Singapore Property | The new Tampines town hub will gradually open in 2016 with a host of new amenities such as the six swimming pools, a regional library with a total of 5 levels, and a badminton hall with up to 20 courts. This hub was initially launched in 2011 as part of a 5-year master-plan by the current National Development Minister Mah Bow Tan. The Master Plan will see Tampines have new developments in place including new housing, parkland, shopping malls as well as various amenities that will be situated to the north. It is an integrated development plan that is in tune with other modern master-planned developments from around the world. The master-plan has also seen an incorporation of Downtown Line that is going to add greater convenience for anyone travelling to this place. The precinct of Tampines Hub is typically convenient to numerous other developments such as Kovan New Launch located at Tampines Road, Trilive and North Park Residences.
Specifics of the New Tampines Hub
The precincts of the new Tampines Hub have seen seven non-landed developments; which are situated within a 2km radius and these have also seen recent market activity. These projects were completed since year 2000. A 3,444 sq ft unit situated at Changi Rise Condominium attracted the highest price at $2.1 million or $613 per sq ft. Over the same period, a 1,023 sq ft property at the same development was sold for $830,000 or $812 per sq ft. Sunhaven has seen gross rental yields of 3.8% while Tropical Spring has 4.1%.
Prices of Non-Landed Projects Within the Precincts of Tampines Hub
My Manhattan fetches the highest price psf within 2km radius of Tampines hub at $1351 psf followed by Double Bay Residences at $1000 psf; Modena at $900 psf; Tropical Spring at $881 psf; and Sunhaven at $842 psf .
Rental Prices for Non-Landed Projects Within the Precincts of Tampines
The same trend is repeated when it comes to rental prices with My Manhattan fetching an average of $4.20 psf per month followed by Double Bay Residences at $3.20 psf per month. Modena fetches $2.90 psf per month while Tropical Spring fetches $3.00 psf per month.
August saw four non-landed property transactions. There were two at Savannah Condopark: a 1453 sq ft and 1238 sq ft property which fetched $1.2 million and $1.1 million respectively. In the Double Bay Residences, a 1367 sq ft unit fetched $1.4 million while a 1346 sq ft unit in Tropical Spring fetched $1.2 million.
Other interesting developments will include a brand new foreign property named The Peak @ Cambodia and few other local new launches like the Principal Garden, The Thomson Impressions as well as the Sturdee Residence.