The Tampines Treasury is about to become a barometer of how the property market will pan out in 2012 – The development will have 2,220 units and will be Singapore’s largest condominium. To put it in perspective of just how huge this is going to be, the last four property reviews I’ve done Fourth Avenue Residence With 476 units, The Woodleigh residence With 667 units, Kent Ridge Hill Residences With 548 units and Arena is home These four developments, including 98 units, have a rural total of 1,789 units, which is still about 81 percent of the single digits that will come to Tampines’ Treasure Market. The rumor was that the site was too big to be the only bidder for this development. The buyer will then have to sell all of the 2,203 units within 5 years of the acquisition of the land to avoid paying the additional buyer’s stamp duty (ABSD) on land value to Sim Lian.
Details about development
Treasure at Tampines is developed by Sim Lean, a 99-year leasehold development company. The development will be built on the site of the former Tampines Court along Tampines Street 3. The Tampines Court was a private HEDC development with 560 units. The size of this plot of land is 701,164 square feet. Sim Lean acquired Tampines Court for a block sale in August 2017 for $ 970 million. This means that each unit owner received approximately $ 1.71 million from SGD to $ 1.75 million from the combined sale. Previously, the development failed in two joint sales efforts on May 25 and 26. The price Sim Sim Lean paid was about $ 676 per square foot in plot ratio. Sim Lean will make two payments to the government, one to raise the site’s severity plot ratio to 2.5 and another to elevate the lease to 99 years, and the company will need to spend another SGD $ 359 million.
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Where is the development located?
Treasure at Tampines Located along Tampines Street 8 It is located near the entrance and exit of the PIE. It is located adjacent to Tampines Town Council and very close to a wet market, food center and other HDB shop houses in blocks 137, 138 and 139.
The drive to Tampines Mall is about 1.2km and will take 6 minutes.
The walk to Tampines Mall will take 16 minutes and cover 1.2 km. Walking is usually not sheltered, though you can take the longer route, as shown on the map above. Following the gray route means running down the sheltered MRT track. The path below the MRT track is also a park connector. This route will also take you to Tampines MRT Station, located along the East-West MRT Line.
If you are traveling to the Central Business District (CBD) in Singapore, it will take you 23 minutes and cost you 63 1.63. You can take the direct route or make a few lanes along the east-west line. Travel time is the same.
If you are traveling on Orchard Road, it will take you 25 minutes and it will cost $ 1.71.
If you are going from Tampines MRT Station to Changi Airport MRT Station, it will take you 12 minutes and it will cost $ 1.39.
Instead of traveling to the Tampines MRT station, you can cross the PIE to the CME MRT station. The distance and time taken at the Simi MRT station is the same. In this example you will cross the PIE to go to Simi.
From Simi MRT Station, it will take you 22 minutes to get to Raffles Place MRT Station and it will cost you $ 1.63. This is a direct train ride without any switch to another train line. I would recommend this as the ideal way to get to Raffles Place.
If you are traveling on Orchard Road, it will take you 24 minutes and cost you 1.67. You have to change the downtown line and then the north-south line. Alternatively, you can change the north-south line at the City Hall MRT station.
It will take 14 minutes from Simi MRT Station to Changi Airport MRT Station. It will cost $ 1.35.
Tampines West MRT Station is the third option for residents in the Tampines Treasure. The walking distance to this MRT station is about 1.1 km and it will take about 15 minutes. The route is rather unplanned.
The journey from Tampines East MRT Station to Raffles Place MRT Station will take 24 minutes and cost $ 1.71. You have to change the train lines on two occasions. You can also make changes to the Tampines MRT station and pick up the east-west line that will take you directly to the Raffles Place MRT station.
The journey up to Orchard MRT Station will take 27 minutes and will cost $ 1.75.
The journey to Changi Airport will take 10 minutes and will cost $ 1.29.
Selling point of development
The main selling point about development is its size. Due to the fact that there are 2,220 units, the economy of the scam gives treasure to Tampines. At other scales, there are developments in small boutiques with very high maintenance charges and still have very limited benefits. In fact, it’s not uncommon to see 1-bedroom units in small boutique development with maintenance fees of around $ 300 a month. Amenities may include only a very small pool and possibly a BBQ pit corner. Tampines will have tremendous benefits in the Treasure, and yet I expect maintenance fees to be reasonable. The opportunities should be very broad
The next selling point is that it is located right next to a wet market, food center and many of the HDB blocks right next to it.
Potentially bad thing about development
The development is not close to the MRT station. A more sensible alternative is to walk to the Simi MRT station which is still about 1.3km away. It is right in the middle of about 3 MRT stations which means it is close to none. Walking is not a refuge.
The traffic on Tampines Street 11 can be rather junk. As it is a single lane road. As the number of units in this particular area increases fourfold, traffic can cause more traffic. This is probably the reason that Sim Lean probably had to leave 5 percent of the land to make the Sleep Road on the Pan-Island Expressway.
My thoughts on development
Depending on the location, this probably isn’t the best. However, this has been the case with almost all new project launches at Tampines. There is not a condominium adjacent to an MRT station in Tampines. Due to the launch of a new project, it should be launched at a price per square foot which is higher than the resale market. If you are looking to purchase a development in the area for rent, I would personally think that options in the resale market like my Manhattan and Modena would offer better value. Transactions in My Manhattan are down slightly from $ 1,200 per square foot to $ 1,400 per person although there was one bedroom unit that made $ 1,518 per square foot. Modena prices range from $ 900 to $ 50 950 per square foot. These developments are located right next to the Simi MRT station and will easily attract tenants. These may be old developments, but I was looking to buy a unit to rent, the proximity to the MRT station would be the most important. Also, having 2,203 units would mean really intense competition for tenants.
Although this development is not purchased for rent, it should be done as a good development for your own stay. Being such a major development would mean that the benefits would be enormous and yet the maintenance charge could be kept affordable. Any client purchase treasure at Tampines should be purchased for their own stay. Choosing a good unit Having many units on offer should be challenging though. If buyers buy the right units, such as the main face and have a favorable layout they can do well in the long run. It would be wise to keep in mind that there are 2,220 units, and when buyers are willing to sell, competition is rampant. It will It is important to select the main unit or unit with unique selling points Which will be in the resale market in the future.
Treasure at Tampines
Pricing is 2.5 / 5
It is reported that during the initial launch, the developer sold 272 units per square foot on the square 1,280. It still leaves 1,931 units sold after the initial launch leaves I was hoping the developer would lower its price a bit so that more units could be relocated. Resale prices at Cue Bay Residences are hovering around $ 1,300 per square foot. I expect developers to take advantage of the initial hype where around, 000,000 visitors came to ShuffleTop. Going forward, it will be interesting to see what incentives the developer can bring to move more units.
I think the location is not the most ideal as it is not near the MRT station and it is located along a very short road. I think that Tampines Avenue 11 can be a bit crowded when the Treasure at Tampines is done.
Sim Lean Group is a highly experienced developer. It is very experienced in developing condominiums in the mass market. Recent events include Treasure Crest in Sengang, Wondervale in Choy Chu Kang and Hilion Residential in Bukit Panjang. I especially like their past development in Poison Park like the Sim Lian group giving great thought to improving them with their thought patterns.