Great sales at Tapestry Condomium!
Biggest launch in 2018! 800+ units mega project!
This project is in Tampines, quite far from where I stay but nonetheless I dragged mrs along for a roadtrip down to visit the showroom. The atmosphere was great! Tables were filled and visitors>agents (for once). Better vibe than almost all we have seen in the last 2 years!
Why did we make the trip down?
It was to validate the upward momentum in property SALES. Note: momentum in sales does not equal profitability to you. I’m not suggesting to you to buy anything. It’s just to tell you buyers are getting interested again.
What sold well?
CDL moved 315 units in just 1 weekend. They had a balloting process. Real demand! But it feels like it was for 1 and 2 bedrooms mainly. The 3,4,5 bedrooms which real family buyers want doesn’t seem that hot. There are still lots of choices if you are looking for a home there.
Paralympic swimmer and medallist, Ms Theresa Goh (吴蕊思), bought a two-bedroom premium unit and plans to reside in it with her parents and four cats. The first-time homeowner said, “Unlike most condominiums, The Tapestry’s unit layout is very well-spaced … The 100-metre Infinity Pool is a rare facility … the ideal location, the attractive pricing is another draw for me.” (From CDL’s corporate communications)
Hmm attractive pricing? ok, individual perspective. It was at an average of $1,310psf which means 1-2 bedders are high $1,300psf. We were quoted about $1.22m for a 3bedroom which works out to be about $1,240psf.
Q-bay just next door and already built is transacting around $1,100psf. The Alps Residences (also just next door) is still building and selling at $1,200psf. Chart below tells you what developer MCC land is selling those units for. It is likely that they have marked it up 10% very recently to tap onto the bullish trend.
It is likely that units in Singapore will sell better in 2018 than previous years. Especially mass market ones. I’ve been tracking another development launch which are terraces but that didn’t move too well.