Treasure At Tampines Price List
||Approx. Land Size sqft
||Approx. Built Size Sqft
||Breakeven Price ($)
||VVIP Price ($)
||118 Tampines Street 11
||702,164 square feet
||To Be Advised
||Approx. $1231 psf
||To Be Advised
Treasure At Tampines , Developer Sim Lian has snapped up sprawling Tampines Court for $970 million as the collective sale market in Singapore continues.
It is one of the mega deal for the former Housing and Urban Development Company property in a decade since Farrer Court changed hands for $1.34 billion in 2007.
The 560-unit development, in Tampines Street 11, went on the market last month after two previous failed attempts at a collective sale.
The price for the privatised property works out to about $676 per sq ft (psf) per plot ratio, said Mr Terence Lian, head of investment sales at marketing agent Huttons Asia. Each owner stands to get about $1.71 million to $1.75 million.
The developer will need to make two payments to the state – one for enhancing the intensity of the site to a gross plot ratio of 2.8, representing the maximum gross floor area to land area ratio, and another to top up the lease to 99 years, from the leftover tenure of 69 years.
The value of the premiums is about $359 million – on top of the sale price.
Real Estate Industry watchers believe that the 702,164 sq ft site could possibly build into a project of about 2,000 to 2,100 new units – or as many as 2,600 units, if the developer and builder wished to max out the whole site.
Sim Lian will have a window of just five years to develop and sell all the units, if it is to avoid paying additional buyer’s stamp duty on the land price, analysts cautioned.
Currently, there is no new launch condominium development project scheduled to be launched in the vicinity of Tampines Court. Therefore, we do not expect much competitors for this upcoming mega launch project.
The estimated breakeven , (Formerly Tampines Court) Treasure At Tampines price for the project would be between $1,200 psf and $1,400 psf.
Former HUDC estate Florence Regency went up for sale for an asking price of minimally $600 million, following day after Normanton Park condominium residents launched a fresh tender.
Mr Tan said that more home owners could jump on the collective sale bandwagon in the next three to six months, which will appeal to developers looking to replenish their land banks.
This could reflect an expectation of stronger market sentiment over the coming year or so.
Despite the recent sudden cooling measures imposed, sales could be seen at Park Colonial, Stirling Residences & Riverfront Residences. This however, gives developer the confidence of the market sentiment as well as the buyer power of potential buyers remain healthy.
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