The Tapestry Price
This plot of land the The Tapestry at Tampines avenue 10 condo is sitting on is highly contested by 9 hopeful bidders upon the tender closure on 25th April 2017. Located diagonally opposite the Tampines Quarry, the land is eventually sold to Bellevue Properties, a wholly owned subsidiary of CDL who submitted a top bid of SGD $370.1 million. This translate to a psf of SGD $565.42 per plot ratio which is also 17.2% higher than the land price of Alps Residences that MCC Land paid for at S$483 per square foot per plot ratio.
It is worthy to highlight the large number of interest among Chinese developers for the Tapestry condo site where 5 out of 9 bidders are Chinese firms with Kingsford Development coming in with a second highest bid of $350 million, 5.7% lower than the top. Other Chinese counterparts were Nanshan Group, Qingjian Realty, Greatview Investment Pte Ltd and CSC Land Group which is a subsidiary China Construction (South Pacific).
Industry experts noted that the bids that came in are healthy and bullish with the top bid being 17.2% higher than the most recent land sold beside Tapestry condo. This is believed to be because of the brisk sales of Grandeur Park Residences @ Tanah Merah and Seaside Residences @ Siglap resulting in the lower inventories of developers now.
The Tapestry Price are officially released to registered potential buyers. Do note that prices are prior to developer changes.
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||Tampines Avenue 10
||To be advised
||To be advised
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