Tembusu Grand, the third project by joint venture partners City Developments Ltd (CDL) and MCL Land, was launched on April 8, 2023. Out of 638 units on offer, the developers managed to move 340 units – a take-up rate of 53.3%. The units sold had an average price of $2,465 psf.

Altura EC, Bukit Batok West Avenue 8, is a 99-year leasehold executive condominium project with 375 residential units and a successful tendered bid of S$662 Altura EC sqft ppr by Qingjian Realty and Santarli. Project launch scheduled for Q2 2023.

The buyer profile was quite diverse; 90% of the buyers were Singaporeans while the remaining 10% were made up of Permanent Residents and foreigners from China, Malaysia and the US.

Unit sizes 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. Prices started at $1.248 million for a one-bedroom plus study, $1.548 million for a two-bedroom (667 sq ft), $2.278 million 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).

Mark Yip, CEO of Huttons Asia, declared Tembusu Grand the “best-selling project in the Rest of Central Region (RCR) to date”.

Unit types that were most popular on launch day were the one-bedroom plus study, two-bedroom and two-bedroom plus study – slightly above 70% of the units sold belonged to these categories. Most of the buyers were investors, although some purchased their first home.

Three- and three-bedroom-plus-study were equally popular, with more than 80 units sold. Three-, four- and five-bedrooms accounted for nearly 100 units or almost 30% of the units sold, according to Ismail Gafoor, CEO of PropNex. This is a testament to the fact that “a rightly priced development will still gain traction with investors and upgraders, even in the current climate of uncertainty”, he adds.

The last time a sizeable project was launched in the vicinity was the 360-unit Haig Court in 2004, said Huttons’ Yip. This could explain the “pent-up demand” for Tembusu Grand. Furthermore, buyers in their 30s made up a significant number of Tembusu Grand’s buyers. After all, the development is within 1km of schools such as Tanjong Katong Primary School, Haig Girls’ School and Kong Hwa School, with other popular schools within a 2km range including Tao Nan School, Tanjong Katong Girls’ School and Chung Cheng High School (Main).

The location is not only attractive to families, but investors as well, since it’s within an eight-minute 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, noted Marcus Chu, CEO of ERA Realty Network.

Ken Low, managing partner of SRI, attributed Tembusu Grand’s average sale price of $2,465 psf to “the strong track record and popularity of the District 15 neighbourhood”, as well as “pent-up demand” due to the lack of launches last year.

The launch of Tembusu Grand marked CDL and MCL’s first launch of 2023. Sherman Kwek, CDL group CEO, said the “robust response” for the project “reflects a strong demand for well-designed homes in this sought-after locale and vibrant neighbourhood with hip cafes, trendy shops and many dining options and amenities”.

The two previous projects launched by CDL and MCL – Piccadilly Grand and Copen Grand – also achieved good results. The 407-unit Piccadilly Grand at Farrer Park was 77% sold at launch last May and is 88.2% sold to date at an average price of $2,130 psf. The 639-unit executive condo Copen Grand at Tengah Garden Walk was 73% sold at launch last October and fully sold the following month at an average price of $1,334 psf.

Unsold residential inventory stands at 16,152 units. According to Huttons’ Yip, 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.

The sales results at Tembusu Grand show “buyer confidence in bigger developments”, PropNex’s Gafoor said. “It will have a positive impact on Blossoms by the Park and The Continuum, which will be launched in the coming weeks”.

The Tembusu Grand launch and strong take-up rate reflect a successful collaboration between CDL and MCL Land – one that Rob Garman, MCL Land CEO, is looking forward to repeating in the future.