New condo launch in Tampines draws prominent buyers

Image credit: CDL Residential

Tapestry, a new condo launch in Tampines saw saw strong sales activity over the weekend. City Developments Limited (CDL) said sales for the 861-unit The Tapestry (荟锦嘉园) commenced on Saturday, 24 March. As at 5.00 pm on Sunday, 25 March, 315 units (or 70%) of the 450 units released have been sold.

The new condo launch comes at a time where several banks have started a mortgage war to lure the home buyers who are coming back to the non landed property market.  The Fed interest rates have gone up once again, which means that the interest rates for bank loans here will follow suit soon. But the truth is, not all 16 lenders revise their mortgage packages as soon as the the SIBOR rises. There is often a laggard response from the lenders and this would be your opportunity to grab the right loan for you, and that too with the lowest interest rates.

Mr Chia Ngiang Hong, CDL Group General Manager said, “With the boost in sentiment for Singapore’s residential market, there has been high anticipation for The Tapestry which is the first premium suburban condominium to be launched in 2018. We are very encouraged by the overwhelming response on our first weekend launch.”

new condo launch
Image credit: CDL Residential

All unit types at the new condo launch have enjoyed a good take-up rate, particularly the one- and two-bedroom types. Early bird average selling price is S$1,310 per square foot.

“Buyers are drawn to The Tapestry’s much sought-after location in the mature Tampines estate and attractive early bird pricing. It is an ideal residence with good rental potential, being near major transportation nodes, popular schools, amenities, offices and business parks,” Mr Chia added.

76% of the buyers are Singaporeans, while the remaining 24% are Permanent Residents and foreigners from Malaysia, China, India, Indonesia and Hong Kong.

Typical unit sizes at The Tapestry range from 441 square feet (sq ft) for a one-bedroom to 1,765 sq ft for the largest five-bedroom dual-key with study apartment. Attractive early-bird prices on the launch weekend started from S$596,000 for a one-bedroom, S$796,000 for a two-bedroom, S$1.15 million for a three-bedroom, S$1.65 million for a four-bedroom and S$2.1 million for a five-bedroom dual-key with study apartment.

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, which is essential for me to manoeuvre my wheelchair with ease. The 100-metre Infinity Pool is a rare facility and, hopefully, this will encourage my mom to learn swimming. Our family used to live in the East side of Singapore before shifting to the West, so moving into The Tapestry will be a ‘home-coming’ for my parents and I. Besides the ideal location, the attractive pricing is another draw for me.”

With a good number of local and foreign financial institutions here, the choice of a lender and the available packages for home buyers like Theresa Goh can be mind boggling. Imagine having to compare over hundreds of different loan packages and wondering which is best for you. Even if you are a specialist in finance, differences between the loans in Singapore are not so straight forward, because there are quite a few variables.

This is where an independent loan specialist maybe useful for you in your search for a loan which is the right fit for your needs.  Without any partiality, the independent loan specialist can compare a range of products and lenders. This will help you save time and money, avoid confusion, and improve your chances of getting approved, as well.

Located along Tampines Street 86, the new condo launch Tapestry is just minutes to the Tampines MRT station (Tampines East West Line and Downtown Line (DTL)), Tampines West MRT station (DTL), Tampines bus interchange, established Tampines Regional Centre and newly-completed Our Tampines Hub. It is also a short drive to Changi Airport and Changi Business Park.

The Tapestry is about two kilometres to popular schools such as St. Hilda’s Primary and Secondary Schools. Other schools in the vicinity include Temasek Polytechnic, United World College of South East Asia (East Campus) and Singapore University of Technology and Design.

Developer of the new condo launch, CDL, said residents will enjoy over 50 facilities across 10 exciting zones, including a 100-metre Infinity Pool, 50-metre Lap Pool, 24-hour Gymnasium, Hydrotherapy Pool and Club Tapestry, which comes with extended alfresco area by the Central Lawn and Gourmet Kitchen facilities. Each apartment is adorned with sleek designer fittings. The inclusion of a childcare centre at The Tapestry provides greater convenience to young families.

Residents will also have exclusive access to a dedicated Residential Services team that offers fee-based services tailored to their lifestyle needs, from private chef services, housekeeping, down to transport arrangements.

The Tapestry show flat, located along Tampines Grande near Tampines MRT Station, is open from 10.00 am to 7.00 pm. Marketing agents for The Tapestry are ERA Realty.

Written by Ravi Chandran

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