PROJECT DETAILS
** FIRST TIME BUYERS: If you are planning to buy your very first property and do not know whether to buy a BTO, a new launch EC or a Private Condo, let us discuss your best possible option.
** EXISTING HDB OWNERS: If you are planning to change to another property, and would like to know whether to buy a EC or private condominiums, let us help you to assess your best possible options to get better returns on your dollars. We do not want to under-leverage on ourselves.
The Housing and Development Board HDB has sold a residential site in Tampines Avenue 10, as part of Government Land Sales (GLS) in the 1st quarter of 2019. It is listed in the reserve list of sites and is allocated to be developed into an Exective Condominium (EC). This land parcel is bounded by Tampines Avenue 10, Tampines Avenue 6 and Tampines Street 85, is at the Eastern Region of Singapore. It has a land size of 268,384 square feet and is to house an approximate 700 residential apartments.
Hoi Hup and Sunway Developments won the top bid of S$434.45 million and this translates into S$578 per square feet per plot ratio.
Other private residential developments that are within New EC’s vicinity include Arc at Tampines, Waterview at Tampines, The Tropica, Pinevale, City Life at Tampines and The Tampines Trillant, QBay Residences, Alps Residences, The Santorini and the latest Tapestry.
New EC at Tampines Avenue 10- Connectivity
New and Upcoming EC in Tampines Avenue 10 is approximately 1.7 km away from Tampines Town Centre where the Tampines East West Line MRT Station and the upcoming Tampines Downtown Line MRT Station is located. Future residents of the New EC in Tampines Avenue 10 can also find many bus services available here at the Tampines Bus Interchange. Future residents of New EC can also access to Tampines West Downtown Line MRT Station, which is approximately 1.5 km away, in 2017 when it is starts its operations.
Getting to the Central Business District (CBD) and the Marina Bay Financial Centre (MBFC) is a breeze via the Tampines Avenue 10 which links to The Pan Island Expressway (PIE), the Kallang Paya Lebar Expressway (KPE) and the Marina Coast Expressway (MCE) and reach in approximately 14 minutes. To drive down to Orchard Shopping Belt, future residents just need connects to the Central Expressway (CTE) via the Pan Island Expressway. New EC is also easily link to the Tampines Expressway (TPE) which connects its future residents to various parts of the island.
New EC at Tampines Avenue 10- Amenities
Future residents of New Tampines Avenue 10 EC can find many shopping, dining and entertainment facilities at the Tampines Town Centre which housed many major shopping malls like Century Square, Eastlink Mall, Tampines Mall and Tampines 1. To get fresh market produce and economical local food, residents can take a short drive down to Tampines Round Market And Food Centre which is approximately 2 km away. The upcoming new Tampines Food Centre which will be located at Tampines Avenue is also approximately 1.3 km away.
New EC at Tampines Avenue 10- Education
There are numerous education facilities that are located just short distances away from the development such as Poi Ching School, Junyuan Primary School, East View Primary School, Tampines Primary School, Junyuan Secondary School, Springfield Secondary School, St Hilda’s Secondary School and Tampines Secondary School. New EC in Tampines Avenue 10 is also approximately 1.1 km away from Temasek Polytechnic. Many recreational facilities can be found within its poximity as it is near to Bedok Reservoir Park, Tampines Sports Hall, Tampines Bike Park and Safra Tampines.
