Launches expected to prop up new home sales

Chinese developer MCC Land opens The Alps Residences project for preview on Saturday – the first major development to hit the market after most developers held back launches last month. Upcoming executive condo launches include Yio Chu Kang EC, Inz Residence EC, Choa Chu Kang EC, Anchorvale Lane EC,  while existing ones include The Terrace EC, Brownstone EC, The Vales EC, Parc Life , Sol Acres EC, The Visionaire, Bellewoods EC, Signature at Yishun, The Criterion EC and Northwave EC.

Launches like this one are expected to prop up new home sales this month, after weaker market activity in August due to the Hungry Ghost Festival.

The 626-unit condominium in Tampines Street 86 has nine tower blocks and features a Swiss Alps-inspired design.

MCC Land said in a statement yesterday that it has engaged a Switzerland-based architectural firm to design the project.

“Expect towering conifers amidst the landscaping or the condominium clubhouse with the gabled roof of a Swiss chalet,” MCC Land managing director Tan Zhiyong noted in a statement.

There are one- to four-bedroom units and larger penthouses, with sizes ranging from 441 sq ft to 2,486 sq ft.

The units include 182 one-bedders, and 416 two- and three-bedrooms units.

The Straits Times understands that the indicative selling price ranges from over $900 psf to about $1,200 psf. Prices for a one-bedroom units are expected to start around $400,000.

It will be marketed by property agencies Huttons and ERA.

The Alps Residences will feature 30 facilities, including a 50m lap pool, whirlpools, roof terraces on five of the residential towers, 104 bicycle parking lots and two shops.

The condo development is near the Tampines Regional Centre, which has three major malls, a bus interchange and an MRT station.

MCC Land said the 99-year leasehold project is expected to obtain its temporary occupation permit in June 2020.

The developer had clinched the site with a tender price of $227.78 million last year. That works out to about $482.59 psf per plot ratio. Competition for the site was stiff with a total of 12 bids submitted.

The Alps Residences is MCC Land’s second condo project in Tampines, following the launch of The Santorini – also in Tampines Street 86 – in March 2014.

As of the end of last month, 360 of the 597 units at The Santorini remained unsold, according to Urban Redevelopment Authority figures. It moved nine units last month, with a median price of $1,088 psf.

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