SINGAPORE – City Developments Limited (CDL) and MCL Land will open previews for their 99-year leasehold condominium project Tembusu Grand on Friday, with indicative prices starting from about $1.248 million.
Located along Tanjong Katong Road in District 15, Tembusu Grand will house 638 units in four 20-storey or 21-storey blocks on the Jalan Tembusu site, which was acquired at a government land tender in 2022. More than 80 per cent of the residential units available will be one- to three-bedroom units.
One-bedroom units with a study, sized from 527 sq ft to 646 sq ft, will start at $1.248 million, or about $2,368 per sq ft (psf).
Two-bedroom units, ranging from 667 sq ft to 883 sq ft, start at $1.548 million, or $2,321 psf; while three-room units of 990 sq ft to 1,399 sq ft in size will go from $2.278 million, or $2,301 psf.
Four-bedroom units of 1,432 sq ft to 1,604 sq ft start at $3.288 million ($2,296 psf), with five-bedroom units of 1,711 sq ft priced from $4.028 million ($2,354 psf). There are also two five-room penthouses at 2,691 sq ft each.
Sales bookings will start on April 8.
The development sits on a land area of 210,622 sq ft. The site was sold to CDL and MCL Land in January 2022 for $768 million, after CDL emerged as the top of eight bids. Based on the site’s maximum permissible gross floor area of 589,744 sq ft, this translates to about $1,302 psf per plot ratio (psf ppr).
Tembusu Grand is about an eight-minute walk to Tanjong Katong MRT station on the Thomson-East Coast Line, and is close to malls and popular schools in the east as well as East Coast Park. It is also a short drive to the Central Business District, Marina Bay Financial District and Changi Airport via major expressways.
CDL group chief executive officer Sherman Kwek said Tembusu Grand marks the company’s first launch for the year.
Highlighting the project’s transport connectivity and smart living experience, MCL Land CEO Rob Garman anticipates robust demand for the launch.
Also up and coming in the area is 816-unit The Continuum by Hoi Hup Realty and Sunway Developments, with the development expected to start previews soon after Tembusu Grand. The condo offers one- to five-bedroom units ranging from 52 sq m to 176 sq m.
Also set to launch in the area in the second half of 2023 is Grand Dunman by SingHaiyi. The condo is expected to yield 1,012 units.
Ms Tricia Song, CBRE’s head of research for South-east Asia, estimates launch prices to be from $2,200 psf ppr to $2,300 psf ppr.
She said that the site drawing just two bids at its tender despite its attractive locational attributes reflects “its large size and competition” from Tembusu Grand and The Continuum.
The last major residential condominium launch in the district was the 298-unit Liv @ MB in May 2022, developed by Bukit Sembawang Estates. The 99-year leasehold project has sold more than 80 per cent of its units at an average price of $2,423 psf. Its latest transaction was the sale of a three-bedroom unit in March for $2.984 million, or $2,475 psf.
GuocoLand’s Meyer Mansion, another major private residential development launched in the area in September 2019, sold 21 of 200 units at an average price of $2,747 psf during the launch weekend.
Its latest sale was a three-bedroom premium unit of 1,399 sq ft for $4.058 million in February.
THE BUSINESS TIMES
