Tembusu Grand sold 53 per cent of units at $2,465 psf on average
Units sold were priced from $1.248 million onwards.
Tembusu Grand was launched on April 8 by a joint venture between real estate developers City Developments Ltd (CDL) and MCL Land.
The new condominium on Jalan Tembusu, just off the main Tanjong Katong Road, sold 53.3 per cent of its total units at a median price of $2,465 per square foot (psf).
The developers said that 90 per cent of the purchasers were Singaporeans, while 10 per cent were Permanent Residents and foreigners, including those from Malaysia, China, and other countries such as the United States of America.
Tembusu Grand’s unit sizes range from the smallest 527 square feet for a 1-bedroom plus a Study to a 1,711 square feet 5-bedroom unit, and 2 penthouses with a size of 2,691 square feet each.
Typical unit types were priced from $1.248 million for a 1-bedroom plus Study, $1.548 million for a 2-bedroom (667 square feet), $2.278 million for a 3-bedroom (990 square feet), $3.288 million for a 4-bedroom (1,432 square feet),
Slightly more than 70 per cent of the units sold were those 2-bedroom plus Study and smaller.
More than 80 units of 3-bedroom and 3-bedroom plus study units were sold yesterday.
Units that are 3-bedroom or larger have made up for close to 100 units, or almost 30 per cent of the total units sold.
Market watchers believe that this has proven that a properly priced project will still attract investors and home upgraders, even in the current situation characterised by unpredictability and instability.
The last significant condominium launch in the area was Haig Court in 2004. It has 360 units in total within the development.
Hence, pent-up demand for new homes in the area could be a contributing factor to the remarkable sales, along with the desire to live in the Katong precinct of District 15.
Families are mainly drawn to its location which is within close proximity to various top primary schools in Singapore.
On the other hand, the location of Tembusu Grand is also favoured by investors due to its proximity to the future Tanjong Katong MRT station that sits along the new Thomson-East Coast Line and major artery expressways such as the East Coast Park Expressway (ECP), the Pan-Island Expressway (PIE), and the Kallang-Paya Lebar Expressway (KPE).
Tembusu Grand was CDL and MCL’s first private residential launch of 2023.
It’s worth mentioning that the last 2 residential project launches by CDL and MCL, both Piccadilly Grand and Copen Grand, also obtained strong sales results on the first day of their respective launches.
The 407-unit project, Piccadilly Grand at Farrer Park sold 77 per cent of its units at launch last May and is currently 88.2 per cent sold.
Units were sold at a median price of $2,130 psf.
Whereas the 639-unit Copen Grand executive condominium (EC) that is situated at Tengah Garden Walk was 73 per cent sold at launch last October.
It was eventually sold out the following month at a median price of $1,339 psf.
According to analysts, the inventory of unsold condo units in Singapore is 16,152 units to date.
And they believe that the below-average completion of new private residential properties from 2024, it will bode well for future residential launches in 2023 and those seeking a property within this year.
CEO of PropNex Realty has also added that the sales figures achieved at Tembusu Grand have demonstrated buyers’ confidence in larger residential developments.
Furthermore, to be able to sell 53 per cent of units in a 638-unit project is very positive news.
It will be encouraging for the upcoming Blossoms by the Park at one-north and The Continuum, along Thiam Siew Avenue, which will be launching within the next couple of weeks, he said.