The Tapestry @ Tampines Ave 10 (D18)
On 25 April 2017, a private residential site along Tampines Avenue 10 attracted nine bids from developers, with a City Developments (CDL) unit submitting the top bid of S$370.1 million.
The 99-year leasehold site, released from the Confirmed List of the first-half 2017 Government Land Sales programme, sits on 21,717.7 square metres, or about 233,767 sq ft, of land. With a plot ratio of 2.8, the site can yield a maximum permissible gross floor area of 60,810 sq m (or 654,553 sq ft), on which CDL plans to build about 800 homes.
The site, marked as Tampines Ave 10 Parcel C, is located between condominium projects The Alps Residences and The Santorini, The Alps Residences is under construction and The Santorini has TOP in 15 May 2017. The Alps Residences is selling at average S$1,072 psf and The Santorini has fully sold, average S$1,054 psf.
It is linked to the city and the rest of the island via major arterial roads and expressways, such as the Tampines Expressway and the Pan Island Expressway. However, it is not within comfortable walking distance to an MRT station.
The top bid from Bellevue Properties, a wholly-owned subsidiary of listed property developer CDL, translates to S$565.42 per sq ft per plot ratio, or 5.7 per cent above the second-highest bid from Kingsford Development. Estimated selling price will be between S$1,200 to $1,300 psf.
“The top bid today can be considered quite bullish as it is 17.2 per cent higher than the price of the land parcel on which The Alps Residences site was acquired by MCC Land in May 2015 at S$482.60 psfppr,” said Mr Nicholas Mak, Executive Director and Head of Research & Consultancy Department at SLP International Property Consultants.
“The relatively brisk sales at recent launches - Grandeur Park Residences in Tanah Merah and Seaside Residences at Siglap Road - also indicated healthy demand for new homes. This has resulted in the decline of the unsold residential property inventories of some developers. Hence, it leads to the healthy demand for land by developers,” he added.
A CDL spokesperson said after the preliminary tender result: “In the event that we are awarded the site, CDL will explore a condominium development of about 15 storeys with about 800 units. All units are expected to enjoy a north-south orientation and the development will also include a childcare centre on site.”
The Tapestry Location :
The site is conveniently linked to the city and rest of the island via major arterial roads (TPE) and expressways such as Tampines Expressway and Pan Island Expressway (PIE).
Residents can engage in outdoor recreation activities or enjoy a leisurely walk at Bedok Reservoir Park.
The future residential development is an ideal home for families with school-going children. Numerous schools located within the vicinity include St. Hilda's Primary and Secondary Schools, Temasek Polytechnic and United World College of South East Asia (East Campus).
Nearest MRT Stations
-- NE2 Tampines MRT Station (1.8 km)
City Developments Limited (CDL) is a Singapore-listed international real estate operating company with a global presence spanning 97 locations in 26 countries. As one of Singapore's largest companies by market capitalisation, its income-stable and geographically-diversified portfolio comprises residences, offices, hotels, serviced apartments, integrated developments and shopping malls, totalling over 18 million square feet of floor area globally. CDL has developed over 40,000 homes worldwide, and is one of Singapore’s largest commercial landlords, with one of the biggest landbanks amongst Singapore private-sector developers.
Beyond shaping skylines with architectural icons, CDL has transformed Singapore’s built environment with numerous award-winning green buildings. For over two decades, CDL has embraced its ethos of “Conserve as we Construct”, investing in game-changing innovations that have been key enablers of resource efficiency and productivity.
CDL is the first developer conferred the Building and Construction Authority (BCA) Green Mark Platinum Champion and Built Environment Leadership (Platinum) Awards. It has also achieved over 80 BCA Green Mark buildings and office interiors to date, the highest among Singapore developers. Globally, CDL remains the first Singapore corporation to be listed on three of the world’s leading sustainability benchmarks – FTSE4Good Index Series (since 2002), Global 100 Most Sustainable Corporations in the World (since 2010) and Dow Jones Sustainability Indices (since 2011). In the Channel NewsAsia Sustainability Ranking 2016, CDL was named Top Property Developer in Asia, Top Singapore Corporation, and among the top 10 sustainable companies in Asia.
CDL is a member of Hong Leong Group Singapore.