SINGAPORE -A condominium with 2,203 apartments in Tampines Street 11 was launched on Friday (March 15) to give a preview of what its developer Sim Lian Group has touted as Singapore's largest.
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 (2019), 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 expected to be 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.
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, 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 starts 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 told The Straits Times. As at 6pm, more than 900 people had walked through its doors.
Among them is tutor Kelvin Loh who is eyeing a two- or three-bedroom unit for investment, priced about $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 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.
Its 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 on Friday (March 15) also show a 20 per cent increase in private homes launched for sale month-on-month.
Last month, developers put 596 private homes 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.