The Tembusu by Wing Tai is more than 95 percent sold, with fewer than 10 units unsold. (Photo: PropertyGuru)
Property developer Wing Tai Holdings on Wednesday (14 September) topped out the construction of The Tembusu, a freehold condominium near Kovan MRT station.
The development, built on the site of Wing Tai’s former headquarters at Tampines Road, was launched in August 2013, close to two months after the government introduced the Total Debt Servicing Ratio (TDSR) framework, restricting property loans.
Despite the tighter lending regulations and additional stamp duties, sales at the 337-unit project were brisk, with more than 200 units sold on the first day of sales.
Spread across five blocks, unit types range from one- to four-bedroom apartments, dual-key units and penthouses, with sizes from 474 sq ft to 3,886 sq ft. Initial launch prices ranged from $695,000 to $2.28 million for the one- to four-bedders.
Stacey Ow Yeong, Senior General Manager of Marketing at Wing Tai, told PropertyGuru that there are fewer than 10 unsold units at The Tembusu. The units range from one-bedroom configurations measuring 474 sq ft to four-bedroom units of 1,701 sq ft. Prices start from $850,000.
Ow Yeong is confident that the project’s freehold status, proximity to the MRT station and recently achieved Temporary Occupation Permit (TOP) is enough to drive sales of the balance units.
“With TOP means immediate move in and immediate returns for homeowners and investors. We believe these are strong factors that will bring demand to our development,” she said.
Analysts noted that purchasing units in TOP projects are much less hassle compared to resale apartments or those under construction.
“Units which have recently received their TOP have the added advantage of being brand new, therefore requiring less renovation work than a resale unit. Also, buyers of a TOP project can view the actual unit prior to purchase, as opposed to just being able to view the showflat and model for a newly launched project,” said Eugene Lim, Key Executive Officer of ERA Realty.
Dr Lee Nai Jia, Head of Southeast Asia Research at Edmund Tie & Company, said TOP projects benefit buyers who want to move in immediately as it reduces the amount of uncertainty and waiting time.
“For investors, it means that they can immediately rent out the premises after purchase, whereas investors who purchase off-plan will see their rent coming in much later.
“Given the weaker rental market, it may mean a first mover advantage for those who purchase a TOP project,” he added.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
