Sim Lian opens Singapore’s largest apartment project in Tampines
The 2,000 apartments in Tampines Street 11 have been launched by the Sim Lian Group. A development of 1.410 units in Hougang Avenue 2, which made its first sales earlier this month, is expected to take place at the end of March 2019, not far from the Florentine Houses.
However, Sim Lian refused to announce how many flats will be opened at the first sales launch. The apartment, located in the former Tampines Court HUDC estate, is expected to be among a handful of mega projects planned to start this year.
The 99-year lease, which will be priced around $ 1,280 per square meter, is expected to receive temporary work permits until 2023. The bulk sales site was purchased in 2017 by Sim Lian for US $ 970 million. This was the largest bulk sale in ten years.
The site is approximately 650,000 square meters, with one to five-bedroom apartments, ranging from 1,722 square meters to about 46,000 square meters.
Mr Kuik Sing Beng, executive director of Sim Lian Group, pointed out the development’s proximity to Changi Airport and Changi Business Park while Orange Tee & Tie, a co-marketing agent of the development, expects the “attractive entry price” and monthly maintenance fees, which starts at $150, to draw buyers.
Also, 60 percent of the site has been set aside for landscaping and faciliies, said Orange Tee & Tie’s managing director Steven Tan. “I am optimistic about the sales and very happy with the turnout for the preview today,” he said.
These included teacher Kelvin Loh, who had a two- or three-bedroom unit to invest in, with $ 800,000 and $ 1 million, respectively.
“I’ve always lived in Tampines, so it’s a familiar area. The price is also affordable compared with other properties in the area,” said the 37-year-old, who lives in a five-room Housing Board flat.
PropNex Realty chief executive officer Ismail Gafoor said the apartments are a “worthwhile investment for HDB upgraders and property investors”, while ERA Realty key executive officer Eugene Lim pointed to the ease of access provided by the Downtown and East-West MRT lines and the Tampines and Pan Island expressways.
PropNex and ERA are other marketing agencies of the property.
Other major housing projects to be launched later this year include the 56-storey Avenue South Residence on the Silo Avenue, the 1,074-apartment, and the 1,468-unit Parc Clematis by the SingHaiyi Group in Clementi.
Experts predict that there will be about 40 to 50 new launches from the successful sales wave in the last few years this year. Like many of them, the preview of Treasure At Tampines takes place after last year’s property cooling measures.
The effect is stated in the sales figures of Florence Residences. Approximately 60 units or 30 percent of the 200 units published by Logan Property were sold. The figures of the Urban Development Administration published on Friday (March 15th) show a 20 percent increase in private homes for sale compared to the previous month.
Last month, developers sold 596 private residences in January, according to 498 units. Of these, 455 private houses were sold with an increase of 4.4 percent compared to 436 units carried out in January.
Source: Straits Times
Melike Vodina / realesatecoulisse.com