However, Treasure at Tampines lies closest to Tampines Central, where shopping malls such as Tampines Mall, Century Square and also Tampines One are positioned, along with the major public transport nodes, states Alan Cheong, executive supervisor of study & consultancy at Savills Singapore.
Sim Lian Team purchased Tampines Court en bloc for $970 million in August 2017. The cumulative sale of the former 506-unit, privatised HUDC estate located along Tampines Method 11 was the largest in a decade– given that the previous 638-unit Farrer Court, also a privatised HUDC estate, went for $1.34 billion in June 2007. Farrer Court has actually since been redeveloped into the 1,715-unit d’Leedon, which was finished in 2014.
Although the cost of $970 million is hefty, it translates to a land rate of $655 psf per story ratio (ppr), which, in hindsight, is fairly low. “This implies that the developer has the adaptability of pricing the task,” states ET&C o’s Ong.
Besides, in January 2019, joint-venture partners Hoi Hup Realty and Sunway Dope paid $434.45 million ($ 578 psf per story ratio) for an executive condo (EC) site at Tampines Method 10, in the prompt vicinity of The Alps Residences. ZACD’s Mak expects the asking price of the brand-new EC project to be about $1,100 psf, given the land cost.
As the starting price of Treasure at Tampines is near the approximated asking price of the future EC project, “the disadvantage danger is limited”, states Alvin Tan, executive supervisor as well as head of task advertising and marketing at PropNex. “Prospective buyers could for that reason anticipate prospective capital admiration as well as rentability of the units upon completion,” he includes.
One of the major attributes of the previous Tampines Court is its area within the fully grown estate of Tampines, according to Kuik Sing Beng, executive supervisor of Sim Lian Team in an e-mail action to EdgeProp Singapore. “By redeveloping this remarkably well-located parcel, we are looking to add worth to the home sector as well as property owner in Tampines,” he includes.
Kuik checklists 4 various other vital characteristics that the site possesses: “Connectivity to major transportation nodes; simple accessibility to amenities as well as lifestyle eases; distance to reliable institutions; as well as proximity to the Air travel Center of Singapore, with the opening of Gem Changi Airport and Terminal 5.”
Treasure at Tampines is near not just one, yet four MRT terminals– Tampines, Tampines West, Tampines East as well as Simei– which are each positioned within a 10- to 15-minute walk away, states PropNex’s Tan. It is additionally near significant business parks as well as industrial estates such as Changi Company Park, Pasir Ris Wafer Fab Park and also Loyang/Changi Industrial Estate.
