SINGAPORE’S largest condominium Treasure at Tampines moved 272 units at an average S$1,280 per sq ft (psf) over its launch weekend.
That translates to about 12 per cent of the 2,203 units in all, and about 56 per cent of the 490 units developer Sim Lian launched over the weekend.
The performance, which experts deemed as “credible”, is likely to be monitored closely by developers of other upcoming mega-launches like Amber Park and Normanton Park.
“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,” a Sim Lian spokesman said on Sunday.
“It gives us the affirmation that projects with good location, great accessibility and competitive pricing will continue to be well-received.”
PropNex’s chief executive Ismail Gafoor said: “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.”
OrangeTee & Tie, ERA and PropNex are the marketing agencies for Treasure at Tampines.
Mr Ismail added: “For any development that is well above 1,000 units, if the developer can sell anything above 10 per cent to 15 per cent (of the total number of units) it is considered as a credible performance after cooling measures.”
ZACD Group’s executive director Nicholas Mak said the sales volume can be considered quite good. “Nowadays, to sell about 10 per cent in the first weekend, it is considered quite okay.”
He thinks this launch will influence home prices in Tampines this year and next.
The lesson for mega-condos to come seems to be the importance of competitive pricing, Mr Mak added.
“The price has to be reasonable relative to the location and product itself, and tenure,” he said, noting that the project is quite attractively priced, given its units are about S$100 to S$150 above executive condominium units, based on recent land prices.
“What Sim Lian did for Treasure is the right strategy,” he said.
Earlier this month, the 1,410 unit condo Florence Residences in Hougang sold close to 60 out of the 200 units released on its launch weekend.
Treasure at Tampines, spanning close to 650,000 sq ft, will be situated at the former Tampines Court. Sim Lian purchased the collective sale site for S$970 million or S$676 psf per plot ratio in 2017.
To be completed in 2023, the new development will have 128 recreational and lifestyle amenities, including 13 pools and a 24-hour indoor and outdoor gym facility. Its sale weekend had been brought forward after its preview on the weekend of March 15, which saw close 7,000 visitors according to the developer.
Located at Tampines Street 11, the 99-year leasehold development offers one to five-bedroom units in sizes ranging from 463 sq ft to 1,722 sq ft.
Source: The Business Times /MON, MAR 25, 2019 – 5:50 AM
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