New Reporter
10-04-23, 10:13
Tembusu Grand sells 53% of units on launch weekend
Apr 09, 2023
TEMBUSU Grand, the first new launch in Katong for the year, sold 340 of its 638 units during its launch weekend, City Developments (CDL) and MCL Land said in a joint statement on Sunday (Apr 9).
The 340 units, amounting to 53 per cent of the project’s available units, were sold at an average selling price of S$2,465 per square foot (psf). About 90 per cent of the buyers were Singaporeans, while the remaining 10 per cent comprised permanent residents and foreigners from China, Malaysia, the US, and other countries.
The developers said that all unit types were well received, particularly the two-bedroom, two-bedroom-plus-study and three-bedroom units. There was also a healthy take-up for the one-bedroom-plus-study and four-bedroom units.
Located along Tanjong Katong Road in District 15, Tembusu Grand’s unit sizes range from one-bedroom units with a study sized from 527 square feet (sq ft), to two exclusive penthouses at 2,691 sq ft.
The prices start from S$1.248 million for a one-bedroom-plus-study. Two-bedroom units begin at S$1.548 million, while three-bedroom and four-bedroom units go for S$2.278 million and S$3.288 million, respectively. The price tags of five-bedroom units start from S$4.028 million.
Tembusu Grand is the third project in the partnership between CDL and MCL Land. Earlier projects include Piccadilly Grand in the Farrer Park enclave, which is now 90 per cent sold, and the fully-sold Copen Grand executive condominium in the upcoming Tengah Town.
The development sits on a land area of 210,622 sq ft. The site was sold to CDL and MCL Land in January 2022 for S$768 million, after CDL emerged first among eight bids. The site’s maximum permissible gross floor area of 589,744 sq ft translates to about S$1,302 per sq ft per plot ratio (psf ppr).
Sherman Kwek, chief executive of CDL, said: “The robust response for Tembusu Grand reflects a strong demand for well-designed homes in this sought-after locale and vibrant neighbourhood with hip cafes, trendy shops and many dining options and amenities.”
Rob Garman, chief executive of MCL Land, added that there was “overwhelming enthusiasm” from buyers who recognise the allure of Tanjong Katong and East Coast.
“What’s certainly enticing is the convenience of being in close proximity to the upcoming Tanjong Katong MRT station. Tembusu Grand marks another successful collaboration between MCL Land and CDL, and we certainly look forward to future collaborations,” he said.
Mark Yip, chief executive of Huttons Asia, noted that there has not been a large project launch of this land size since Haig Court in 2004.
“Hence, besides the desire to live in District 15 and the Katong area, pent-up demand could be another factor behind the strong sales,” he said, noting that the development had attracted a good mix of investors and families with school-going children.
ERA Realty Network’s chief executive officer Marcus Chu echoed similar thoughts.
“While some of the buyers would have grown up in and around the area, we believe the rich heritage of the Katong district, the attractiveness and lure of the East Coast lifestyle, the project’s proximity to popular schools and its excellent transport connectivity also attracted buyers that have wanted to upgrade to a District 15 address,” he said.
Yip of Huttons Asia said that the strong sales for the launches in 2023 are “an indication that the desire to invest in properties is robust”.
“With unsold units at a low of 16,152 units, and below-average completion of new homes from 2024, 2023 looks set to be a good year to buy properties. This bodes well for the upcoming launches in 2023,” he added.
https://www.businesstimes.com.sg/companies-markets/tembusu-grand-sells-53-units-launch-weekend
Apr 09, 2023
TEMBUSU Grand, the first new launch in Katong for the year, sold 340 of its 638 units during its launch weekend, City Developments (CDL) and MCL Land said in a joint statement on Sunday (Apr 9).
The 340 units, amounting to 53 per cent of the project’s available units, were sold at an average selling price of S$2,465 per square foot (psf). About 90 per cent of the buyers were Singaporeans, while the remaining 10 per cent comprised permanent residents and foreigners from China, Malaysia, the US, and other countries.
The developers said that all unit types were well received, particularly the two-bedroom, two-bedroom-plus-study and three-bedroom units. There was also a healthy take-up for the one-bedroom-plus-study and four-bedroom units.
Located along Tanjong Katong Road in District 15, Tembusu Grand’s unit sizes range from one-bedroom units with a study sized from 527 square feet (sq ft), to two exclusive penthouses at 2,691 sq ft.
The prices start from S$1.248 million for a one-bedroom-plus-study. Two-bedroom units begin at S$1.548 million, while three-bedroom and four-bedroom units go for S$2.278 million and S$3.288 million, respectively. The price tags of five-bedroom units start from S$4.028 million.
Tembusu Grand is the third project in the partnership between CDL and MCL Land. Earlier projects include Piccadilly Grand in the Farrer Park enclave, which is now 90 per cent sold, and the fully-sold Copen Grand executive condominium in the upcoming Tengah Town.
The development sits on a land area of 210,622 sq ft. The site was sold to CDL and MCL Land in January 2022 for S$768 million, after CDL emerged first among eight bids. The site’s maximum permissible gross floor area of 589,744 sq ft translates to about S$1,302 per sq ft per plot ratio (psf ppr).
Sherman Kwek, chief executive of CDL, said: “The robust response for Tembusu Grand reflects a strong demand for well-designed homes in this sought-after locale and vibrant neighbourhood with hip cafes, trendy shops and many dining options and amenities.”
Rob Garman, chief executive of MCL Land, added that there was “overwhelming enthusiasm” from buyers who recognise the allure of Tanjong Katong and East Coast.
“What’s certainly enticing is the convenience of being in close proximity to the upcoming Tanjong Katong MRT station. Tembusu Grand marks another successful collaboration between MCL Land and CDL, and we certainly look forward to future collaborations,” he said.
Mark Yip, chief executive of Huttons Asia, noted that there has not been a large project launch of this land size since Haig Court in 2004.
“Hence, besides the desire to live in District 15 and the Katong area, pent-up demand could be another factor behind the strong sales,” he said, noting that the development had attracted a good mix of investors and families with school-going children.
ERA Realty Network’s chief executive officer Marcus Chu echoed similar thoughts.
“While some of the buyers would have grown up in and around the area, we believe the rich heritage of the Katong district, the attractiveness and lure of the East Coast lifestyle, the project’s proximity to popular schools and its excellent transport connectivity also attracted buyers that have wanted to upgrade to a District 15 address,” he said.
Yip of Huttons Asia said that the strong sales for the launches in 2023 are “an indication that the desire to invest in properties is robust”.
“With unsold units at a low of 16,152 units, and below-average completion of new homes from 2024, 2023 looks set to be a good year to buy properties. This bodes well for the upcoming launches in 2023,” he added.
https://www.businesstimes.com.sg/companies-markets/tembusu-grand-sells-53-units-launch-weekend