The Reef at King’s Dock is a 429-unit, 99-year leasehold luxury condominium development by Mapletree and Keppel Land in District 4. The condo is located along Keppel Bay and features waterfront living and scenic sea views.
Wing Tai Holdings Limited is a property developer and lifestyle company whose core businesses comprise property development and investment, hospitality management and lifestyle retail. Its portfolio of contemporary development extends across Malaysia, Hong Kong and China.
Project Name: The Tembusu
Address: 107 Tampines Road
Site area: Approx. 141,539 sqft
337 residential units
1 commercial unit
85 1-bedroom units (474 – 646 sqft)
103 2-bedroom units (753 – 1,023 sqft)
81 3-bedroom units (1,044 – 1,378 sqft)
34 3-bedroom Dual Key units (1,216 – 1,464 sqft)
31 4-bedroom units (1,367 – 1,701 sqft)
3 penthouse units (2,863 – 3,886 sqft)
Maintenance fees: Approx. $300 to $420
340 normal lots
2 handicap lots
Expected TOP: End 2016
Expected legal completion: February 2021
The Tembusu is a 337-unit freehold development located along Tampines Road. At time of writing (Mar 2016), all unit types are available.
Unit sizes range from 1- to 4-bedroom units and penthouse units. The lowest-priced unit on PropertyGuru is a 474 sqft 1-bedroom unit going for $790,000, which translates to around $1,667 psf. A 1,701 sqft 4-bedroom unit is going for $2,812,000 and this is an estimated $1,653 psf.
Construction is progressing and the blocks are already standing.
The project consists of five 18-storey blocks and is designed by the award-winning Arc Studio Architecture + Urbanism. It has also won the BCA Green Mark Award for its environmentally-friendly features.
The greenery interspersed throughout the development makes for a very natural, organic façade.
Named after an evergreen tree, it makes sense that the project is surrounded by water features that capture and retain rain water. The result – meandering streams within a green landscape.
Facilities are organized into four storeys – Level 1, Levels 6 and 12 (sky links) and Level 18 (sky terrace).
For 1-bedroom units, stack 4 is inward-facing with a view of the water features below.
Stacks 13 and 14 are outward-facing towards Tampines Road.
For 2-bedroom units, stacks 11 and 15 are inward-facing with a full pool view.
Stacks 12 and 16 are also inward-facing, but with a partial pool view.
For 3-bedroom units, stacks 17 and 18 are inward-facing with a full pool view.
Stack 3 is inward-facing with a view of the water features below.
For 3-bedroom Dual Key units, stack 5 is inward-facing with a view of the water features below.
Lastly, for 4-bedroom units, stack 6 is inward-facing with a view of the water features below.
The main pool area is perfect for lounging any time of the day.
A top view of the sky links at levels 6 and 12.
The lounge corner on the sky terrace is great to wind down at or even have mini gatherings.
At time of writing (Mar 2016), there are 14 units for sale and these include 3- and 4-bedroom Dual Key units.
- compressed marble for living, dining areas, store and kitchen
- timber flooring for all bedrooms
- compressed marble for master bedroom of 1-bedroom units
- ceramic tiles for all bathrooms, balcony, utility, yard and water closet
- fire-rated timber door for main entrance
- timber doors for bedrooms, bathrooms, study and store
- glass door for master bedroom of 1-bedroom units
- glass door for kitchen
- aluminium framed glass door to balcony and private enclosed shelter (PES)
- bi-fold door to utility and water closet
- built-in wardrobes for all bedrooms
- wall-mounted air-con for living, dining areas, study and bedrooms
Cabinets with solid surface countertops and a sink with mixer are provided with the kitchen. Appliances provided include a microwave oven, induction cooker and hood and refrigerator all from Smeg and Bosch. In the 1-bedroom unit, the kitchen is backed against the wall (on the left) and near the entrance. The living space is right behind it, and extends to the balcony.
The bedroom in the 1-bedroom unit can comfortably accommodate a queen-sized bed and have sufficient leg room still.
The kitchen in the 3-bedroom unit is semi-open. Realistically, only one person can move around freely in the space. It comes with a gas cooker and hob and built-in oven instead. The living room is just beyond it and similarly, extends to the balcony.
With the 4-bedroom unit, the kitchen is much larger. Here, two people could move around simultaneously.
The living space is right outside the kitchen and is wide enough to be segregated into the dining area and the living area. As per normal, it extends to the balcony.
The common bedrooms can generally fit a single bed comfortably. However, one of the common bedrooms in the 4-bedroom unit can also accommodate a queen-sized bed.
The master bedroom can accommodate a king-sized bed. It also has its own balcony or PES depending on the unit type.
The bathrooms have a wet and dry area as per normal and fittings are from Grohe.
Buyers are likely to be a mix of owner-occupiers and those looking to lease. Singaporeans and permanent residents account for an estimated 92% of sales currently.
Kovan is a suburb in the Northeast region of Singapore and actually a part of Hougang New Town. The area is a largely private housing estate, but new condominiums have been coming up over the past few years.
Getting there: The Tembusu is located along Tampines Road of District 19. If you’re travelling by train in the mornings, Raffles Place MRT is a 20-minute ride from Kovan MRT. By car, it is a 12-minute drive to town via the Pan-Island Expressway (PIE) and the Central Expressway (CTE), assuming optimal traffic conditions.
Kovan MRT is a 6-minute walk away. From there, the next stop is Serangoon MRT where you have Nex Mall. One stop in the other direction will have you at Hougang MRT where you have Hougang Mall and the upcoming Hougang Integrated Hub.