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| Project | Tampines Avenue 10 New EC |
| Developer | Hoi Hup Realty and Sunway Developments |
| Location | Tampines Avenue 10 |
| District | 18 |
| Tenure | 99 years lease |
| Site Area | 24,938 square metres/ 268,438 square feet |
| GFA: | 69,828 square metres/ 751,632 square feet |
| Plot Ratio | 2.8 |
| Expected TOP: | |
| Total Units | Approximately 700 residential apartments |
| Total Carpark | |
| Development | Executive Condo comprising of communal facilities |
| Unit Type: | |
| Architect | |
| Eligibility | SC/ SC, SC/SPR can buy |
| Tampines Avenue 10 New EC Unit Mix Distribution | |||
|---|---|---|---|
| Unit Type | Type | Area (Square Feet) | Total No. of Units |
| 1 Bedroom | TBA | TBA | TBA |
| 2 Bedroom | TBA | TBA | TBA |
| 3 Bedroom | TBA | TBA | TBA |
| 4 Bedroom | TBA | TBA | TBA |
| 5 Bedroom | TBA | TBA | TBA |
| Penthouse | TBA | TBA | TBA |
| Tampines Avenue 10 New EC Facilities | |||
TBA
|
|||
| Tampines Avenue 10 New EC Price List | |||
|---|---|---|---|
| Unit Type | Area (Square Feet) | Pricing | PSF |
| 1 Bedroom | TBA | TBA | TBA |
| 2 Bedroom | TBA | TBA | TBA |
| 3 Bedroom | TBA | TBA | TBA |
| 4 Bedroom | TBA | TBA | TBA |
| 5 Bedroom | TBA | TBA | TBA |
| Penthouse | TBA | TBA | TBA |
LOCATION MAP and AMENITIES
Amenities Near New EC at Tampines Avenue 10
| Category | Important Amenities Near New EC at Tampines Avenue 10 | Approximate Distance |
| Train Stations | Tampines West (DT31) Downtown Line Due 2017 Tampines (EW2/DT32) Downtown Line Due 2017 |
1.7km 1.5km |
| Bus Stop | Blk 874 (Bus: 69, 293) Opp Blk 871A (Bus: 2N, 69, 293) |
0.2km 0.2km |
| Supermarkets | Fairprice (Tampines Central Community Complex) Prime (Tampines 823) Giant (829 Tampines) Cold Storage (Tampines 1) |
0.5km 0.9km 0.9km 1.7km |
| Shopping Malls | Century Square Eastlink Mall Tampines Mall Tampines 1 |
1.6km 1.6km 1.7km 1.7km |
| Education Institutions | Preschool | |
| Cavenur Kindergarten PCF Tampines West Blk 887 PCF Tampines Central Blk 725 PCF Tampines Central Blk 856-854 PCF Tampines Central Blk 858-860 PCF Tampines Central Blk 713-714 Darul Ghufran Mosque Kindergarten PCF Tampines West Blk 140-938 Soka Kindergarten |
0.6km 0.7km 0.7km 0.8km 0.9km 1.0km 1.1km 1.8km 1.9km |
|
| Primary | ||
| Poi Ching School Junyuan Primary School East View Primary School Tampines Primary School |
0.7km 1.4km 1.4km 1.6km |
|
| Secondary | ||
| Junyuan Secondary School Springfield Secondary School St Hilda’s Secondary School Tampines Secondary School |
0.5km 0.6km 0.9km 1.7km |
|
| Junior College | ||
| Meridian Junior College | 2.5km | |
| Tertiary | ||
| Temasek Polytechnic | 1.1km | |
| International | ||
| The Japanese School (Primary School – Changi Campus) | 4.1km | |
| Food Centre | Tampines Food Centre (U/C) Tampines Round Market & Food Centre |
1.3km 2.0km |
| Lifestyle | Bedok Reservoir Park Tampines Sports Hall Tampines Bike Park Sun Plaza Park Water Venture – Bedok Reservoir Park Safra Tampines Tampines Eco Green |
0.9km 1.2km 1.5km 1.5km 1.6km 1.8km 1.8km |
FACILITIES SITE PLAN and FLOOR PLANS E-BROCHURE
The Facilities and Site plan of new EC launch at Tampines Avenue 10, are currently seeking approval from relevant authorities.
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AVAILABLE UNITS/ SOLD/ CHEAPEST PRICES PSF
TAMPINES OVERVIEW
One of the most visited retail and leisure destinations in Singapore, Tampines is home to large part of the popluation in the East. In the coming years, Tampines is poised to grow further with new housing, shopping facilities, more parkland and other amenities at Tampines North. Transport within Tampines will be augmented, including new rail lines like the Downtown Line that will offer residents shorter, more comfortable and convenient commutes.
New EC launch at Tampines Avenue 10- Housing- Better living through a better environment
The new Tampines Town Hub will be Singapore's first integrated lifestyle hub in the heartlands, bringing retail, sporting and other community services together in one convenient space where residents can gather, interact and bond.
Tampines is set to become an integral part of Tampines. When fully developed, Tampines will provide about 21,000 new homes for Singaporeans. Transport and other facilities will accompany the building of Tampines North to ensure a highly liveable and well-connected living environment for residents.
Further developments that residents can look forward to include:
- Expansion of Changi Hospital
- A new Integrated Transport Hub (ITH) with MRT and bus interchanges co-located with residential and commercial uses after the completion of the DownTown Line (DTL) at Tampines Town Centre.
- New amenities to complement new homes in Tampines North
- In the longer term, Tampines North will also have two primary schools and two secondary schools and a new community centre.
