A condominium with 2,203 apartments in Tampines Street 11, which its developer Sim Lian Group has touted as Singapore's largest, held its preview launch yesterday.
Treasure At Tampines eclipses the 1,715-unit d'Leedon in Farrer Road.
Its first sales launch is expected to take place by end-March, which is not long after that of The Florence Residences, a 1,410-unit development in Hougang Avenue 2 which had its initial sales earlier this month.
Sim Lian, however, declined to disclose how many apartments will be released at the first sales launch.
The condo, which stands on the site of the former Tampines Court HUDC estate, is among a handful of mega projects that are slated to be launched this year.
To be priced at about $1,280 per sq ft, the 99-year leasehold Treasure At Tampines is expected to receive its temporary occupation permit by 2023.
Price per sq ft for the 99-year leasehold Treasure At Tampines, which is expected to receive its temporary occupation permit by 2023.
The collective sale site was acquired by Sim Lian for $970 million in 2017, which was then the biggest collective sale in a decade.
The site spans about 650,000 sq ft - or about 11 football fields - with one-to five-bedroom apartments that range in size from 463 sq ft to 1,722 sq ft.
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 start at $150, to draw buyers.
Also, 60 per cent of the site has been set aside for landscaping and facilities, 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. As of 6pm, more than 900 people had walked through the doors.
Among them is tutor Kelvin Loh who is eyeing a two-or three-bedroom unit, priced at about $800,000 and $1 million respectively, for investment. "I've always lived in Tampines, so it's a familiar area. The price is 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 the other marketing agents of the property.
Other big residential projects to be launched later this year include UOL's 56-storey Avenue South Residence in Silat Avenue, with 1,074 apartments, and the 1,468-unit Parc Clematis by SingHaiyi Group in Clementi.
Experts estimate there will be about 40 to 50 new launches this year, coming from the wave of successful collective sales of the past few years. Like many of them, the preview of Treasure At Tampines is taking place in the aftermath of last year's property cooling measures.
Their effect is indicated in the sales figures of The Florence Residences. Of the 200 units released by Logan Property, almost 60 units, or 30 per cent, were sold.
The Urban Redevelopment Authority's figures released yesterday show a 20 per cent rise in private homes launched for sale month on month. Last month, developers put 596 private homes up for sale, compared with January's 498 units. Of these, 455 private homes were sold last month, up 4.4 per cent from the 436 units that moved in January.