest and ultimate goals as her priority.