The estate: The Tembusu is situated within minutes’ walk to Kovan MRT. Surrounding the development are more private projects and landed housing.
The nearest bus stop is directly in front of The Tembusu, with services 53, 62 and 112. Between them, these services cover Bishan, Ang Mo Kio, Pasir Ris, Aljunied, Punggol, Hougang and Upper Serangoon.
- DPS International School
- Australian International School
- Stamford American International School
- Dimensions International College
Heartland Mall is a 10-minute walk away. It is a smaller neighbourhood mall with dining options like Sakae Sushi and supermarket chain Cold Storage. There are also a number of tuition centres on the top floor.
Just outside Heartland Mall, there’s about a 100m stretch of shops ranging from hardware and electrical, to beauty parlours and tuition centres.
At the end of the stretch of shops, you’ll find a 24-hour FairPrice Finest outlet, a preschool and two music schools.
Soccer enthusiasts will enjoy Kovan Sports Centre being across the road from FairPrice. From The Tembusu, it is a 10-minute walk away.
For hawker fare, residents can head to Kovan 209, just next to Heartland Mall.
Hougang Mall is a 3-minute drive away. The suburban shopping mall houses Cheng San Community Library. NTUC Fairprice is in the basement and education and enrichment centres are available for kids on the 5th level.
NEX Mall is less than a 5-minute drive away. The 7-storey regional suburban shopping mall boasts 19 anchor tenants including Shaw Cinemas and a total of 340 F&B and retail units. It is also connected to Serangoon bus interchange, Serangoon MRT and houses Serangoon Public Library. Various education and enrichment centres are available for kids and dining options are countless.
As for healthcare needs, the upcoming Sengkang General & Community Hospital will be a 10-minute drive away. There are also a number of general and specialist clinics along the stretch outside Heartland Mall itself.
Caveated transactions for The Tembusu at time of writing (Mar 2016) stands at 306. Recorded transaction prices range from $682K to $4.703M (see Chart 1).
The Tembusu’s closest competitor would be Trilive, located just next to it, along Tampines Road. Launched in June 2014, its median price is $1,580 psf to The Tembusu’s median of $1,547 psf. Residents at Trilive are also likely to be a good mix of owner-occupiers and tenants who like that the project is freehold as well.
Units at Trilive range from 1- to 4-bedroom units while The Tembusu consists of 1-4 bedroom units and penthouse units. To have a clearer picture, we will be looking at 2-bedroom and 3-bedroom Dual Key units in particular, across both developments. According to caveats, The Tembusu’s 2-bedroom units have a median price of $1,551 psf while Trilive’s is $1,587 psf. Transactions for the units at The Tembusu range from $1.047M to $1.48M, and from $865K to $1.097M at Trilive.
As for the 3-bedroom Dual Key units, they have a median price of $1,524 psf at The Tembusu, while Trilive’s is $1,518 psf. Transactions for the units at The Tembusu range from $1.641M to $1.968M, and from $1.313M to $1.433M at Trilive.
Before deciding based on these numbers alone, we should look at unit sizing as well. Units at The Tembusu are generally larger with the 2-bedroom ones between 753 sqft and 1,023 sqft. At Trilive, they are between 549 sqft and 570 sqft. 3-bedroom Dual Key units are between 1,216 sqft and 1,464 sqft at The Tembusu and between 883 sqft and 904 sqft at Trilive.
Future Rental Potential
To understand what rental prices will be like for The Tembusu, we need to look at rental prices for other projects in the area.
The current median rental price for projects in District 19 (Serangoon Garden / Hougang / Punggol) and specifically along Tampines Road is around $3.64 psf per month at time of writing, based on rental transactions for the past 4 quarters.
At these rates, a 2-bedroom unit around 890 sqft at The Tembusu would go for around $3,500 a month, after factoring a 20% premium for its new build. With the median price for the unit being around $1.196M, the annual gross rental yield at the current rate would be an estimated 3.5%. A 3-bedroom Dual Key unit would probably fetch around $5,600 a month at today’s rental rates. This translates to around 3.6% in annual gross rental yield.
The median unit size of a 2-bedroom unit at Trilive, on the other hand, would probably fetch around $2,400 which would translate to an estimated rental yield of 3.3%. A 3-bedroom Dual Key unit would probably go for around $3,900 a month, meaning an estimated 3.5% rental yield too.
According to the estimated figures, rental yield for both projects are quite similar. The choice of nearby amenities is pretty much the same, since Trilive is right next to The Tembusu. Unit sizing however differs with units at The Tembusu being larger.
Overall, both projects seem to be safe in terms of rental yield.
Considering the unit sizing and the fact that the project is freehold, The Tembusu is a relatively more affordable option than some other developments.
Located right in the middle of Serangoon and Hougang, the development affords residents increased convenience. With having not one, but two established estates within short driving distance, residents will be able to get anything they need very easily.
They will also enjoy easy access to major expressways and proximity to nearby places like the Kovan eateries, Heartland Mall, Hougang Mall and NEX Mall. For families with children, there are a number of schools ranging from primary level to junior college level, nearby.
Kovan MRT is about a 7-10 minute walk away for those who would prefer to take public transport in the mornings.
Investment potential is high with the project being freehold and within a 15-minute drive from the town and CBD areas.
If you’re looking for a premium space amidst relative greenery, then The Tembusu is ideal. Its units are generally larger than average, so it is also perfect for those going for space.
Overall, The Tembusu is a good option for couples and families looking for a home. With its 3-bedroom Dual Key configuration, multi-generational families are also very likely to like the space.