The Tapestry

The Tapestry, comprising about 816 units will rise as a mega condo, located along Tampines Avenue 10, near Bedok Reservoir. It will be developed by CDL, a renown developer who is known to build quality homes. The Tapestry condo is expected to launch in 1Q2018.

the-tapestry-condo-home

The Tapestry Location

Tampines is a mature estate, highly sought after by many upgraders and investors and is a top pick among workers. Why is this so? The east is a major employment hub outside of the CBD, with more than 1 million sq m of existing commercial space. The main employment clusters include Tampines Regional Centre, Changi Airport and Changi Business Park. The strategic location holds high upside potential as Tampines continues to develop further as a Regional Centre, which furthers job creation in the vicinity. Upcoming commercial developments include: T-Space, Wafer Park, High Tech Park etc.

the tapestry condo location

The Tapestry is conveniently located near a plethora of shopping, F&B and entertainment options such as the following:

  1. Mega Retail Mart which includes Ikea, Courts and Giant Hypermarket (free parking available)
  2. Tampines Mall, Tampines One and Century Square (currently under renovation)
  3. Tampines Hub – Singapore’s first-ever integrated community and lifestyle hub that brings together multiple agencies to offer a comprehensive and diverse range of services, programmes and facilities.

The Tapestry will also be accessible from many academic institutions such as the following:

  1. Temasek Polytechnic
  2. Springfield Secondary School
  3. Junyuan Secondary School
  4. St Hilda’s Primary and Secondary School
  5. United World College

The Tapestry Specifications

Project Name: The Tapestry
Address: Tampines Ave 10
Developer: Bellevue Properties Pte. Ltd. (subsidiary of CDL)
District: 18
Tenure: 99 years leasehold
Total no of Units: est 861 units in 15-storey blocks
Site area:  233,676 sqft
TOP: 31 Oct 2021

Site Plan

Unique Features

  • Huge condo development with many facilities, including a childcare centre
  • Located in Tampines, a region which has been under-priced and holds huge pricing upside potential
  • Near numerous F&B, entertainment and shopping options, including Ikea, Giant and Tampines Hub
  • Less than 30 minutes drive to the Central Business District (CBD) and Orchard Shopping Belt
  • Connected by major expressways like Pan Island Expressway (PIE) and Tampines Expressway (TPE)
  • Developed by reputable developer – CDL

Floor Plans

The Tapestry Official Pricing

The Tapestry Condo URA bid

CDL has bidded for the land at S$565.42 per sq ft per plot ratio, which is 5.7 per cent above the second-highest bid from Kingsford Development. At this bid, the Tapestry is expected to launch at a price from S$1,150psf.

The latest statistics point to Tampines’ median prices languishing at a 37 per cent discount from the whole island’s. Furthermore, compared with Jurong, an upcoming regional centre, prices are 29 per cent lower. From an investment viewpoint, private properties in Tampines may enjoy more headroom for future capital appreciation.

Register now to receive first hand updates once the official pricing for the Tapestry has been released.

About the Developer

City Developments Limited (CDL) is listed developer in Singapore that has a global presence located in 26 countries. As a leading developer in Singapore, CDL has developed a wide variety of properties which include service residences, residential properties, offices hotels, integrated developments and shopping mall. CDL continues to be a premier developer for residential properties in Singapore and has one of the largest land banks till date. CDL’s track record for residential properties include Coco Palms, The BrownstoneForest Woods, and Gramercy Park.

Register Interest Now

The Tapestry is expected to launch in 1Q2018. REGISTER NOW to enjoy VVIP pricing direct from the Developer! No agent commission!

Registration Form
* indicates required field




Nearby Condominiums: Alps Residences, Qbay Residences, The Jovell

The Tapestry Review
  • Value for money
5

Summary

The Tapestry is the latest condo to be launched along Tampines Avenue 10 after QBay, Santorini and The Alps. Based on today’s market, the Tapestry is expected to offer great value for money given the expected quality of a CDL development, and the condo’s location.

 


Property News and Updates

Follow our Facebook page to receive regular property updates in your Facebook feed

William Chen • Powerhaus
William Chen • Powerhaus
TRIPLE LAUNCH WEEKEND!
VAN HOLLAND VS LEEDON GREEN VS THE AVENIR

We are barely into the new year and developers decided to launch all 3 projects for preview at the same time!

