Tampines + ECs = winning formula

Straits Times: Wed, Jan 11

THE continuing popularity of executive condominiums (ECs), and the success of regional hub Tampines, is proving to be a tried-and-trusted formula for developers. Another EC, The Tampines Trilliant, being developed by Sim Lian Group, is set to be launched after Chinese New Year. Located in Tampines Central 7, the 670-unit project is a stone's throw from the Centrale 8 and The Premiere residential projects. Three-, three plus utility, four-bedroom and penthouse units will be on offer. The smallest apartment is 872 sq ft while the biggest penthouse measures about 2,400 sq ft. ECs are a hybrid of public and private housing and often come with premium furnishings and facilities. The price list has not been released yet but The Straits Times understands that the project is likely to join in the rush of property launches expected to hit the market after Chinese New Year. Tampines is already home to several EC projects, including The Eden and the recently launched Arc at Tampines. Another government land sale site in Tampines Avenue 9 is due to be released for sale in March. The Arc at Tampines notched up strong sales on its launch day, with about 220 out of 574 units sold at an average price of $721 per sq ft (psf). Analysts say other EC projects in Tampines could expect to enjoy similar success despite the uncertainty in the wider residential property sector. 'Demand for EC units in Tampines will remain high, especially because the area is one of Singapore's most successful regional hubs,' said Mr Nicholas Mak, head of research at SLP International. He added that the neighbourhood encompasses a large area which translates to a larger pool of potential home buyers and upgraders. The Tampines Trilliant is Sim Lian's fourth property development project in Tampines. The other three are Waterview, Centrale 8 and The Premiere. The group enjoyed earlier success with its Parc Vera and A Treasure Trove projects in Hougang and Punggol. Parc Vera, in Hougang Avenue 7, was named one of the top-selling private residential projects last October. About 130 of the 452 units were sold on the launch weekend at an average price of between $800 psf and $850 psf. A Treasure Trove was equally popular. Nearly 80 per cent of its 882 units were sold within the first month of its launch for $900 psf on average. But last year was not without its upsets for Sim Lian. Its Centrale 8 project raised an outcry for its high asking prices in July last year. The group had initially estimated prices of $880,000 for a five-room unit, but later dropped the figure to $778,000. [e-mail] Source: The Straits Times