315 units at The Tapestry sold, strong turnout at Park Place Residences preview

Launch crowd at The Tapestry showflat. (Photo: CDL)

UPDATED: Two private condominium showflats opened their doors to property seekers over the weekend, attracting keen interest amid the improved market sentiment.

The Tapestry by City Developments Limited (CDL) commenced sales on Saturday (24 Mar), while Phase 2 of Lendlease’s Park Place Residences at Paya Lebar Quarter (PLQ) opened for preview on the same day.

More: Developer sales down 28% in Feb

The 861-unit The Tapestry sold 315 of the 450 units released (70 percent) as at 5pm yesterday. Around 76 percent of the buyers were Singaporeans.

CDL said the take-up rate of all unit types was good, particularly the one- and two-bedders.

The 99-year leasehold project is the first major residential launch of 2018. Located along Tampines Street 86, it has an early-bird average selling price of $1,310 psf.

According to a Credit Suisse report, this is 22 percent higher than the average selling price of $1,070 psf for projects in the vicinity, including the adjacent The Alps Residences, which was launched in 2016.

“As the launch price of $1,310 psf is inclusive of a 3.0 percent early-bird discount, expect future prices to progressively creep up from hereon,” said Credit Suisse.

Prices started from $596,000 for a one-bedroom, $796,000 for a two-bedroom, $1.15 million for a three-bedroom, $1.65 million for a four-bedroom and $2.1 million for a five-bedroom dual-key with study apartment.

Unit sizes range from 441 sq ft to 1,765 sq ft.

“We are very encouraged by the overwhelming response on our first weekend launch,” said CDL group general manager Chia Ngiang Hong.

He noted that buyers were drawn to the project’s location within a mature estate and the early-bird pricing.

The Tampines and Tampines West MRT stations, Tampines Regional Centre and the newly-completed Our Tampines Hub are situated nearby.

Among the buyers was Singapore Paralympic swimmer Theresa Goh, who bought a two-bedroom premium unit.

“Unlike most condominiums, The Tapestry’s unit layout is very well-spaced, which is essential for me to manoeuvre my wheelchair with ease,” she said.

Over at Park Place Residences, potential buyers liked that it sits within the $3.3 billion PLQ integrated development, which features shops, offices and green spaces. The 99-year leasehold project is also directly linked to Paya Lebar MRT station.

Prospective buyer Cynthia Cheung said: “Paya Lebar is going to be the area for future development, according to the URA masterplan. We have stayed in this neighbourhood before, so we would really like to live here.”

First launched for sale in March 2017, Park Place Residences sold 210 units during the initial phase, or 50 percent of the available units within one day at a median price of $1,805 psf. Around 95 percent of the buyers were Singaporeans and Permanent Residents.

“Based on the visitor volume experienced in Phase 1 and our opening weekend of Phase 2, we are happy with the strong visitor turnout over the past two days,” said a Lendlease spokesperson, without divulging the number of showflat visitors.

Lendlease plans to launch the final 219 units on 7 April.

Park Place Residences at PLQ is expected to be completed by end 2020, while The Tapestry is slated for completion in 2021.

Check out project listings of The Tapestry and Park Place Residences.

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg