City Developments (CDL) and MCL Land announced in a joint statement that Tembusu Grand, the first new launch in Katong for the year, saw an impressive sales figure of 53% over its launch weekend. Out of the 638 units available, 340 were sold at an average selling price of S$2,465 per square foot (psf).
The buyers were predominantly Singaporeans, making up 90% of the total, with the remaining 10% consisting of permanent residents and foreigners from various countries such as China, Malaysia, and the US. The development saw strong demand across all unit types, with the 2-bedroom, 2-bedroom-plus-study, and 3-bedroom units being particularly well received, along with healthy take-up for the 1-bedroom-plus-study and 4-bedroom units.
Tembusu Grand is located in District 15 along Tanjong Katong Road, offering unit sizes ranging from cozy 1-bedroom units with a study (starting from 527 sq ft) to two exclusive penthouses (at 2,691 sq ft). The development's 1-bedroom-plus-study units start from S$1.248 million, while 2-bedroom units begin at S$1.548 million. 3-bedroom and 4-bedroom units are priced at S$2.278 million and S$3.288 million respectively, with 5-bedroom units starting from S$4.028 million.
This project marks the third collaboration between CDL and MCL Land, following the success of Piccadilly Grand in the Farrer Park enclave (90% sold) and the fully-sold Copen Grand executive condominium (EC) in the upcoming Tengah Town.
Sitting on a spacious land area of 210,622 sq ft, Tembusu Grand was acquired by CDL and MCL Land in January 2022 for S$768 million after emerging as the top bidder out of eight. The site has a maximum permissible gross floor area of 589,744 sq ft, which translates to about S$1,302 per sq ft per plot ratio (psf ppr).
CDL's Chief Executive Officer (CEO), Sherman Kwek, expressed his satisfaction with the strong demand for Tembusu Grand, saying that it reflects the high demand for well-designed homes in this vibrant neighbourhood. The area boasts a variety of trendy shops, hip cafes, dining options, and amenities.
Rob Garman, CEO of MCL Land, echoed Kwek's sentiment, saying that buyers had shown "overwhelming enthusiasm" for the development, thanks to the allure of Tanjong Katong and East Coast. He also highlighted the convenience of the upcoming Tanjong Katong MRT station, which is located close to Tembusu Grand. This latest project marks another successful collaboration between MCL Land and CDL, and both developers look forward to future partnerships.
According to Mark Yip, Huttons Asia's CEO, Tembusu Grand's launch was significant as it is the first large-scale project launch since Haig Court in 2004. He attributed the high sales to pent-up demand, as well as the development's location in District 15 and the Katong area. The project had also attracted a diverse mix of buyers, including investors and families with school-going children.
Marcus Chu, CEO of ERA Realty Network, agreed with Yip, citing the rich heritage of the Katong district, the allure of the East Coast lifestyle, proximity to popular schools, and excellent transport connectivity as factors that attracted buyers to upgrade to a District 15 address.
Yip further noted that the robust sales for 2023 launches were indicative of the strong demand for property investment. With low unsold units and below-average completion of new homes from 2024, he believes that 2023 is an opportune year to purchase property, which bodes well for upcoming launches.