Project Spotlight: This Tampines condo had 273 sellers and all made money

By Elizabeth Choong
/ EdgeProp Singapore |
Treasure at Tampines is located a short walk away from the Tampines Round Market and Food Centre. (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Join our  Telegram  channel and follow our  Facebook  for the latest update.
SINGAPORE (EDGEPROP) – Location is an important factor when determining the price of a residential property. Buyers tend to favour condos in prime districts, which gives a boost to the property prices in those districts. However, our earlier article on OUE Twin Peaks proves that a desirable location does not guarantee profits for sellers.
In this article, we turn our spotlight to a massive condo development in the suburbs. We examined the factors that could have contributed to its demand from buyers, numerous profitable transactions, and strong price growth.
Introducing Treasure at Tampines
Treasure at Tampines is the largest condo development in Singapore with 2,203 units. The suburban condo was launched in March 2019 by Sim Lian Group and obtained its temporary occupation permit (TOP) last year. Since its launch, the massive development has chalked up 273 profitable sales transactions and no unprofitable ones.
The 99-year leasehold development is located along Tampines Lane, which is within District 18 and the planning area of Tampines. Amenities within walking distance include Tampines Round Market and Food Centre, the Pan Island Expressway, and the Tampines South Flyover. There is also a nearby slip road that connects drivers to the Tampines Expressway.
Residents who do not drive may face some inconvenience because the nearest MRT station, Simei MRT Station, is about 670m away. Tampines West MRT Station and the dual-line Tampines MRT Station are about 1km away. Tampines Mall, Century Square, Eastpoint Mall, SAFRA Clubhouse (Tampines), and Changi General Hospital are also located approximately 1km away.
Source: EdgeProp LandLens (as at 3 April 2024)
Additionally, there are many schools within a 1km radius, including Changkat Primary School, Chongzheng Primary School, Junyuan Primary School, Tampines Primary School, Yumin Primary School, Changkat Changi Secondary School, Tampines Secondary School, and Middleton International School. The numerous nearby schools add to the appeal of Treasure at Tampines, particularly for parents.
Stellar sales performance during launch
Treasure at Tampines was launched in March 2019 and attracted approximately 7,000 visitors during its launch weekend. The development also chalked up sales of 272 units during the same weekend, which translates to a take-up rate of 55.5% based on the 490 units that were released for sale, or a take-up rate of 12.2% based on the total number of units in the development. The massive development was sold out by February 2022, which means that it took 36 months to sell all 2,203 units in the condo.
Source: EdgeProp Research (as at 9 April 2024)
Several factors contributed to the strong sales of Treasure at Tampines. Its affordable launch price played a key role in attracting numerous visitors. The well-designed and spacious units, along with a wide variety of family-friendly facilities within the development, likely convinced many visitors to sign on the dotted line. Furthermore, the scarcity of nearby condos means limited options for those seeking to reside in the neighbourhood.
Strong price growth contributed to 273 profitable transactions
Treasure at Tampines has experienced strong price growth of 26.4% since its launch in 2019. At the time of writing, the condo commands an average price of $1,692 psf based on 49 transactions this year.
According to data from URA Realis, there have been 269 sub-sales and four resale transactions for the development, and all of these transactions have resulted in profits for the unit owners. Readers might want to note that URA defines a sale as a sub-sale if the development has not obtained its certificate of statutory completion (CSC) and TOP. A sale is considered a resale after both CSC and TOP are obtained.
The average price based on all sub-sales and resales is $1,644 psf, which is $288 psf higher than the average price of $1,356 psf for all new sales. This means that the first owners of a unit in Treasure at Tampines have seen their property appreciate by an average of $288 psf.
Source: EdgeProp Market Trends (as at 4 April 2024)
The strong price growth for Treasure at Tampines has resulted in 273 profitable transactions and no unprofitable transactions since its launch. Profits from these transactions range from $58,000 to $981,000. At the time of writing, there have been 49 profitable and no unprofitable transactions recorded for this year.
It is noteworthy that 151 (55.3%) of the 273 sub-sales or resales are for one or two-bedroom units. Despite the majority of the sales involving smaller units, the larger four or five-bedroom units yield higher profits. The top three profitable transactions all involve five-bedroom units that are at least 1,690 sq ft in size.
Affordable entry price is key and price adjustments by developer were minimal
Treasure at Tampines was built on the site of the former Tampines Court, which was sold via a collective sale in 2017 for $970 million or $655 psf ppr, after including development charges and lease upgrading premium. The relatively low land cost allowed the developer to launch Treasure at Tampines at affordable prices, which greatly appealed to mass market buyers, especially upgraders from nearby HDB flats. There are approximately 178 HDB blocks with 17,776 flats located within a 1km radius of the development.
When Treasure at Tampines was first launched in 1Q2019, the average price achieved during that quarter was $1,336 psf. The initial launch price was $228 psf lower than the average price for new leasehold condos in the East Region ($1,564 psf) and $288 psf lower than the average price for new leasehold condos islandwide ($1,624 psf).
Furthermore, average new sale price for Treasure at Tampines has remained fairly stable, growing only by 13.2% to $1,512 psf in 1Q 2022. In comparison, the average price for new condos in the East Region ($1,818 psf) has grown by 16.2%, while average price for new condos islandwide ($1,990 psf) has grown by 22.5% over the same timeframe.
Source: EdgeProp Market Trends (as at 9 April 2024)
Spacious units that are suitable for families
Treasure at Tampines features numerous units ranging from one-bedders to five-bedders that measure 463 sq ft to 1,722 sq ft. The buyers of Treasure at Tampines likely purchased with the intention to stay in their units because approximately 93% of the households in the Tampines planning area are owner-occupiers. Out of the 2,203 units in the development, 1,234 units or 56% have at least three bedrooms, which suits the needs of such buyers.
