April 8 marked the launch of City Developments Limited and MCL Land’s third project, Tembusu Grand, located on Jalan Tembusu, just off Tanjong Katong Road. The launch saw an impressive take-up rate of 53.3% with units sold at an average price of $2,465 psf.
Singaporeans comprised the majority of buyers (90%) while PRs and foreigners (10%) made up the rest. Both groups hailed from countries such as China, Malaysia and the US. Mark Yip, CEO of Huttons Asia, states that Tembusu Grand is “the best-selling project in the Rest of Central Region (RCR) to date”.
Units range from 527 sq ft for a one-bedroom plus study to 1,711 sq ft for a five-bedroom, with two penthouses of 2,691 sq ft each. Prices begin at $1.248 million for a one-bedroom plus study, $1.548 million for a two-bedroom (667 sq ft), $2.278 million for a three-bedroom (990 sq ft), $3.288 million for a four-bedroom (1,432 sq ft) and $4.028 million for a five-bedroom unit (2,691 sq ft).
With first-day sales above 50%, three types of units proved to be the most popular; one-bedroom plus study, two-bedroom and two-bedroom plus study. Around 70% of the units sold were these types, while the three-, four- and five-bedrooms accounted for nearly 100 units, or almost 30%.
The strong sales could be attributed to a few factors; the desire to live in District 15, the Katong area and pent-up demand due to the lack of launches last year. The project’s location also appealed to buyers as it is within 1km of schools such as Tanjong Katong Primary School, Haig Girls’ School and Kong Hwa School and within an eight-minute walk of the upcoming Tanjong Katong MRT station.
The average sale price of $2,465 psf could be due to the strong track record of the District 15 neighbourhood and pent-up demand. The sales results at Tembusu Grand also demonstrates buyer confidence in larger developments, giving hope for upcoming launches like Blossoms by the Park and The Continuum.
J’den is a new 40-storey condo in Jurong East, replacing the former Jcube mall. Expected to launch in 2023, it will be connected to the MRT interchange, Westgate and IMM Building, eventually linking to a transport hub. Prices J’Den Condo and details have yet to be disclosed.
The last time there was a project launch of a similar size in the vicinity was the 360-unit Haig Court in 2004. With completion of new homes expected to be below average from 2024 and unsold residential inventory at 16,152 units, the results of Tembusu Grand certainly bode well for those looking to purchase a property in 2023.
