CDL, MCL to start previews for Tembusu Grand at prices from S$2,296 psf

Mar 23, 2023

CITY Developments Ltd (CDL) and MCL Land will open previews for their residential project, Tembusu Grand, on Friday (Mar 24).

Located along Tanjong Katong Road in District 15, Tembusu Grand will house 638 units in four 20-storey or 21-storey blocks on the Jalan Tembusu site acquired through a government land tender in 2022. More than 80 per cent of the residential units available will be one-bedroom to three-bedroom units.

One-bedroom units with a study, sized from 527 square feet (sq ft) to 646 sq ft, will start at S$1.248 million, or about S$2,368 psf.

Two-bedroom units, ranging from 667 sq ft to 883 sq ft, start at S$1.548 million (S$2,321 psf), while three-room units of 990 sq ft to 1,399 sq ft in size will go from S$2.278 million (S$2,301 psf).

Four-bedroom units of 1,432 sq ft to 1,604 sq ft start at S$3.288 million (S$2,296 psf); five-bedroom units of 1,711 sq ft are priced from S$4.028 million (S$2,354 psf). There are also two five-bedroom penthouses at 2,691 sq ft each.

Sales bookings will start on Apr 8.

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 came in 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).

The new condominium offers more than 40 recreational facilities, including four swimming pools, a yoga studio, a tennis court and a gymnasium. Barbecue pavilions, a karaoke pod and a children’s playroom are also among the provided facilities.

Each unit comes equipped with a smart-home system with features such as a digital lock set, smart video doorbell, as well as smart air conditioning and lighting controls.

Tembusu Grand is about an eight-minute walk to the Tanjong Katong MRT station on the Thomson-East Coast Line, and is close to malls and popular schools in the east as well as the East Coast Park, Singapore Sports Hub and Singapore Indoor Stadium. It is also a short drive to the Central Business District, Marina Bay Financial District and Changi Airport via major expressways such as the ECP, PIE and KPE.

Sherman Kwek, CDL group chief executive officer, said: “Tembusu Grand marks our first launch for the year, and we are delighted to enliven the East Coast area with yet another residential jewel after Amber Park.”

Highlighting the project’s transport connectivity and smart-living experience, MCL Land chief executive Rob Garman said he anticipates robust demand for the launch.

Up and coming in the area is also the 816-unit development, The Continuum, which is expected to start previews soon after Tembusu Grand. The condominium by Hoi Hup Realty and Sunway Developments offers one-bedroom to five-bedroom units, ranging in size from 52 square metres (sq m) to 176 sq m.

Also set to launch in the area in the second half of 2023 is Grand Dunman by SingHaiyi. The condominium is expected to yield 1,012 units.

CBRE head of research for South-east Asia, Tricia Song, estimated launch prices for Grand Dunman to be from S$2,200 to S$2,300 psf ppr. She said the site drawing just two bids at its tender – despite its attractive locational attributes – reflects “its large size and competition” from Tembusu Grand and The Continuum.

The last major residential condominium launch in the district was the 298-unit Liv @ MB in May 2022, developed by Bukit Sembawang Estates. The 99-year leasehold project has sold more than 80 per cent of its units at an average price of S$2,423 psf. Its latest transaction was the sale of a three-bedroom unit in March for S$2.984 million or S$2,475 psf.

GuocoLand’s Meyer Mansion, another major private residential development launched in the area in September 2019, sold 21 of 200 units at an average price of S$2,747 psf at launch weekend. Its latest sale was a three-bedroom premium unit of 1,399 sq ft for S$4.058 million in February.

Meanwhile, Amber Park, launched in May 2019 by CDL and Hong Realty, has sold more than 99 per cent of its 592 units, according to caveats lodged with the Urban Redevelopment Authority’s Realis database as at Mar 22, 2023. The last transaction was the sale of its five-bedroom premium unit for S$5.326 million or S$2,486 psf this February.

As for resale units in the district, transactions in the year to date include a three-bedroom unit at Amber 45 for S$3.1 million or S$2,618 psf in January, another at Meyerise for S$3.3 million or S$2,534 psf in February, and yet another such unit at Aalto for S$3.5 million or S$2,427 psf in January.

https://www.businesstimes.com.sg/pro...ices-s2296-psf