Updated 8 Jan 2018 with unit sizes and project details.
The Tapestry is a new condominium development coming up at Tampines Avenue 10.
The Tapestry Government Land Sales details
This site used to be called Parcel C by the URA before the land bid was won by CDL at a cost of S$370.1m in May 2017.
At a size of 21,712 sqm, the total built up area allowed by URA is 60,810 sqm.
In analyzing the bids, analysts were of the view that it was quite bullish, considering that the winning price was 17.2% higher than the Alps Residence site.
The Alps Residence site is a neighbouring plot of land won by MCC Land in May 2015 at a cost of S$483 psf per plot ratio.
A CDL spokesman said that they are intending to develop a condominium with about 15 storeys and 800 units. All units will be facing the North-South direction.
Interestingly, the spokesman also said they would be exploring a childcare centre on the site.
At a price of S$370.1m, the total cost of the development could amount to approximately S$650m after stacking on costs such as construction, land financing, professional/legal/tax advisory, marketing and other contingency fees.
This would result in a breakeven price of about S$990 psf.
Add on developer’s profit of about 20% and selling prices would possibly in the S$1,200 psf range.
How does this compare with the surrounding?
The three nearest condominiums are The Alps which is being constructed, The Santorini, Q Bay Residences and Arc at Tampines.
Latest prices of units sold at The Alps Residences are in the S$1,030 to S$1,140 psf range while Santorini is seeing units move at between the S$980 to S$1,130 range.
Q Bay Residences which was completed further back in 2016 are seeing some resale units move between S$900 and S$1,300.
Arc at Tampines is the oldest condominum in the area, and there was only one transaction in Aug 2017 which was transacted at S$860 psf. Further back in 2015, units moved around the S$740 to S$800 psf range.
Using The Alps Residences as the most comparable, prices for the Tapestry could possibly price in the S$1,200 psf range.
In terms of amenities, facilities and schools around The Tapestry, there is Temasek Polytechnic, Springfield Secondary, Junyuan Secondary, St Hilda’s Secondary, St Hilda’s Primary, East View Primary, United World College and Poi Ching School.
Tampines Central CC is about 700m away, as are supermarkets NTUC and Giant which are within 1km.
The nearest MRT station is Tampines West (on the Downtown Line), Tampines (Downtown and East West Line) followed by Tampines East (Downtown Line).
The Tapestry is a 10 min drive from Tampines Expressway (TPE) and Pan Island Expressway (PIE).
Bedok Reservoir is a 5 min walk from The Tapestry, and provides nature and exercise lovers an enjoyable place to workout.
The Tapestry is also in an area marked out by URA for rejuvenation.
For example, the Tampines Town Hub which is up and running is a one stop hub that boasts an extensive suite of supporting amenities such as healthcare, community, sports and recreation facilities.
Changi Green General Hospital is also in the vicinity and will serve residents in the area.
For those who are fans of Ikea’s meatball, the Ikea store is only a 5 min drive from The Tapestry.
The Ikea store is also housed in the same compound as Giant and Courts Megastore.
Located on the cusp of Pasir Ris, The Tapestry is also a short distance from Meridian Junior College, Meridian Primary School, Park View Primary School, Overseas Family School and Elias Park Primary School.
The Tapestry is not far from Tampines Central which has numerous shopping centres such as Tampines Mall, Century Square (under renovation as of writing this article) and Tampines 1.
There won’t be any shortage of entertainment and shopping amenities for residents in the area.
For investors thinking of renting a unit at The Tapestry, rents for the nearby Alps Residences are coming in at about S$1,800 per month for units of 400 to 600 sqft.
For bigger units of 700 to 800 sqft, rents are approximately S$2,200.
For larger sized units, there weren’t many done at The Alps Residences in the last 6 months so reference would be taken from Q Bay, where units of between 1,000 and 1,200 sqft are renting for approximately S$2,600 per month.
Q Bay units of between 1,200 and 1,500 sqft are renting for approximately S$3,000 per month.
Rental demand for units in the area will likely come from staff of Temasek Polytechnic, if they aren’t able to secure polytechnic supplied housing.
The United World College of South East Asia (East Campus) would also provide some rental demand.
For renters who find staying in the Tampines Central vicinity too expensive, some of them may also consider this area and The Tapestry.
Further out, professionals working in the Singapore University of Technology and Design and the Changi Business Park area could provide some form of rental demand.
Project name: The Tapestry
Address: Tampines St 86
Showflat location: Tampines Grande Rd (Near Tampines MRT)
Architect: ADDP Architects LLP
Tenure: 99 years
Est. T.O.P.: 2022
Total Block: 7 Blocks / 15-Storey
Total Units: 861 Units
More than 50 facilities with 100m continuous lap pool & another 50m Olympic size lap pool
1BR to 5DK (dual key)
3BR Premium ~1153sqft
Note: Unit sizes are estimates only & are subjected to change without prior notice.
If you’re interested to explore getting a unit(s), drop us a note.