One of the most harped about points by the developer Sim Lian Group and agents participating in the sale of the units at Treasure at Tampines condo is the massive amount of units at the project for sale – 2,203 units. Unheard of previously in Singapore, let us explore how that can potentially affect rental and resale prices.
The developer definitely knows that it is difficult to sell a large percentage of the development within a short period of time, and perhaps some units will always be empty no matter what. This is because selling 90% of a 300 unit condo versus selling 90% of a 2000 unit condo is very different. Because there is so much supply, and limited demand, they have to drop in prices in order to sell properly. Therefore, if you saw its advertisements on taxis or buses, you will notice that they say ‘best selling’, but it actually is in terms of the number, and not the percentage. So bear that in mind, and negotiate hard on prices for this development, because if you overpay at the start, you will potentially lose money on resale. There is no need to worry, because they will definitely counter back with increasingly better deals if you negotiate.
Chances of any units reselling at any premium at this place is going to be tough, because there will likely be many unsold units even at TOP going for rock bottom prices. And even among those real estate flippers, there are too many of them at this same condo. Therefore, do not be suckered into stupid sale prices!
However, one of the great points about Treasure is that it is truly and highly convenient for those with cars in the East because of its close proximity of within 5 minutes drive to lots of dining and shopping locations at Tampines. That is definitely one of its strong points, and will be a reason for strong rental and potentially resale prices.
On the whole however, you definitely still need to avoid paying whatever prices they are asking you for, and negotiate really hard and walk away. You still get the leverage because there are simply way too many units there for them to sell easily at sky high prices. Makes no sense.