The Tapestry selling price could reach $1,250 psf

Analysts have high expectations as it is near Tampines projects with prices that breached $1,102 psf.

City Developments Limited (CDL) is lifting expectations after it announced that it is intending to launch its The Tapestry condominium project this coming Saturday on 24 March.

OCBC Investment Research expects an average selling price of $1,250 psf for The Tapestry. Analyst Andy Wong Teck Ching said, “This premium is achievable, given improving market sentiment and CDL’s strong reputation for its quality projects.”

The brokerage visited the show flat preview over the weekend and noticed a large crowd. Ching said, “According to CDL, more than 5,000 people visited the show flat in the first weekend of the preview (10-11 March), with strong enquiries received. This is not surprising, as The Tapestry is the first major private condominium launch of the year amid recovering sentiment in the residential sector.”

As a recap, The Tapestry is an 861-unit project located along Tampines Street 86, with nearby amenities and transport networks including MRT stations (both the Tampines East-West Line and Downtown Line and Tampines West Downtown Line), Tampines bus interchange, newly-completed Our Tampines Hub and schools such as St. Hilda’s Primary School.

“Drawing references from adjacent projects, we note that The Alps Residences, The Santorini and Q Bay Residences (all located along Tampines Street 86) achieved median selling prices of $1,067, $1,036 and $1,102 psf for transactions which took place from January 2017 to March 2018,” Ching said.