CDL-MCL Land’s Tembusu Grand 53% sold at an average price of $2,465 psf
Joint partnership between City Developments Ltd (CDL) and MCL Land debut their number three collaboration, Tembusu Grand, on 8th april. A total of 340 out of six hundred and thirty-eight units were snapped up which translates to 53 prcent take-up rate of this latest Jalan Tembusu new condominium, which is along Tanjong Katong Road. The average psf translates to be sold at $2465 psf.
Singaporeans comprised bulk of the buyers, while Permanent Residents (PRs) and foreigners accounted for the minority. Foreigners included those from China, Malaysia and the US.
The unit mix and type of units at Tembusu Grand 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. Apartments were priced from $1.248 million for a one-bedroom plus study, one point five four eight million for a two-bedroom (667 sq ft), two million two hundred and seventy eight thousands 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).
sales hit above fifty percent on the first day of launch, Tembusu Grand is “the best-selling project in the Rest of Central Region (RCR) to date”, says Mark Yip, CEO of Huttons Asia.
Slightly above seventy percent of the units sold were the one-bedroom-plus-study, two-bedroom and two-bedroom-plus-study types. “By and large, most of the buyers of such units were investors, although some were buying their first home,” says Ismail Gafoor, CEO of PropNex.
The three- and three-bedroom-plus-study were equally most interested by buyers, as more than eighty units were transacted. Three-, four- and five-bedrooms accounted for nearly 100 units or almost thirty percent of the units sold, according to Gafoor. “This proves that a rightly priced development will still gain traction with investors and upgraders, even in the current climate of uncertainty,” he adds.
A sizeable project launch in the vicinity was the 360-unit Haig Court in 2004, which is more than twenty years ago, says Huttons’ Yip. “Hence, besides the desire to live in District 15 and the Katong area, pent-up demand could be another factor behind the strong sales.”
A significant number of buyers were those in their 30s, observes Marcus Chu, CEO of ERA Realty Network. Tembusu Grand is within 1km of schools such as Tanjong Katong Primary School, Haig Girls’ School and Kong Hwa School. Other popular schools within a 2km range include Tao Nan School, Tanjong Katong Girls’ School and Chung Cheng High School (Main).
the location is also famous and sought after by investors, apart from families, as it’s ten minutes’ walk to the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line and a short drive to the CBD, Marina Bay financial district and Changi Airport via major expressways such as the East Coast Park Expressway, Pan-Island Expressway and Kallang-Paya Lebar Expressway, adds Chu.
Ken Low, managing partner of SRI, attributes Tembusu Grand’s average sale price of $2,465 psf to “the strong track record and popularity of the District 15 neighbourhood”. There was also “pent-up demand” due to the lack of launches last year, he adds.
Tembusu Grand marked CDL and MCL’s the debut launch of 2023. “The overwhelming response for Tembusu Grand mirrors an extremely genuine demand for thoughtfully-crafted homes in this highly sought-after locale and vibrant neighbourhood with hip and trendy cafes, retail shops and many recreational activities,” says Sherman Kwek, CDL group CEO.
The previous two project launches by CDL and MCL – Copen Grand EC and Piccaidilly Grand at Farrer Park – also achieved vibrant results on their launch day, note Huttons’ Yip.
The 407-unit Piccadilly Grand at Farrer Park was seventy-seven percent sold at launch in 2022 and is eighty-eight percent sold to date at an average price of $2,130 psf. The 639-unit latest Tengah executive condominium Copen Grand was 73% sold at launch last October and fully sold the following month at an average price of $1,334 psf. “Tembusu Grand marks another successful collaboration between MCL Land and CDL, and we certainly look forward to future collaborations,” says Rob Garman, MCL Land CEO.
According to Huttons’ Yip, unsold residential inventory stands at 16,152 units. “With below-average completion of new homes from 2024, this bodes well for upcoming launches in 2023 and those looking for a property this year,” he adds.
The sales results at Tembusu Grand shows “buyer confidence in bigger developments”, according to PropNex’s Gafoor. “To sell 53% of a 638-unit development is very positive news,” he says. “It will have a positive effect on Blossoms by the Park and The Continuum, which will be launched later part of the year.”