The three-bedroom units in Treasure at Tampines measure 818 sq ft to 947 sq ft, making them suitable for a couple with one or two children. The smallest three-bedroom units feature an efficient dumbbell layout with minimal wasted space. The living and dining areas of the unit are sandwiched between the master bedroom and common bedrooms, eliminating the need for connecting corridors between the different areas.
One drawback of the dumbbell layout is the perceived lack of privacy, as the bedrooms open directly into the living and dining areas. This layout could mean less privacy compared to a layout where the bedrooms open into a connecting corridor.
Treasure at Tampines also features 110 five-bedroom premium units that measure 1,668 sq ft to 1,722 sq ft. It is rare for condos to have five-bedroom units, and excluding the units from Treasure at Tampines, there are fewer than 100 five-bedroom units within a 1km radius.
The largest five-bedroom unit type in Treasure at Tampines offers several features that should appeal to big households. The unit includes a yard area, which could be useful as a laundry area for air drying clothes. Additionally, there is a utilities room and a small bathroom within the kitchen. Given that most big households have a helper, the utilities room can easily serve as a room for the helper. For households without a helper, the utilities room can be used as a storeroom or pantry.
An interesting feature of the unit is the direct access to the main balcony enjoyed by Bedroom 4, which sets this bedroom apart from the other two common bedrooms. Multi-generation households may consider using Bedroom 4 as the grandparents' bedroom. Similarly, there is a smaller balcony attached to the master bedroom. Both balconies can serve as private outdoor spaces for the occupants of these two bedrooms which enhances the sense of spaciousness for both bedrooms.
Bedroom 4 can also be used as a dining room if there are sufficient bedrooms for the household. This arrangement will allow for the creation of a larger living area.
Large variety of family-friendly common facilities
In conjunction with the family-oriented design of the mega development, the developer's brochure indicates that there are 128 common facilities, with 28 of them located within the two-storey clubhouse. Many of these facilities cater to children and will therefore be appreciated by parents. Treasure at Tampines boasts more than 20 pools or water play areas, an outdoor playground, an outdoor trampoline courtyard, and several indoor play areas within the clubhouse.
The site plan for the condo indicates that the pools or water areas are located between the different blocks in Treasure at Tampines. Therefore, all residents can expect to have easy access to at least one pool or water play area.
Limited number of nearby condos
There are no condos within a 500m radius of Treasure at Tampines, and there are only four condos within a 1km radius. The four neighbouring condos are Eastpoint Green (646 units), Modena (230 units), My Manhattan (301 units), and Tropical Spring (242 units). All four condos have a 99-year leasehold tenure.
Treasure at Tampines has the highest average price compared to its nearest neighbours, which could be due to its age. Treasure at Tampines obtained TOP last year, while My Manhattan obtained its TOP in 2014, followed by Tropical Spring in 2002 and Modena in 2001. Eastpoint Green is the oldest development, having obtained its TOP in 1999.
Source: EdgeProp LandLens (as at 9 April 2024)
The average prices for Treasure at Tampines and My Manhattan consistently trend above the average price for leasehold condos in District 18. At the time of writing, there have been no sale transactions for My Manhattan this year. From 2019 to 2023, Treasure at Tampines achieved a price growth of 22.9%, which is higher than that of My Manhattan (16.7%) and its leasehold counterparts in the same district (13.2%).
Source: EdgeProp Market Trends (as at 9 April 2024)
The leasehold Sceneca Residence is the only newly launched condo within a 2km radius of Treasure at Tampines. This uncompleted development has 268 units and is located adjacent to the Tanah Merah MRT Station. It is also located within District 16 and the Bedok planning area.
Source: EdgeProp LandLens (as at 3 April 2024)
Sceneca Residence was the first condo launched for sale last year. During its launch weekend, it achieved a take-up rate of 60%, which has since improved to 69.4%. In its launch month of January 2023, the development achieved an average price of $2,100 psf, which is higher than the average price of $1,508 psf for Treasure at Tampines in the same month. It is also higher than the average price of $1,336 psf for Treasure at Tampines during its initial launch month in March 2019.
Source: EdgeProp Market Trends (as at 9 April 2024)
The higher prices for Sceneca Residence could be attributed to its close proximity to Tanah Merah MRT station. In contrast, the nearest MRT station to Treasure at Tampines is approximately 670m away. Furthermore, Simpang Bedok, Bedok Market Place, and East Village are within walking distance of Sceneca Residence.
Sceneca Residence is also located within a 1km radius of Bedok Green Primary School, St. Anthony’s Canossian Primary School, Anglican High School, Bedok South Secondary School, Bedok View Secondary School, and St. Anthony’s Canossian Secondary School.
Key lessons
It is important for developers to correctly identify the demographics of potential buyers and design the development to meet their needs. For Treasure at Tampines, the developer, Sim Lian Group correctly identified owner-occupiers as the main group of potential buyers. The family-oriented design of the common facilities and spacious units were key selling points for the development.
Affordability is vital for suburban condos, especially if owner-occupiers are expected to be the core group of potential buyers. The launch price of Treasure at Tampines is lower than many comparable developments, which likely played an outsized role in enhancing its popularity with buyers.
While location is an important factor for residential properties, it is not the only factor. There are other determining factors such as affordability, variety of common facilities, and unit size. Suburban condos can also generate profits for their owners, especially if the purchase price of the unit was lower than that of comparable condos.
Check out the latest listings for Treasure At Tampines, My Manhattan, Sceneca Residence properties

Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp Facebook
Subscribe to our newsletter

Our Site (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

View More