12/03/2019
Treasure at Tampines – where exciting facilities abound
The new private condominium has an enviable location – Near the popular Tampines regional centre, five MRT stations, the upcoming Jewel Changi Airport, as well as Singapore’s largest community and lifestyle hub, Our Tampines Hub.
One of the most anticipated new projects to be launched this year is Treasure at Tampines. The 2,203-unit private condominium sits on a sprawling area of approximately 648,889 sq ft along Tampines Street 11.
Given the scale of the project, the developer, a joint venture between Sim Lian Land and Sim Lian Development, is providing 128 condo facilities, says Christine Sun, head of research and consultancy at OrangeTee & Tie. They include double the number of facilities found in a typical condo: 13 swimming pools, two kids’ playgrounds, spa facilities, barbeque pavilions, 24-hr large gym facilities, whirlpool bath jets, sports court, tennis courts and barbeque pits. These bring unparalleled convenience for residents of the project, she adds.
Being in a mature estate, Treasure at Tampines boasts many amenities that are within walking distance – for instance, Tampines Round Market and Food Centre, where residents can buy fresh produce. The food centre also has popular hawker stalls such as Sarawak kolo mee, Hai Chang Fish Head Steamboat, Rajarani Thosai, Xing Ji Wanton Mee and Chai Chee pork porridge.
CONVENIENCE AND ACCESSIBILITY
“The main draw of Treasure at Tampines is its convenience and accessibility,” says Eugene Lim, key executive officer of ERA Realty. The project is located within close proximity to two bus interchanges and five MRT stations including Tampines West on the Downtown Line and Simei on the East-West Line. The Tampines Regional Centre is also situated nearby. Residents who drive will have direct access to the Pan-Island Expressway (PIE) via a new slip road – Tampines Lane.
Treasure at Tampines is also located near popular schools, such as St Hilda’s Primary and Secondary Schools, Temasek Polytechnic, Singapore University
of Technology and Design, United World College (SEA) and One World International School (Changi Campus).
“There’s a huge workforce in the vicinity – including those at Changi Business Park, Tampines Regional Centre, Tampines Wafer Fab Park as well as Tampines and Loyang industrial parks,” says Ismail Gafoor, executive chairman and CEO of PropNex.
Treasure at Tampines will also appeal to the working population at Changi Airport, Paya Lebar Central and Seletar Aerospace Park which are easily accessible via the Tampines Expressway (TPE). When completed by 2029, the Cross Island Line will connect residents to the Aviation Park and Changi East Depot stations.
SUBURBAN RETAIL HAVEN
Within a five-minute drive from the development is Our Tampines Hub, Singapore’s largest integrated community and lifestyle hub. Facilities at the integrated hub include a 30-lane bowling centre, festive arts theatre, the five-storey Tampines Regional Library, festive mall and community club.
The hub also has six rooftop swimming pools, the largest kids’ playground in Tampines, and an arena with four tennis courts, two futsal courts and one hockey court.
For more shopping options, Century Square, Tampines One and Tampines Mall are located just across the street from Our Tampines Hub. After a nine month revamp costing $60 million, Century Square re-opened in June last year with over 130 retailers featuring 45 F&B establishments including renowned chicken rice chain Boon Tong Kee’s first shopping-mall outlet, Haidilao Hotpot and Nakhon Kitchen.
The mall also features a new hybrid dining-grocery model called Mahota Market as well as a level catering for families and children anchored by childcare centre The Orange Academy and The Learning Lab enrichment centre.
Elsewhere, Tampines Retail Park is a 10-minute drive from Treasure at Tampines. The retail park features mega stores such as Ikea Tampines, Courts Megastore and Giant Hypermarket.
Also within a 10-minute drive is Changi Airport, where the new Jewel mixed-use retail and lifestyle destination is scheduled to open later this year. When completed, Jewel will have more than 280 retail options including new-to-Singapore brands such as American casual dining restaurant Shake Shack, Burger & Lobster, Swiss chocolatier Läderach, and Pokémon Centre Singapore, the firm’s only permanent retail store outside Japan. Meanwhile, A&W fast food chain is making a comeback in Singapore after a 15-year hiatus and will open its first outlet at Jewel.
OPPORTUNITY TO LIVE IN A MATURE ESTATE
According to OrangeTee & Tie’s Sun, “Tampines is one of the most vibrant estates in the East. Being a mature estate, it boasts amenities, schools, ample shopping malls and supermarkets like YES and NTUC FairPrice”.
Treasure at Tampines will have a mix of one to five-bedroom units (463 sqft to 1,722sqft) to appeal to a broad base of buyers – from singles, to millennial couples, dual-income couples with no kids, families with young children, HDB upgraders and multi-generational families. PropNex’s Gafoor expects Treasure at Tampines to see “a good take-up rate”, especially among newly-weds and HDB upgraders in the area.
The smaller units will prove to be attractive among investors, besides families and upgraders, notes Gafoor. “These units will be able to enjoy a relatively attractive rental rate owing to their proximity to the MRT stations and surrounding workplaces.”
Hence, the development will appeal to investors who are looking for a value buy in a mature estate with a ready catchment of potential tenants.
PRICED AT A “SWEET SPOT”
Treasure at Tampines is likely to be priced “at a sweet spot” attractive to buyers. So far, the projects launched over the past five years have been those built on government land sale (GLS) sites located along Tampines Avenue 10/Tampines Street 86 (see table).
The most recent land tender at Tampines Avenue 10 was for an executive condo (EC) site that was sold for $434.45 million or $578 psf per plot ratio (ppr) in January. The 268,386 sq ft site has a gross plot ratio of 2.8, which means it can be redeveloped into a new EC project with an estimated 695 units. The site was won by a joint venture between Hoi Hup Realty and Sunway Developments.
Based on the land price, PropNex’s Gafoor reckons the new EC project at Tampines Avenue 10 is likely to be launched at prices upwards of $1,000 psf.
Those projects at Tampines Avenue 10 have their own catchment. “Location-wise, Treasure at Tampines is closer to the regional town centre and MRT stations,” says ERA’s Lim.
ESTABLISHED TRACK RECORD
The developers, with a track record spanning over four decades, are no stranger to developing largescale projects. Past projects include A Treasure Trove at Punggol Central, Waterview, four EC developments, the latest being the 504-unit Treasure Crest at Anchorvale Crescent in the northeast region of Sengkang, which was completed in September 2018.
Another mixed-use development by Sim Lian is the 546-unit Hillion Residences private condominium, which sits on top of Hillion Mall, linked directly to the Bukit Panjang MRT Station on the Downtown Line. The project was completed in September 2017.
Another significant development is Vision Exchange in Jurong Lake District, Singapore’s second CBD. Completed in January 2017, Vision Exchange is a mixed-use development that contains a 25-storey tower with a mix of 640 office units, 53 medical suites and 47 restaurants.
Source : Edge Property Singapore
