CDL and MCL Land debut their first major launch of 2023 – Tembusu Grand in Katong
By Cecilia Chow
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - On March 24, the sales gallery of the 638-unit Tembusu Grand will open for public preview, with sales scheduled to start on April 8. A private condo by giant developers City Developments Ltd (CDL) and MCL Land, Tembusu Grand sits on a 210,622 sq ft, 99-year leasehold site along Jalan Tembusu, just off Tanjong Katong Road in prime District 15.
“Tembusu Grand marks our first launch for the year, and we are delighted to enliven the East Coast area with yet another residential jewel after Amber Park,” says Sherman Kwek, CDL group CEO. The 592-unit, freehold Amber Park at Amber Gardens was launched in 2019 and is 99.5% sold, based on caveats lodged with URA Realis as of March 22.
The latest project marks the third collaboration between the two developers, following the launch of the 407-unit Piccadilly Grand at Farrer Park last May, which is 87% sold to date, and the 639-unit executive condo in Tengah, Copen Grand, which was entirely sold within a month of its launch in November.
The units in the development have a north-south orientation and are spread across four blocks of 20 and 21 storeys. There is a wide variety of units, from one-bedroom-plus-study units of 527 sq ft to five-bedroom units of 1,711 sq ft. There are also two 5-bedroom penthouses of 2,691 sq ft. “Tembusu Grand offers a wide selection of unit types to cater to different lifestyles,” says Kwek.
Prices range from $1.248 million ($2,368 psf) for a one-bedroom plus study, $1.548 million ($2,321 psf) for a two-bedroom, $2.278 million ($2,301 psf) for a three-bedroom, $3.288 million ($2,296 psf) for a four-bedroom and $4.028 million ($2,354 psf) for a five-bedroom unit.
Showflat of a 1,711 sq ft four-bedroom unit (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Upgraders and right-sizers
Doris Ong, deputy CEO of ERA Singapore, sees the project drawing to a mix of buyers — from investors to owner-occupiers. The proximity to schools, with Haig Girls’ School, Kong Hwa School and Tanjong Katong Primary School located within 1km of Tembusu Grand, will draw families with children of school-going age. And families will prefer the bigger units. She adds that the Canadian International School (Tanjong Katong Campus) is also nearby, which will interest investors.
“In the east, there are many older and smaller apartment or condo blocks, especially in the Telok Kurau area,” notes Ong. “Some residents there may want to enjoy a different lifestyle and choose to upgrade to a new condo with more facilities instead of staying put and renovating.” Also, she sees others living further east, such as in Bedok, Simei and Tampines, who want to move closer to the city.
Nearby are the luxurious houses along Branksome, Goodman and Wilkinson Roads, says Mark Yip, CEO of Huttons Asia. “The owners of these landed homes may be keen to buy a unit at Tembusu Grand for their children,” he adds.
Some residents could also be considering “right-sizing” from a landed property to a condo unit, says Ken Low, managing partner of SRI. “This is a common trend we have seen in recent new project launches situated near landed estates — people looking to right-size and second-generation individuals wanting to live close to their parents,” he adds.
Of the 638 units at Tembusu Grand, 317 (49.7%) comprise one-bedroom-plus-study units of 517 sq ft, and two-bedroom and two-bedroom-plus-study units of 667 sq ft and 743 sq ft. “The fact that almost 50% of the units at Tembusu Grand are one- and two-bedroom units will ensure that the project will do well,” says Ismail Gafoor, CEO of PropNex. “At most of the recent launches — from Sceneca Residence to Terra Hill and The Botany — these units were the first to be sold, demonstrating that there is still an appetite for investment properties with lower price quantum.”
According to PropNex, District 15 has under 100 unsold units from projects launched earlier, with many featuring larger units. Gafoor sees limited stock of such one- and two-bedroom units available on the market.
Showflat of a two-bedroom-plus-study of 743 sq ft. One- and two-bedroom units make up just under 50% of the units at Tembusu Grand (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Efficient layout, latest facilities
ADDP Architects is the design architect for Tembusu Grand, as well as for Piccadilly Grand and Copen Grand. “The inspiration for Tembusu Grand’s design came from the shape and texture of The Tembusu heritage trees,” says Markus Cheng, associate partner of ADDP Architects.
The hallmark of the development is its grand arrival and drop-off area, says Cheng. There is a single-storey lantern-like clubhouse, with full-height glass offering a view of the 50m infinity swimming pool and landscaped grounds. The clubhouse has several levels: the first level (Grand Club) features a gaming pod, a karaoke pod, and entertainment and function rooms. The Tembusu Club is a multi-level cantilevered space with a waterfall. It contains a private dining area on the second level and a gym on the fifth level. Both these spaces come with full-height glass offering expansive views.
Other facilities include a gym, tennis court, co-working lounge, barbeque pavilion and a children’s play area. The landscape architect is Tinderbox Landscape Studio.
Tembusu Grand sits on a rectangular plot, which allowed the architect to design the site to its full potential, taking advantage of the surroundings and view corridors, says ADDP’s Cheng.
Given the north-south orientation of the units, those on the higher floors will have “unblocked, panoramic” views, notes Christine Sun, OrangeTee & Tie senior vice president of research & analytics.
