CDL-MCL Land’s Tembusu Grand 53% sold at an average price of $2,465 psf

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Tembusu Grand is the third project by City Developments Ltd (CDL) and MCL Land, and on April 8, the 638-unit development was launched for sale, presenting Singaporeans, Permanent Residents (PR) and foreigners a range of unit sizes and prices. Having sold 340 units on launch day, the take-up rate of the project on Jalan Tembusu was an impressive 53.3%.

Mark Yip, CEO of Huttons Asia, said that Tembusu Grand’s impressive sales is “the best-selling project in the Rest of Central Region (RCR) to date”. People from China, Malaysia and the US, in addition to Singaporeans, accounted for 10% of the sales.

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. Apartments were priced from $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).

Unit types one-bedroom plus study, two- and two-bedroom plus study were the most popular and make up 70% of the total sold. According to Ismail Gafoor, CEO of PropNex, some people were buying it as their first home and others as investors. Three-, four- and five-bedrooms accounted for nearly 100 units or 30%, which also indicates the strong demand for the project.

Tembusu Grand is within 1km of schools such as Tanjong Katong Primary School, Haig Girls’ School and Kong Hwa School, which may have been a factor in the strong sales due to young buyers. It is also within an eight-minute walk to the upcoming Tanjong Katong MRT station and a short drive from the CBD, Marina Bay financial district and Changi Airport via major expressways.

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

CDL Aries acquires two plots in Upper Bukit Timah, Singapore to build a potential 24-storey condo and The Myst take advantage of rejuvenation plans in the area.

The two previous projects by CDL and MCL Land – Piccadilly Grand and Copen Grand – also achieved strong results on their first day, with 77% and 73% sold respectively.

The sales result of Tembusu Grand is a positive indicator of buyers confidence in bigger developments, with 16, 152 unsold residential inventory currently available. It also bodes well for upcoming launches in 2023 and serves as a testament to the partnership between CDL and MCL.