Most people would have expected property prices to moderate by now, but it only gets higher! Sounds familiar? Didn't we all expect prices to drop after North Korea bombarded Yeonpyeong, after the Eurozone debt crisis, after Grexit, after Brexit, after the US-China trade war? But prices have climbed 50% on average since the Yeonpyeong incident back in 2010.

So here we are in 2020 and the prices of these 3 new projects continue to set the benchmark:

1) Van Holland (FH next to Holland Village MRT) - ave $3000psf
2) Leedon Green (FH within 7mins walk to Farrer Road MRT) - ave $2,700psf
3) The Avenir (FH within 3mins walk to Great World MRT) - ave $3,200psf

If I have $2m to spare, which one will you buy? I will buy The Avenir for sure! Not only because it offers better value for money in terms of the price/location consideration, its layout is beautifully done! Come see all 3 projects for yourself with me!
William Chen • Powerhaus
William Chen • Powerhaus
UPCOMING LUXURY CONDOS IN HOLLAND AND RIVER VALLEY

2 new long awaited projects are opening for public preview this weekend. Here's a quick introduction for you:

1. LEEDON GREEN
This is the rebirth of Tulip Garden, which is right beside D'Leedon and mins walk from Farrer MRT station. With 638 units at a GCB enclave, Leedon Green is one of the biggest new launch in the vicinity. It's freehold, yet expected to launch cheaper than One Holland Village! It is definitely a magnet for diehard freehold fans who cannot bring themselves to buy the likes of D'Leedon. The developer is a JV between MCL Land and Yanlord. If One Holland Village can sell 30% of its units on its first weekend of launch, how do you think Leedon Green will fare?

2. AVENIR
This is a little more upmarket at River Valley, where we find another condo reborn from the former Pacific Mansion. Avenir, another freehold condo with 376 units, is 3mins walk from the future Great World MRT station which is just 1 stop away from Orchard. It is also around 10mins walk to the current Somerset MRT. I love Martin Modern's layout. From 3.2m ceiling height and very spacious living rooms, we can easily spot how GuocoLand has incorporated the brilliance of Martin Modern into Avenir. The developer is a JV between GuocoLand and Hong Leong. Oh, and can you believe the kitchens come with air conditioning too?

Official prices for both condos will be released closer to this weekend. If you would like to find out more or have a look at the showflat, let me know. Early bird discounts are available for units booked on launch date.
William Chen • Powerhaus
William Chen • Powerhaus
99Y HDB vs CONDO - DO THEY DEPRECIATE THE SAME WAY?

If HDB prices can depreciate to zero, shouldn't condo be the same? Shouldn't a 99Y lease HDB and a 99Y lease condo both depreciate at 1%pa?

We know that based on real world behaviour, this doesnt happen. But why? To answer that, we gotta have a better understanding of the concept of depreciation. Let's use a Singapore registered car as an example where its useful life is 10 years. Simply, if you bought the car at $100k, its depreciation should be $10k per annum right? Actually, that's incorrect as we have not taken into account its residual value at the end of its useful life. At the end of 10 years when COE expires, if the car still has scrap value of $20k the annual depreciation is only be $8k per annum.

Now back to the topic of real estate. Private leasehold properties tend to get sold en bloc before the end of the 99 years. In the last enbloc cycle, most of those which went enbloc were around their 40th year mark. And the owners were rewarded handsomely above market value. This would fall under the definition of "residual value". Though it's impossible to quantify the residual value at the time of purchasing a property, this gets factored into the depreciation one way or another. With a high residual value, inflation can easily overtake the rate of depreciation and therefore, nominal prices can still rise.

What about HDBs? Question is - can a private developer buy a HDB block and redevelop it? In the past, some HUDCs have privatised and subsequently sold enbloc to developers. A prominent example is Eunosville which eventually became Parc Esta, and the prior owners walked away millions richer. But this is a very rare example because the owners of Eunosville have to agree to pay a huge sum to the government to buy over the carpark space and other common areas before they could privatise. Not many residents are willing or able to fork out this huge sum, but the residents of Eunosville eventually did so and it paid off handsomely!