Tembusu Grand (top, dark blue) and the second GLS site at Jalan Tembusu that was launched for sale on March 14, with tender to close on July 18 (Source: EdgeProp Landlens)
‘First-mover’
Tembusu Grand will also be the first of three significant projects in the Katong-East Coast enclave to be launched this year. Including the boutique developments, there are seven new launches in the pipeline, with an estimated 2,759 units for sale, says Huttons’ Yip.
“As the first new launch in District 15 this year, Tembusu Grand will set new standards for product offerings with premium brand appliances, quality fittings and luxurious finishes,” says a CDL spokesperson.
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CDL and MCL Land won the residential development site at Jalan Tembusu in a government land sale (GLS) tender for $768 million or $1,302 psf per plot ratio (psf ppr) in January 2022. It emerged at the top of eight bids received.
Just across the road from Tembusu Grand is a 99-year leasehold site of 221,438 sq ft that could yield about 840 residential units. The residential plot was launched for sale under the GLS programme on March 14.
“Tembusu Grand will have a first-mover advantage,” says PropNex’s Gafoor. “With subsequent GLS sites sold above $1,300 psf ppr, people will find Tembusu Grand a compelling buy.”
Given that the tender for the Jalan Tembusu GLS site will close only on July 18, developers are likely to take the cue from the sales performance of the new launches in the area, comments Tricia Song, CBRE head of research for Southeast Asia. “For now, we expect the site to draw four to six bids with a top bid at $1,300 to $1,400 psf ppr, and developers to sell at an average price of $2,350 to $2,450 psf.”
Within the Katong sub-zone, the last sizeable development launched was the 360-unit Haig Court and that was 19 years ago (Photo: Samuel Isaac Chua/EdgeProp Singapore)
‘Pent-up demand’
Despite the supply pipeline, Song believes there is “ample pent-up demand” given the popularity of the East Coast-Katong area. She adds that the last new comparable project should be the 99-year leasehold Liv @ MB at Mountbatten Road, launched in May 2022. As of March 22, the 298-unit project is 86% sold, with units transacted at an average price of $2,412 psf.
However, within the Katong sub-zone — bounded by Tanjong Katong Road, Mountbatten Road, Dunman Road and Still Road — the last sizeable development launched was the 360-unit Haig Court in 2004, SRI’s Low points out. “It has been a 20-year wait for those who want to buy a new unit in a sizeable condo within the heart of Katong”, he adds.
Low foresees the smaller units at Tembusu Grand will be “over-subscribed” by investors based on sales trends at recent launches. “In the city fringe [Rest of Central Region or RCR], District 15 has the highest rental transaction volume after District 3, which is the Alexandra-Queenstown-Tiong Bahru area,” he says.
New project launches in the Outside Central Region, such as the 268-unit Sceneca Residence at Tanah Merah Kechil Link, achieved an average price of $2,072 psf in January, while the 386-unit The Botany saw units transacted at an average of $2,070 psf in March. Low reckons Tembusu Grand, located in the RCR, could see selling prices from $2,400 to $2,500 psf.
Shopping malls nearby include i12Katong (pictured), Parkway Parade and PLQ Mall (PHoto: Samuel Isaac Chua/EdgeProp Singapore)
‘Golden opportunity’
Tembusu Grand is less than a 10-minute walk from the upcoming Tanjong Katong MRT Station on the Thomson-East Coast Line and a short drive to the CBD, Marina Bay, Singapore Sports Hub and Changi Airport, points out Huttons’ Yip.
Schools such as Tao Nan School, Chung Cheng High School, Dunman High School, Tanjong Katong Girls’ School and Victoria Junior College are within a 2km range of Tembusu Grand, says Yip. Other amenities include the wide variety of F&B outlets in the Katong neighbourhood and shopping malls such as PLQ Mall, i12Katong and Parkway Parade. “There are many amenities, including food centres, recreational amenities and parks,” he adds.
“The area appeals to people who like to stay near the sea or East Coast Park,” says OrangeTee & Tie’s Sun. “Katong also has a strong Peranakan culture which draws those who like a vintage and cultural feel.”
Tembusu Grand was conferred the Green Mark Platinum Super Low Energy certification by the Building & Construction Authority for its energy and water-efficient design and green features.
“This new offering will be a golden opportunity for savvy property enthusiasts with an affinity for the enchanting east coast,” comments Rob Garman, MCL Land CEO. “Anticipating robust demand, we’re confident that Tembusu Grand will add yet another feather to our cap of success stories.”
Despite the recent banking crisis, PropNex’s Gafoor believes Singapore’s real estate market will be resilient over time. “We have weathered many crises — the Global Financial Crisis, the pandemic and circuit-breaker, and rounds of cooling measures,” he adds. “Those who approach investment with a long-term perspective are less likely to be significantly impacted.”
Check out the latest listings near Tembusu Grand, Jalan Tembusu, Tanjong Katong MRT Station, Amber Park, Piccadilly Grand, Copen Grand, Liv @ MB, Haig Girls’ School, Kong Hwa School, Tanjong Katong Primary School, Tao Nan School, Chung Cheng High School, Dunman High School, Tanjong Katong Girls’ School, Victoria Junior College
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