Treasure At Tampines
Sim Lian Group, a reputable property development, and construction company in Singapore is gearing up to introduce the Treasure at Tampines that will see construction of over 2000 condos. The Treasure at Tampines (Former Tampines Court), was acquired at S$970 million, making it the second best deal after the sale of Farrer Court that attracted S$1.3388 billion in 2007.
According to Terence Lian who is in charge of investment sales in a company that brokered the sale, the S$970 million price that surpassed the initial Treasure at Tampines price (reserve) worth S$952 million translates to a land rate of S$676 psf per plot ratio. The deal includes a 99 years lease top up and $359 million differential premium for site intensification.
Treasure at Tampines boasts of 702,164-sq-ft space that currently houses Tampines court which has 560 units across its 14 blocks. Each of the owners is to be awarded between S$1.71 million and S$1.75 from the sale.
With the developments surrounding Treasure at Tampines such as the Chang Airport expansion plan, the demand on the condos is expected to be high as observed by Ken Kuik, Sim Lian holdings. The upcoming MRT stations are also other developments that adds value to buyer’s money.