Over the past few years, Treasure at Tampines has undoubtedly captured significant attention. This massive project has drawn so much focus that only now are we beginning to notice the strong resale demand in the surrounding area.
Take, for instance, these six resale condos in Tampines, which have been quietly achieving remarkable results, overshadowed by the dazzling allure of new launches—or perhaps even fueled by them, given the current new launch prices.
Impressive Performers in the Tampines Region
As of mid-June 2024, new launch condo prices in Singapore are averaging over $2,200 per square foot (psf), marking a roughly 20.8% increase over the past five years—a significant rise in such a short span. Various factors contribute to this surge, from the housing shortage during Covid to rising land prices and development charges. As a result, new launches are becoming a stretch for many buyers.
At $2,200 psf, a typical three-bedroom condo unit, around 1,000 square feet, would cost approximately $2.2 million. Even for HDB upgraders, this sum is daunting, especially with higher home loan interest rates than in 2020.
This has led more buyers to consider the resale condo market, where we’re seeing strong performances.
Tampines, a growing regional hub in the east, is a prime example. With Treasure at Tampines now completed and sold, and likely the last affordable new launch in the area, buyers eager to live in or near Tampines are turning to resale options. This trend is favorable for sellers, as Tampines condo owners may be among the few who can afford to upgrade or replace their properties despite the pricier 2024 market.
Top Performing Condos in Tampines
Citylife @ Tampines (EC)
Citylife @ Tampines is a 514-unit Executive Condo (EC) completed in 2016, which became eligible for resale in 2021. Since entering the resale market, it has maintained an impeccable record of 143 profitable transactions with no losses. Notably, in May 2024, a 1,324 sq. ft unit on the 9th floor sold for a gross profit of $815,000, with an annualized gain of about 5.1%. Another 1,424 sq. ft unit on the 10th floor sold for a gross profit of $820,000, yielding an annualized gain of 4.7%.
Citylife's success can be attributed to its EC status, which typically starts at a lower price point, allowing room for appreciation. Additionally, its proximity to Tampines MRT station and amenities like Tampines Hub makes it an attractive option for buyers.
2. The Tampines Trilliant (EC)
The Tampines Trilliant, a 670-unit EC completed in 2015, also boasts a perfect track record, with 234 profitable transactions and no losses since its Minimum Occupancy Period (MOP) in 2020. Recent transactions include a 1,302 sq. ft unit on the 6th floor, which sold for a gross profit of $878,000, achieving an annualized return of 5.4%. Trilliant’s proximity to Tampines Hub and the MRT station gives it a slight edge, though some buyers may prefer the smaller Citylife for its privacy.
3. The Tapestry
This particular unit was also up for rent 2 months back, check out this premium stack and its some of its facilities in this 1 minute video I've shot.
The Tapestry, an 861-unit condo completed in 2021, may have initially frustrated early buyers when the developer reduced prices in later sales phases, likely due to cooling measures from 2018 onward. However, this has worked in favor of those who bought at the right time, leading to high profits. The Tapestry has 116 profitable transactions and just one loss, with a notable transaction in March 2024 yielding a gross profit of $524,840 for a 1,173 sq. ft unit, equating to an annualized return of 7.6%.
Despite being far from any MRT station, bus services provide quick access to Tampines MRT and Hub, making the Tapestry's location more advantageous than it might seem. It also offers a serene environment with views of Tampines Quarry, adding to its appeal.
4. The Santorini
The Santorini, a 597-unit condo launched in 2014, initially struggled due to the introduction of the Total Debt Servicing Ratio (TDSR) and an oversupply of condos at the time.
However, those who invested despite these challenges are now reaping the rewards. The Santorini has 159 profitable transactions and only eight losses, with a recent transaction in May 2024 yielding a gross profit of $525,888, translating to an impressive annualized return of 9.6%. The Santorini's accessibility, despite seeming remote, and its performance in selling smaller units in 2024, make it a noteworthy performer.
5. The Alps
The Alps, a 626-unit condo completed in 2019, stands out with its unique design and proximity to amenities, including a nearby HDB enclave that offers convenience without compromising views. With 148 profitable transactions and no losses, The Alps has demonstrated strong performance. One of its best transactions this year involved a 936 sq. ft unit that sold for a gross profit of $334,000, yielding an annualized return of 7.8%.
Its location closer to United World College also adds rental potential, making it an attractive option for expat families.
6. The Q Bay Residences
Q Bay Residences, a 630-unit condo known for its unimpeded views of Tampines Quarry and dual-key units, has defied market expectations. Despite launching in January 2013, close to a market peak, it has 154 profitable transactions and only 14 losses. A standout transaction in April 2024 saw a 797 sq. ft unit selling for a gross profit of $295,000, with an annualized gain of 9.1% over less than 3.5 years.
With the high prices of new launches, more buyers are turning to the resale market, creating opportunities for owners to capitalize on their gains. If you’re considering whether it’s time to realize your profits, I’d be happy to provide a detailed analysis and assist you in making the best decision.
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About The Author
Giselle has eight years of diverse industry experience, bringing a fresh perspective to the real estate landscape whether you're a first-time homebuyer, a seasoned investor, or looking to sell your property. As an excited first-time homeowner, she is also planning her property portfolio. She is also a dog mom of 2 adorable dogs (Shiba Inu and a Rottweiler mongrel mix), a theme park lover, a soft spot for Mandapop, and a carbs lover. For non-obligation consultation, feel free to reach out at 8298 5005 or hit her up at hi.gisellelow@gmail.com