SINGAPORE - Property buyers undeterred by the latest round of cooling measures may want to look towards the eastern part of Singapore, where a new residential enclave is slowly but surely springing up.
Specifically, the area around Tampines Avenue 10 and 1 - which some property analysts say has the potential to give the popular waterfront developments at the nearby Bedok Reservoir locale a run for their money.
Situated opposite Tampines Quarry and near Bedok Reservoir, three developments are already being built along that stretch.
While it can easily be mistaken for a reservoir, Tampines Quarry was actually a disused sand quarry pit. It was abandoned in the early 1980s, and had been filled with water over the years.
This man-made lake is 30m deep and as big as 10 National Stadiums.
The 630-unit Q Bay Residences, developed jointly by Frasers Centrepoint, Far East Organisation and Sekisui House, was the latest of the three to be launched just two weeks ago.
Boasting a bayfront lifestyle, the development includes bay villas - surrounded by a private garden, pool and spa - where private functions can be held.
The other two developments are Waterview, developed by Sim Lian Group, and Arc @ Tampines, an executive condominium developed by Hoi Hup Realty.
At least three more plots of land in the same area are expected to be put up for sale by the Urban Redevelopment Authority (URA) within the first half of this year.
A 17,100 sq m site, located right next to Q Bay Residences and estimated to be able to house some 530 units, has been confirmed to be open for bidding around May.
Two other plots of land next to this are on the reserve list of the URA's Government Land Sales programme, which may be made available by June.
The sites, spanning 22,190.8 sq m and 15,660.4 sq m, are expected to have about 680 units and 470 units, respectively.
Also, another two more plots in Tampines Avenue 8 have been designated as residential zones.
They are currently vacant green fields.
Mr Alan Cheong, senior director of research at Savills Singapore, pointed to three attributes of the area which will serve as big draws to buyers: a scenic view, ease of accessibility and amenities nearby which would help attract tenants.
"With some portions of lands along Tampines Avenue 10 having an unobstructed view of the quarry, developers who have projects with that vantage will zero in on this selling point," he said.