Thousands pack showroom at Treasure at Tampines’ opening weekend

SINGAPORE — Close to 7,000 visitors thronged the showroom of what is touted to be the largest private condominium launched in Singapore, with over 2,200 units set to go on sale.

Launched on Friday (March 15), Treasure at Tampines sits on top of the former Tampines Court, a Housing and Urban Development Company (HUDC) property which was sold en bloc for S$970 million in August 2017.

Developed jointly by Sim Lian Group and Sim Lian Holdings, the condominium spans 650,000 sqf and has a 99-year lease starting from Nov 29 last year. It is expected to be ready for buyers to move in by 2023.

The condominium comprises one- to five-bedroom units, with sizes ranging from 463 sqf to 1,722 sqf. With an indicative price of S$585,000 for a one-bedroom unit and at least S$1.88 million for a five-bedder, its developer said the condominium is priced at about S$1,280 psf on average.

ZACD Group executive director Nicholas Mak said the pricing is “quite reasonable” as it is within the range of a new 99-year leasehold private condominium in that area.

Among some of the interested home buyers TODAY spoke to while visiting the showroom, a few have already set their minds on purchasing a unit.

Mr Triston Tan, 47, said he has already submitted a cheque to indicate his interest in a two-bedroom unit which he intends to acquire as an investment.

The equipment engineer and his wife, Ms Catherine Teo, 47, live in a five-room Housing and Development Board (HDB) flat in Tampines and have no intention to sell it.

This means they would have to pay a 12 per cent Additional Buyer’s Stamp Duty (ABSD), which is imposed on buyers getting a second residential property.

Mr Tan said they will have to bear with it since they made the decision to invest, although they are concerned about servicing the mortgage loan 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 added.

The ABSD rate was previously 7 per cent before it was increased to the current rate as part of the cooling measures imposed in July last year.  

Married couples who sold off their first property within six months of purchasing a completed property or receiving the Temporary Occupation Permit for uncompleted units are however eligible for a ABSD remission.   

Another showroom visitor, Melvin Goh, 37, is also looking to submit his cheque on Monday for a one-bedroom unit he intends to get as a form of investment.

He lives in a five-room HDB unit in Tampines and said that there is “no choice” but to pay the ABSD.

Other visitors adopted a “wait-and-see approach” and said they would look at other launches in the eastern region.

One of them is Mrs Vinita Malekar, 47, who lives with her husband in a five-room HDB flat in Bedok and is looking to upgrade.

Having to come up with the ABSD upfront poses a problem, Mr Chandra Malekar, 54, said, and so the couple is shopping around for a smaller unit than they were 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 housewife.

Mdm June Tan, 63, is also looking to buy a second property in the eastern region as an investment. The retiree lives in a three-bedroom freehold condominium in Geylang, which she is looking to move from after her husband died last year.

She is looking to buy the next property under her 21-year-old daughter’s name, as she can then avoid paying the 12 per cent tax. The current condo in Geylang is in Mdm Tan's sole name and her daughter has no property to her name.

ABSD is not refunded for singles even after they have sold off their first property within six months of purchasing a completed property or receiving the Temporary Occupation Permit.   

“Isn’t the law very weird? Just because my husband died, I cannot get back my 12 per cent?... I didn’t ask for my husband to pass away,” Mdm Tan said.