Copen Grand Showflat

From November 17 to November 23, online applications for the Copen Grand EC in Tengah Town were available to second-timer purchasers. In the morning of November 26, sales booking began, and by 1 PM, all remaining 146 apartments had been reserved. All apartments have been sold, with prices ranging from $1.09 million for a two-bedroom with study to $2.17 million for a five-bedroom luxury unit.

Officials from joint venture partners MCL Land and City Developments Ltd (CDL) have announced that “Copen Grand is now entirely sold,” less than a month after the project’s debut.

This, according to Mark Yip of Huttons Asia, will make the Copen Grand the best-selling EC in 2022. The second ballot was successful for the first time ever on an EC project.

Copen Grand

Copen Grand

As of this writing, the current EC laws allow for no more than 30% of a project’s units to be sold to 2nd-timer customers at launch. When Copen Grand was first released on October 22nd, 73% of the units had already been sold at an average price of $1,300 per square foot (psf). The price of units bought via the DPS was increased by 3%. A total of 493 apartments (77%) were sold as of November 20 with an average purchase price of $1,337 psf.

In addition to being the first EC in Tengah Town, Copen Grand also benefits from being in close proximity to the upcoming Tengah Boulevard Bus Interchange and Tengah Integrated Transport Hub. The building has been recognized as the first luxury EC in Singapore to get the BCA Green Mark Platinum with Super Low Energy designation.

Copen Grand Clubhouse

Copen Grand Clubhouse

Huttons Asia’s Yip notes that “sustainable design was at the forefront of the Copen Grand design process,” giving purchasers peace of mind about the property’s long-term viability. Major economic hubs, such as the Jurong East Regional Centre and the Jurong Innovation District, are now being developed. The Jurong Region Line will connect inhabitants of Copen Grand with the regional hub as well as the innovation center.

According to CDL, in addition to the 510 units at Copen Grand, they have another EC in the same general area planned for Bukit Batok West Avenue 5.

According to Nicholas Mak, director of research & consulting at ERA Realty Network, “the robust sales for this EC project is mainly owing to the availability of the DPS.” About 70% of EC unit purchasers are opting into the DPS so that they may delay drawing down their house loan until after they have moved into their new EC unit. Consumers that opt into the DPS are effectively outsourcing their interest rate risk to the builder.

Copen Grand Living Room

Copen Grand Living Room

Even if purchasers pay more for EC apartments under the DPS (in the instance of Copen Grand, a 3% premium), seven out of ten still choose the DPS, according to Mak; this suggests that buyers anticipate more hikes in mortgage rates in the following several years before taking possession of their EC units.

According to Bruce Lye of SRI, the success of Copen Grand’s sales should encourage the company to go through with the launch of their next EC, the 618-unit Tenet.

Tenet, which can be found at 62 Tampines Street, is a cooperative project by Qingjian Realty, Santarli Realty, and Heeton Holdings. On November 12, online applications were made available for the eastern EC project, and on December 3, sales were to be booked.

It is no surprise that Huttons Asia’s Yip thinks highly of Tenet’s prospects, what with the estate’s maturity and its proximity to the upcoming Tampines North integrated transit hub on the Cross Island Line.