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Tembusu Grand: Exceptional Weekend Sales Amid Economic Challenges

Tembusu Grand Achieves 53% Sales at $2,465 PSF

City Developments Ltd (CDL) and MCL Land’s latest joint project, Tembusu Grand, experienced an impressive opening on April 8th, with a take-up rate of 53.3%. Out of 638 units, 340 were sold at an average price of $2,465 PSF, illustrating the resilience of homebuyer demand in the face of economic uncertainties and increasing interest rates.

Overwhelming Interest: 14,000 Visitors During the Preview

The preview of Tembusu Grand attracted 14,000 visitors across two weekends leading up to the official launch. Singaporeans accounted for 90% of the buyers, while the remaining 10% comprised Permanent Residents (PRs) and foreigners from countries such as China, Malaysia, and the United States.

Diverse Range of Unit Sizes and Prices

Tembusu Grand offers a wide selection of unit sizes, catering to different buyer preferences:

  • One-bedroom plus study: 527 sq ft
  • Two-bedroom: 667 sq ft
  • Three-bedroom: 990 sq ft
  • Four-bedroom: 1,432 sq ft
  • Five-bedroom: 1,711 sq ft
  • Penthouses: 2,691 sq ft each

Apartment prices at Tembusu Grand begin at $1.248 million for one-bedroom plus study units, followed by $1.548 million for two-bedroom units, $2.278 million for three-bedroom units, $3.288 million for four-bedroom units, and $4.028 million for five-bedroom units. These competitive prices cater to various homebuyers, from first-time purchasers to seasoned investors.

High Demand in the Rest of Central Region (RCR)

With over 50% of units sold on the first day, Tembusu Grand has become the best-selling project in the RCR, according to Mark Yip, CEO of Huttons Asia. Over 70% of units sold were one-bedroom-plus-study, two-bedroom, and two-bedroom-plus-study types, with most buyers being investors or first-time homebuyers.

The popularity of Larger Units and Family-Friendly Locations

The 3 and 3 Bed + Study apartments were equally popular, with many units sold. Larger units, including 3, 4, and 5 bedrooms, accounted for almost 30% of the units sold. Ismail Gafoor, CEO of PropNex, notes that the project’s competitive pricing helped it gain traction among investors and upgraders, even amid the current economic climate.

Tembusu Grand’s appeal extends beyond investors, with families being attracted to the development’s proximity to reputable schools such as Tanjong Katong Primary School, Haig Girls’ School, Kong Hwa School, Tao Nan School, Tanjong Katong Girls’ School, Chung Cheng High School (Main).

Convenient Connectivity and Amenities

The project’s prime location, within an eight-minute walk to the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line, further adds to its appeal. In addition, residents enjoy easy access to the CBD, Marina Bay financial district, and Changi Airport via major expressways like the East Coast Park Expressway, Pan-Island Expressway, and Kallang-Paya Lebar Expressway.

The vibrant neighborhood surrounding Tembusu Grand offers a plethora of hip cafes, trendy shops, and various dining options, enhancing the living experience for its residents. CDL Group CEO Sherman Kwek emphasizes that the strong demand for Tembusu Grand reflects the appeal of well-designed homes in this sought-after locale.

Strong Track Record and Pent-up Demand

Ken Low, Managing Partner of SRI, attributes the average sale price of $2,465 PSF at Tembusu Grand to the solid track record and popularity of the District 15 neighborhood. In addition, the lack of launches in the previous year has also contributed to the pent-up demand for new projects in the area.

CDL and MCL Land’s previous project launches, Piccadilly Grand and Copen Grand, also achieved strong results on their opening days. 88.2% of the 407-unit Piccadilly Grand, located at Farrer Park, has been sold. These units’ average selling price is $2,130 PSF, reflecting the project’s strong market performance. In contrast, the 639-unit executive condo Copen Grand at Tengah Garden Walk was entirely sold within a month of its launch at an average price of $1,334 PSF.

Upcoming Launches and Market Outlook

Huttons’ Yip notes that the current unsold residential inventory is 16,152 units. With a below-average completion of new homes expected from 2024, the market outlook remains favorable for upcoming launches in 2023 and potential homebuyers this year.

The sales results at Tembusu Grand demonstrate buyer confidence in more significant developments, according to PropNex’s Gafoor. In addition, the strong performance of the 638-unit project is anticipated to positively impact other upcoming launches, such as Blossoms by the Park, Dunman Residences, and The Continuum.

In conclusion, the exceptional sales performance of Tembusu Grand, despite economic challenges and higher interest rates, highlights the strong demand for well-designed homes in prime locations. The project’s diverse unit sizes, family-friendly location, and convenient connectivity have made it popular among investors, upgraders, and families. The positive market outlook for upcoming launches further signifies the resilience of Singapore’s property market in the face of uncertainties.