Tembusu Grand sells more than half its units on the launch weekend
City Developments Limited and MCL Land announced on Sunday that more than half of Tembusu Grand units were sold in the first two days of the sales launch.
A total of 340 units out of 638, or 53% of the units available, were sold for an average price of $2.465 per square foot.
Located on a site of 210,622 square feet in Katong, offers units ranging from 527 square feet for a 1-bedder with study to 1,711 for a 5-bedder. There are also two penthouses measuring 2,691 square feet.
Mark Yip is the chief executive officer at Huttons Asia. He said that the development has sold more than 50% of its units during the launch weekend, making it the most successful project in the central region. This is the first large-scale project launch since Haig Court, in 2004.
Mr Yip cites the proximity of the Central Business District, Singapore Sports Hub and nearby schools as contributing factors to the popularity of the development.
The condo is located less than a 10 minute walk from the upcoming Tanjong Katong station, and close to a number shopping malls including i12 Katong, Parkway Parade and i12 Katong.
A unit with one bedroom and a study starts at $1.248m, while a unit with five bedrooms costs $4.028m.
See also: Kent Ridge Hill Residences condo
According to CDL Land and MCL Land, 90 percent of the buyers were Singaporeans. The remaining 10 percent consisted of permanent residents, foreigners, and people from other countries, including China, Malaysia, and America.
Sherman Kwek said that the strong response to Tembusu Grand is a reflection of a high demand for homes with a well-designed layout in this highly sought-after location, which boasts hip cafes, trendy stores, and many dining and entertainment options.
The high demand for property investment is evident from the strong sales of the launch in 2023.
The year 2023 will be a great time to purchase property, with the number of unsold units down to 16,152 and the completion rate of new homes below average from 2024. This is good news for the launches scheduled in 2023.
Next up will be the launch of The Continuum by Hoi Hup and Sunway.