News: Close to 7,000 people visited Treasure at Tampines showflat

Mar 18, 2019

The 2,203-unit Treasure at Tampines is touted as the biggest condominium to be launched in Singapore.

Close to 7,000 visitors flocked to the showflat of Treasure at Tampines, which is touted as the biggest condominium to be launched in Singapore, reported Today Online.

The 2,203-unit project, which was launched on Friday (15 Mar), features one- to five-bedroom units ranging from 463 sq ft to 1,722 sq ft.

SEE ALSO: The complete guide to buying a new launch condo in Singapore

With indicative prices for a one-bedder pegged at $585,000 and at least $1.88 million for a five-bedroom unit, developer Sim Lian Group and Sim Lian Holdings revealed that the project is priced at around $1,280 psf on average.

ZACD Group executive director Nicholas Mak described the pricing as “quite reasonable” given that it is within the price range of new 99-year leasehold condominiums within the vicinity.

In fact, some of the buyers who visited the showflat had already decided to purchase a unit.

One of them was equipment engineer Triston Tan, who already submitted a cheque to express his interest for a two-bedroom unit that he intends to buy as an investment.

The 47-year-old and his wife lives in a five-bedroom Housing Board flat in Tampines, which they do not intend to sell.

This means they need to pay a 12 percent Additional Buyer’s Stamp Duty (ABSD) since it is their second residential property.

Tan noted that they would have to bear with it as they have already decided to invest, although they are worried of servicing the mortgage in the future.

“We have to plan properly. We don’t want to keep topping up cash, and (our) commitments (in) other (areas have) to come down,” he said.

Meanwhile, other visitors took a “wait-and-see approach”, saying they would look at other project launches in the eastern region.

Among them was Vinita Malekar, who along with her husband Chandra Malekar, lives in a five-room HDB flat in Bedok and is planning to upgrade.

Since raising the ABSD upfront poses a problem for the couple, her 54-year old husband revealed that they are shopping around for a smaller unit than what they are aiming for.

“Definitely we want to go for a bigger house, a four-bedroom. But the cost also goes higher right? It definitely puts a strain on us,” said the 47-year-old housewife.

Can you afford a condo in Singapore? Check your affordability now. Get more details on the property market outlook for 2019

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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