The 99-year leasehold residential plot at Tampines Ave 10 - present The Alps Residences stroke the property market as an odd at its close in 2013 with the fierce fight amongst 10 developers.

MCC Land submitted the top bid for Tampines Ave 10 Site

The top bid was submitted by Chinese developer - MCC Land at $289.7 million that was translated to $562 psf ppr. With $522 psf ppr - 7.6 per cent higher, the consortium of UOL Venture Investments and Kheng Leong Company is the next highest bidder.

"way above expectations" is the comment on the top bid for the residential site on Tampines Ave 10 from The national director of research and consultancy of ones Lang LaSalle - Ong Teck Hui

The top bid was 34 per cent more than a nearby site that was sold in 2012 where Q Bay Residences by Far East Organization having been built. In addition, it also feature the confidence on potential robust home-demand from developers in spite of the complement of lending rules by the Monetary Authority of Singapore. These new rules are to prevent the borrowers who look to sign new mortgages from their over-extending .

The number of bidders for The Alps Residences' plot is a considerable improvement in comparison with the Q Bay site that only draw the attention of 3 bidders. MCC Land submitted a high bid to secure the plot because it plans to buil its diversity from the Northern Area where is home to most of its residential properties.

The Alps Residences General Information

The Alps Residences is expected to yield 530 full-condo facilities units and is very near to the Tampines Regional Centre, Temasek Polytechnic, and the future Tampines West MRT station. The breakeven price for The condo on Tampines Ave 10 is estimated $940 psf and $990 psf, and the launch price might be above $1,100 psf, The executive director of SLP International - Nicholas Mak siad.

The demand for the third project by MCC Land comes mainly from the segment of first-time home buyers as the new MAS rules make no affect on it.