Judging by the total number of HDB flats in Singapore and the number of them that eventually privatised and went enbloc, the chances of reaping the benefits of former Eunosville owners are virtually zero. At best, HDB owners have a 4-5% chance of VERS or SERS, which just means you get compensated at market price and get priority to book a new BTO in a nearby location.

That explains why when we compare HDB prices vs condo prices over the past 20 years, condo prices (even those with 99 years) rose much faster. Do you think this trend will continue?
William Chen • Powerhaus
William Chen • Powerhaus
Sometimes, real estate analysts have vested interest and may make biased projections about property price outlook.

When a non-real estate player like Fitch makes a forecast, I guess it is more believable 😄
William Chen • Powerhaus
William Chen • Powerhaus
ONE-TIME LEASE TOP UP FOR AGEING HDB FLATS?

There's growing awareness about HDB lease decay and how that will impact property prices. This is especially so after Lawrence Wong mentioned that HDB prices will depreciate to zero eventually.

Recently, there were suggestions to implement a one-time lease top up of ageing HDBs back to 99 years to tackle the lease decay issue. It's a radical idea, and let's take an IMAGINARY journey if this were to be implemented:

--------------------------------

Tommy recently paid $600k for a 10 year old 5-room flat in Hougang. Overnight, HDB announced that the 40-year-old flat next door's lease is topped up back to 99 years! His "newer" flat immediately lost value because his neighbour's flat instantly became more desirable than his. He was also unhappy that his neighbour paid less to buy an older flat and was rewarded for it by automatically qualifying for the one-time lease top up. Tommy rants on social media, and he's not alone. He gathers his friends to meet the MPs and demand that the remaining lease of his flat gets topped up to 139 years to be fair. After all, if his neighbour can enjoy additional 50 years for nothing, why shouldn't he?

As elections approach, HDB is forced to concede to such demands, and decides to automatically add 50 years lease across all HDB flats in Singapore. Consequently, it created an expectation that the remaining leases of all HDB flats will continue in perpetuity. HDB flat owners start adjusting their asking prices as if they are selling freehold properties. Resale HDB flats become increasingly out of reach for 1st time property buyers, and it becomes harder for retirees to cash out by downgrading to a smaller and older HDB flat.

--------------------------------

Do you think the government will allow this to happen? 🤔

https://www.propertyguru.com.sg/property-management-news/2019/12/185088/mnd-to-consider-suggestions-to-tackle-hdb-lease-decay
William Chen • Powerhaus
William Chen • Powerhaus
STIRLING VS AVENUE SOUTH

I have a few clients who compare these 2 projects and are undecided which is a better buy. In terms of pricing, both are rather similar priced around $1900-$2000psf. Both are quite near to town and are located towards the west side of Singapore. Both are high rise projects with about 1000 units, and even the exterior design is quite similar. While Stirling is nearer to an MRT station, Stirling is nearer to town as the crow flies, and rides on the Greater Southern Waterfront Transformation. Stirling's developer is Logan, whereas Avenue South's developer is a more established one - UOL.

The above-mentioned factors are what most buyers will consider. Given the various trade offs, there is no obvious winner unless one feels very strongly about staying near MRT station, or believes strongly in the future transformation at the Greater Southern Waterfront.

But one very important consideration that many buyers miss out on is this ===> TIME! What do I mean?

These will be my typical questions to buyers considering between these 2 properties:
1) Let's say you are buying this unit for investment. When are you intending to cash out?
2) If you're buying this for own stay, do you foresee any life events that require you to move out to another place within the next 6-7 years? e.g. get married, have more children, etc?

Why are these questions important? Let me illustrate this with an example. I have a single buyer in his late 20s who would like to buy a 1 bedroom unit for own stay. So quite likely, he will get married and settle down within the next 5 years or so. If he has kids, he will definitely need to upgrade within the next 10 years. Here is the golden question => if he intends to buy Avenue South for capital appreciation, will he get to enjoy it within the next 10 years before he needs to move elsewhere? If Keppel port will be moving to Tuas only in 2027, can he wait for this area to be redeveloped before realising the profits from his investment? If not for the current publicity around Avenue South, will he consider buying a property in that area?

Buying is easy. Selling may not be. I can help you think ahead to avoid buyer remorse in the years ahead! 😄