The response to a new condominium launch in Tampines was more than promising, re-energizing the local real estate market considerably.
Smaller units at The Tapestry at Tampines popular with buyers
70% of the 450 units launched at The Tapestry condominium in Tampines Street 86 were sold during its launch last weekend. Buyers snapped up 315 units at an average price of $1,310 psf. It is this year’s first suburban condominium launch and in a popular mature estate no less.
With 861 units over seven 15-storey blocks, The Tapestry is considered a premium suburban development with over 50 facilities, including a 24-hour gym, 100m infinity pool, and a childcare centre.
It also features smart home attributes such as a smart voice assistant that enables voice-control of home devices. The property is developed by Bellevue Properties, a subsidiary of City Development (CDL).
76% of the buyers were Singaporeans
The property seems to have attracted the attention of HDB upgraders, new home buyers and also investors. The smaller units such as the one- and two-bedders were most sought-after.
Prices of these units start from $596,000 for a one-bedroom unit and $796,000 for two-bedroom apartments. The 3-, 4- and 5-bedders were priced from $1.15 million, $1.65 million and $2 million respectively.
Unit sizes range from 441 sq ft for a one-bedroom unit to 1,765 sq ft for the largest 5-bedroom dual key unit with study room.
Most of the buyers were Singaporeans, approximately 76%, while the rest of the 24% were made up of permanent residents and foreigners from China, India, Indonesia, Hong Kong and Malaysia.