According to a statement issued on Sunday by City Developments (CDL) and MCL Land, Tembusu Grand, the first new construction in Katong for the year, sold 340 of its 638 units during the course of its inaugural weekend. (Apr 9).
Averaging S$2,465 per square foot, 340 units, or 53% of the project’s available apartments, were sold. (psf). The majority of buyers—90%—were foreigners and permanent residents from countries including China, Malaysia, the US, and others. The remaining 10% were Singaporeans.
According to the developers, all unit types were popular, particularly the two-bedrooms and three-bedroom ones. The four-bedroom and one-bedroom with study apartments also did well in terms of take-up.
Tembusu Grand, situated along Tanjong Katong Road in District 15, offers a range of unit sizes, including one-bedroom apartments with studies that are 527 square feet (sq ft) and 2,691 sq ft in size, as well as two opulent penthouses.
One bedroom with study units start at S$1.248 million. Condominiums with three and four bedrooms range in price from S$2.278 million to S$3.288 million, while two-bedroom apartments start at S$1.548 million. Prices for five-bedroom residences begin at S$4.028 million.
Tembusu Grand is the third project to result from the partnership between CDL and MCL Land. The Piccadilly Grand in Farrer Park, which is 90% sold out, and the Copen Grand executive condo in the upcoming Tengah Town, which is 100% sold out, are earlier constructions.
The property has 210,622 square feet of land in total. The land was sold to CDL and MCL Land for S$768 million in January 2022 after CDL won the bidding competition against eight other parties. 589,744 square feet, or about S$1,302 per square foot per plot ratio, is the most amount of gross floor area that may be used on the site. (psf ppr).
According to Sherman Kwek, chief executive of CDL, “the robust demand for Tembusu Grand indicates a strong demand for well-designed properties in this desired location and vibrant neighborhood with hip cafes, trendy shops, and many dining options and amenities.”
According to Rob Garman, CEO of MCL Land, buyers who get the attractiveness of Tanjong Katong and East Coast have shown “overwhelming enthusiasm.”
Being close to the forthcoming Tanjong Katong MRT station is surely convenient. We surely look forward to future relationships, and Tembusu Grand is another successful collaboration between MCL Land and CDL,” he concluded.
According to Mark Yip of Huttons Asia, there hasn’t been a substantial project of this land size since the debut of Haig Court in 2004.
He said that a good mixture of investors and families with school-aged children had been lured to the development, suggesting that pent-up demand “could therefore be another factor behind the strong sales, aside from the desire to live in District 15 and the Katong area.”
The CEO of ERA Realty Network, Marcus Chu, had a similar perspective.
The developer claims that although some of the buyers may have grown up in the area, “the allure and allure of the East Coast lifestyle, the rich heritage of the Katong district, the development proximity to well-known schools, and its exceptional transport connection also drew homebuyers that were keen interest to upgrade to an address at District 15.”
According to Yip of Huttons Asia, the strong sales for the launches in 2023 are “an indication that the desire to invest in properties is robust.”
“With unsold units hitting low of 16,152 units, 2023 and 2024 seems to be a great year to buy properties. For the next launches in 2023, this is positive, he added.