Following the successful preview of The Alps Residences on September 24 and 25 weekend, MCC Land managing director Tan Zhiyong took forward to Oct 2 the balloting of units. The balloting was originally planned to take place a week later. Tan said that it was the best launch turnout they have had.
Forest Woods, a private condo with 519 units also had its preview on 24 to 25 September weekend. The condo by Hong Leong Holdings, TID, and City Developments Limited has its location on Lorong Lew Lian next to Nex Mall and it also had a large turnout.
“The strategic location of the two properties could have generated prospective buyers’ interest, with Alps Residences Tampines location appealing to HDB upgraders while Forest Woods has close proximity to Serangoon MRT and Nex mall,” said Ong Teck Hui, National director of research JLL.
Ong added that the pent-up demand could have been caused by buyers who have been on the sidelines waiting for the lifting of cooling measures and hoping for fall in prices, both which did not happen.
Tan credited the strong turn-up at The Alps Residences to the shortage of launches of a private condo in the Tampines region. The last private condo to be launched in Tampines was The Santorini 2 ½ years ago in April 2014 by MCC land.
The Santorini, which is scheduled to be completed in 2017, has 245 of its 597 units sold. It has 1 to 5 bedroom units, 2-4 bedroom dual-key units, 4-5 bedroom penthouses and garden duplexes. The units have been sold between $985 to $1192 psf.
On the other hand, The Alps Residences has 1 bedroom, 1 bedroom plus study, 2 bedrooms, 2 bedroom plus study and 3 bedroom units.
MCC Land won the bid for The Alps Residences site at $482 psf ppr or $227.8 m, 14.1% below The Santorini’s site of $562 psf ppr. This translates to lower prices with The Alps Residences indicative prices ranging between $1000-$1200 psf in comparison to The Santorini’s prices of $1,100-$1200 psf 2 years ago.
(Image of The Alps Residences)
Units that are popular with buyers are the 1 and 1 bedroom plus study. The price for 1 bedroom begins at $491,000, 1 bedroom plus study at $536,000, 2 bedrooms at $691,000, 3 bedrooms at $918,000 and 4 bedrooms at $1.38 m.
The Tampines has other private condominiums that include Waterview with 696 units, developed by Sim Lian Group and launched in 2010 with the completion of 2014. The other one is Q Bay Residences by Keong Hong Construction and Frasers Centrepoint with 630 units and that was launched in 2013 and competed in 2016. These 2 are fully sold.
The Arc, an executive condo with 574 units is also in Tampines. The project by Sunway and Hoi Hup was completed in 2014.
Queens Peak Residences is scheduled for launch in October. The 736 unit project is a joint development of Hao Yuan Investment and MCC Land. Its units range from 1- 4 bedrooms apartments and 5-6 bedrooms penthouses.
Poiz Residences is another joint development by MCC Land, Sustained Land and Greatview Investment. The project is a mixed use with 731 units for residential and a shopping mall of 50,000 sq ft.
With the launch of Queens Peak and The Alps Residences, MCC Land will not have other new launches. However, while Singapore remains its primary market, the developer is also looking to invest elsewhere such as in India, Indonesia, and Malaysia.