A Sim Lian spokesman said the developer was heartened by sales to date for Treasure at Tampines, which is located in one of Singapore’s fastest growing regional centres. (Photo: Sim Lian)
Treasure at Tampines sold 272 units at an average price of $1,280 psf during its launch weekend – or 56 percent of the 490 units released, and 12 percent of all 2,203 units, reported the Business Times.
“We are heartened by sales to date for Treasure at Tampines, which is exceptionally well-located in one of Singapore’s fastest growing regional centres,” said a Sim Lian spokesman.
“It gives us the affirmation that projects with good location, great accessibility and competitive pricing will continue to be well-received.”
Considered “credible” by experts, the project’s performance is expected to be closely monitored by developers of upcoming mega launches such as Normanton Park and Amber Park.
“It’s a very credible take-up rate in this market sentiment owing to its market price being sensitively placed. There were a lot of HDB upgraders keen to pick up a unit at Treasure,” said PropNex CEO Ismail Gafoor.
ERA, PropNex and OrangeTee & Tie are the marketing agencies for Singapore’s biggest condo project.
“For any development that is well above 1,000 units, if the developer can sell anything above 10 percent to 15 percent (of the total number of units) it is considered as a credible performance after cooling measures,” noted Ismail.
ZACD Group executive director Nicholas Mak believes that Treasure at Tampines’ launch will influence home prices within the area this year and the following year.
The lesson for upcoming mega projects would be the importance of setting a competitive price.
“The price has to be reasonable relative to the location and product itself, and tenure,” explained Mak.
“What Sim Lian did for Treasure is the right strategy,” he added, while noting that the development is attractively priced, given that units at the project are $100 to $150 above executive condominium units.
Set to be completed in 2023, Treasure at Tampines sits on the former site of Tampines Court and features 128 lifestyle and recreational amenities, such as 13 pools as well as a 24-hour indoor and outdoor gym.
The 99-year leasehold project offers one- to five-bedroom units with sizes ranging between 463 sq ft and 1,722 sq ft.
Its sales launch was brought forward after its preview saw almost 7,000 visitors.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org