Over half of units at Tembusu Grand sold on launch weekend

SINGAPORE – Over half of the units at City Developments Limited (CDL) and MCL Land’s Tembusu Grand were sold by the second day of its sales launch, according to the real estate company and residential developer on Sunday.

Some 340 out of 638 units, or 53 per cent of the available units, were sold at an average selling price of $2,465 per sq ft.

Situated on a 210,622 sq ft site in Katong, the condominium project offers unit sizes ranging from 527 sq ft for a one-bedder plus study to 1,711 sq ft for a five-bedder, with two penthouses at 2,691 sq ft.

The development’s strong sales of above 50 per cent during its launch weekend make it the best-selling project in the rest of central region to date, said Mr Mark Yip, chief executive officer of Huttons Asia. There has not been a large project launch of this land size since Haig Court in 2004.

Mr Yip points to the surrounding amenities and schools and proximity to places such as the Central Business District and Singapore Sports Hub as factors contributing to the development’s popularity.

The condo is less than a 10-minute walk from the upcoming Tanjong Katong MRT station and near a number of shopping malls, including i12 Katong and Parkway Parade.

A one-bedroom plus study unit starts from $1.248 million, with a five-bedroom unit going for $4.028 million.

About 90 per cent of the buyers are Singaporeans, while the remaining 10 per cent comprise permanent residents and foreigners from countries including China, Malaysia and America, according to CDL and MCL Land.

Mr Sherman Kwek, CDL Group chief executive officer, said the robust response for Tembusu Grand reflects a strong demand for well-designed homes in this sought-after locale with hip cafes, trendy shops and many dining options and amenities.

The strong sales seen for the launches in 2023 are an indication that the desire to invest in properties is robust, said Mr Yip.

“With unsold units at a low of 16,152 units and below-average completion of new homes from 2024, 2023 looks set to be a good year to buy properties. This bodes well for the upcoming launches in 2023,” he added.

“Source:[Over half of units at Tembusu Grand sold on launch weekend] © Singapore Press Holdings Limited. Permission required for reproduction”