New EC launch at Tampines Avenue 10- Leisure- Green and blue spaces come alive
Parks and waterbodies are within easy reach of residents in Tampines including Sun Plaza Park, Tampines Eco Green and many neighbourhood parks. Residents also have convenient access to the nearby Bedok Reservoir. Park connectors running along Bedok Canal and along Sungei Tampines connect to the Eastern Coastal Loop, linking Tampines to East Coast Park and Pasir Ris Park. In the coming years, a number of initiatives will be implemented to ensure that most homes in Tampines will be within 400 metres of parks or park connectors. These include:
- Setting aside substantial park alnd in Tampines North for Boulevard Park and Quarry Park that will bring greenery to the door steps of residents
- A new Park connector running between Tampines Avenue 10 and Tampines Avenue 9 to link up the Bedok Reservoir Park and Pasir Ris Park
- New neighbourhood parks in Tampines Street 86 and off Tampines Avenue 9
New EC launch at Tampines Avenue 10- Transport- Getting you there and back
Along the ITH at Tampines Town Centre, residents can look forward to smoother travel with these enhancements to roads and public transport services, including:
- Enhanced Transport connectivity with 5 new MRT stations (Tampines West, Tampines Tampines East, Expo and Upper Changi) along the Downtown Line (DTL) which will be completed by 2017.
- Expansion of the cycling network in Tampines Town and new cycling routes in Tampines North
- Two new roads, Tampines Street 85 and Tampines Street 86
- Improvements along Tampines Expressway and Pan Island Expressway
- Extension of Tampines Street 82
- Improvements in Simei Street 3 (From Simei Avenue to Simei Street 1), Tampines Avenue 4, Tampines Avenue 5, Tampines Avenue 7, Tampines Avenue 9, Tampines Avenue 10, Tampines Street 82, Bedok Reservoir Road and Tampines Street 23/32.
- Realignment and wideing of Simei Road and Somapah Road
New EC launch at Tampines Avenue 10- Economy- Quality jobs closer to home
New Developments in Tampines will boost the number of jobs available, giving residents the opportunity to work closer to home.
What residents can expect
- New Industrial sites within Tampines North along Tampines Avenue 10 and next to IKEA, Giant and Courts
- More employment and and educational opportunities from the continued development of Changi Business Park and Singapore University of Design and Technology (SUTD).
DEVELOPER- HOI HUP REALTY and SUNWAY DEVELOPMENTS
Developer- Hoi Hup Realty
Hoi Hup Realty Pte Ltd, established since 1983. A dynamic real estate developer who has accomplished over 900 quality homes and currently has a pipeline of more than 500 private residential units at different stages of development. Sold out projects including The Ford @ Holland, Suites @ Cairnhill and Waterford Residence indicated that developments were well-received by the market.
An eye for details and years of experience in the industry, our people have gained knowledge of the properties we develop. This knowledge enables us to increase our effectiveness and to deliver a high level of quality and innovative products to our home buyers.
Achieving high standards of building excellence. With a disciplined vision and a strong philosophy to develop properties that offer the highest level of style, functionality and innovation within prime and strategic locations, Hoi Hup’s dedication is harmonized by its commitment to outstanding workmanship and admirable value. Hoi Hup, are driven to innovate and set new standards as the niche developer that caters to a wide range of markets today and tomorrow.
Yishun Greenwalk
Public Housing Development comprising of 12 blocks of residential building (1400 units) at Yishun Avenue 9
Kovan Regency
Condominium Housing Development comprising 6 blocks of residential building and 15 terrace houses (393 units) with swimming pool and basement carpark at Kovan Rise.
