Singapore-based property developer Wing Tai Holdings topped out the construction of freehold condominium The Tembusu on 14 September.
The Tembusu project sited on the former headquarters of Wing Tai at Tampines Road near Kovan MRT station, was launched in August 2013, just about 2 months after introducing the Total Debt Servicing Ratio framework by government, restraining the property loans.
Despite the additional stamp duties and tighter lending regulations, sales of 337-unit The Tembusu were brisk, recording over 200 units sold on the day the sales started.
The Tembusu condo consists of 1 bedroom to 4 bedroom apartments, penthouses and dual-key units, with sizes of units from 474 sqft to 3,886 sqft. Initial release prices of 1 to 4-bedroom units ranged from $695,000 to $2.28 million.
Since there are less than 10 unsold units, Senior General Manager of Marketing at Wing Tai, Stacey Ow Yeong is confident that The Tembusu's proximity to the MRT station, freehold status and recently achieved TOP is enough to get the sales of the remaining units.
Written by Siang Teck of Property Review. I can be contacted at [email protected]