2014
The Miltonia Residences
Condominium Housing Development comprising of 18 blocks of residential building (410 units) at Miltonia Close
Lake Vista
Public Housing Development comprising of 4 blocks of residential building (682 units) at Yuan Ching Road
Arc@Tampines>;;
Executive Condominium Housing Development comprising of 9 blocks of residential building (574 units) at Tampines Avenue 8
Fernvale Foliage
Public Housing Development comprising of 4 blocks of residential building (504 units) at Sengkang West Way
TOOLBOX
Single-user Industrial Development with ancillary facilities at Tuas South Street 12
The Foresta @ Mount Faber
Condominium Housing Development comprising of 4 blocks of residential building (141 units) at Wishart Road
Vacanza @ East
Condominium Housing Development comprising of 7 blocks of residential building (473 units) at Lengkong Tujoh
2013
Questa @ Dunman
Condominium Housing Development comprising of 2 blocks of residential building (122 units) at Dunman Road
2012
Residences @ Killiney
Condominium Housing Development comprising of 2 blocks of residential building (68 units) at Killiney Road
Casa Clementi
The Peak @ Toa Payoh
Public Housing Development comprising of 5 blocks of residential building (1203 units) at Toa Payoh Lorong 1A
2011
Damai Grove
Public Housing Development comprising of 8 blocks of residential building (738 units) at Punggol Drive
Shelford 23
Condominium Housing Development comprising of 2 blocks of residential building (33 units) at Shelford Road
2010
Buona Vista Court
Public Housing Development comprising of 4 blocks of residential building (828 units) at Holland Drive
City View @ Boon Keng
Public Housing Development comprising of 3 blocks of residential building (714 units) at Boon Keng Road
Charlton Villas
Terrace and Semi-Detached Housing Development (39 units) with common facilities at Charlton Lane
Dover Gardens
Public Housing Development comprising of 4 blocks of residential building (943 units) at Dover Crescent
Waterford Residence
Condominium Housing Development comprising of 2 blocks of residential building (118 units) at Kim Yam Road
Versilia on Haig
Condominium Housing Development comprising of 2 blocks of residential building (128 units) at Ipoh Lane
Suites @ Cairnhill
Condominium Housing Development comprising of a block of residential building (48 units) at Anthony Road
Coralinus
Public Housing Development comprising of 6 blocks of residential building (365 units) at Punggol Place
2009
Hoi Hup Building
Multiple-users Industrial Development with basement carpark at Jalan Kilang
The Ford@Holland>;
Condo housing development comprising of 2 blocks of residential building (85 units) at Ford Avenue.
WILL THE PROPERTY PRICES IN SINGAPORE BE COMING DOWN?
The Singapore Income growth index has increased over the years and reached an equilibrium with the property price index. Unlike during the mid 2000s, property prices increased to a level which was out of reach to many Singaporeans. This makes prices of condo affordable and per month debt repayment manageable. With an average household income of S$13,000, a couple can choose to purchase a condo price at $2.3m. A good size 3 bedrooms cost around S$1.6m in today's market. Debt ratio versus income has dropped. The drop in interest rate has further reduced the per month repayment.
Not only has income in Singapore grown over the years, the household liabilities has dropped significantly for the past decade as well while the property price index held stagnant since the tightening of measures in 2013, TDSR was implemented. Property price index had been stagnant. We had lost 7 years of property prices growth.
During this time, Singapore has structured itself also with a younger working population. This is important as the younger generation are able to drive better our GDP and as well as our consumption growth. Our GDP growth has well exceeded our property price growth during this period.
Forbearance programmes are offered by banks for clients who need short term relief in their installment payment but I see that there will not be many people who need to be utilising this. If you are a buyer looking for investment, do whatever you can to build up some cash reserves, for up to a year would be good, to protect yourself from mortgages.
Singapore shall continue with our productivity growth and further restructure our economy with new jobs.
The Economic Development Board (EDB) has managed to secure $13 billion in investment commitments in the first four months of 2020, which has surpassed the targets for the whole year. These investments come partly from electronics and infocomm media sectors. Thousands of jobs will be generated. Due to the change in the market, more jobs will be added to Singapore's capitalisation of the IT industry, namely, semiconductor as Singapore rolls out the 5G technology. We have changed our way of working and our daily lives with the recent pandemic, it has fastern the route on our reliance on the IT, so more jobs will be created in the e-commerce and the digital economic space. Singapore is moving forward with a greater productivity to remain competitive, because in the long run, this is what matters.
Anti-speculation measures have also been implemented over the course of 8 measures. Average holding period for a property has been increased to 8 years.
Additional stamp duty (ABSD) are imposed on buyers for 2nd and 3rd property onwards and slightly higher for PRs. Foreigners who want to have a stake in Singapore's properties will need to pay an additional of 20% in taxes.
Qualifying certificate and additional stamp duties (ABSD) are imposed on developers as well to ensure that there is no hoarding of land by them.
There is alot of buyers in the market looking to buy a real estate for investment. Please do keep an eye on the number of people buying a home, the available supply of homes for purchase in the market and foreclosure if any. The way that I see, it is unlikely to see a state of foreclosure in Singapore. I am certain to see more buyers than sellers. We have worked for this for the past decade and shall see ourselves coming out of the de-leveraging process. We shall see a gradual growth and sustainable price increase in Singapore homes.
HIGHER DEMAND FOR ECs WITH ITS HIGH PROFIT MARGIN AND LOW ENTRY PRICE
Owners of Executive Condominiums (EC) stand a huge capital potential appreciation in due of the low entry price to purchase a unit compared to private condominiums.
After a period of 10 years, the EC will be privatised, changing its status to be on level to a private condominium. Foreigners will be able to purchase the unit then. Owners typically enjoy a capital gain after their EC is privatised.
The above table shows a significant increase in capital appreciation for EC owners.
Purchasing an EC is extremely promising as we may look into such capital appreciation after it becomes privatised over time.
As the entry price for an Executive Condominium (EC) is much lower than a private condominium, demand for ECs has been on the rise. New EC units are generally 15-30% cheaper than private condominiums. In addition, first timer are entitled to receive a CPF Housing Grant of up to S$30,000. These make EC an extreme worthwhile asset to purchase.
Physical features are similar when comparing between a new executive condominium with a private condominium. This include facilities such as gym, clubhouse, security guard, tennis court, swimming pool and many more.
With further developments in Sengkang and Seletar, residents of New EC in Tampines Avenue 10 will look into a long term investment with high profit margin.
When doing a comparison between an executive condominium and private condominium, we know that both EC and private condominiums offer the same features such as swimming pool, gym, tennis court and many more,
As resale executive condominiums are typically larger in space comparing to its counterpart and with a lower entry price, demand has increased for the resale ECs. This has led to a narrowing of price gap.
Owners of resale ECs have profited greatly in the market with their low entry price and they had enjoyed the bigger space and same facilities.
HOI HUP REALTY AND SUNWAY DEVELOPMENTS WON TOP BID FOR TAMPINES AVENUE 10 NEW GLS EC PARCEL SITE
The tender has closed for the Executive Condominium site at Tampines Ave 10. The 268,384 sq ft site attracted seven bids, says HDB. The future development could comprise up to 695 units and will have a maximum Gross Floor Area of 751,482 sq ft.
The highest bid came from Hoi Hup Realty and Sunway Developments, a subsidiary of Malaysian group Sunway Berhad. The two companies jointly submitted a bid of $434.45 million for the site, or $578 psf/per plot ratio (ppr). The second highest bid came from Chinese developer MCC Land, which submitted a bid of $431.62 million ($574.36 psf/ppr). This is a 0.7% margin between the top two bids.
The top bid is in line with last years’ winning EC tenders at Sumang Walk ($583 psf ppr), Canberra Link ($558 psf ppr), and Anchorvale Crescent ($576 psf ppr), says Ong Teck hui, senior director of research and consultancy at JLL. It is also higher than the $565 psf ppr City Developments Ltd paid for the condominium site where The Tapestry is being developed. The condo is 200m away from the EC site on Tampines Ave 10.
The overall lack of supply of EC units in the market has caused prices to increase by 24.7%, from $793 psf in 4Q2017 to $989 psf ppr last quarter, says Ong. Last year recorded 1,137 EC units sold against 628 units launched at Rivercove Residences, the only EC launch last year, and which saw prices breaching $1,000 psf as of end-2018, says Desmond Sim, head of research at CBRE. This sets a good price precedent for the upcoming EC launch at Sumang Walk, he says.
That EC site was awarded to City Developments Ltd and joint venture partner TID, itself a joint-venture company owned by Hong Leong Group and Japanese developer Mitsui Fudosan, after they beat out 16 others with a top bid of $509.37 million ($583 psf per plot ratio). It also set a record price in the EC land sales market, says ZACD group executive director Nicholas Mak, at the time of the tender award.
Today, CDL and TID submitted the third highest bid of $414.29 million ($551.29 psf/GFA) for the Tampines Ave 10 site. Other developers who also submitted bids include Qingjian Realty and boutique developer Evia Real Estate, Sim Lian Group, a consortium comprising Amara Holdings, Santarli Venture, and Kay Lim Holdings, as well as boutique developer JBE Holdings.
The ‘robust bidding’ from developers comes on the back of latent demand for EC units in the market and scarcity of EC development sites in mature residential estates, says Lee Sze Teck, head of research for Hutton Asia. Developers were also attracted to the relatively large and regular size of the site which is surrounded by schools and amenities, says CBRE’s Sim.
Source: The Edge 15th Jan 2019
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