A brand new condominium located at Jalan Tembusu in the East, will be launching in the near future. Although not much is known about the development itself, we explore its location and analyse the historical price trends.
What are the project details?
While, we do not know the exact launch date for this project as of yet. We do know the details of the site itself.
The land parcel is situated in District 15 within the Marine Parade planning area and the area of the site is about 210,623 square feet (sq ft), with a gross floor area of 589,749 sq ft. What this means is that, the future development is able to yield an estimated 640 units.
The upcoming project will be 99-year leasehold and barring any unforeseen circumstances it is expected to have its Temporary Occupation Permit (TOP) in 2027.
The future development at Jalan Tembusu is situated near the upcoming Tanjong Katong MRT station along the Thomson-East Coast Line. It is an estimated 701 metres to the station.
It is expected to be completed in 2024. Just in time when the development will be completed as we mentioned about the TOP date earlier. Future residents would have the convenience of the train station to enjoy easier access to the city centre.
The project is also well served by bus services that are less than 300 metres. The buses provide good connectivity to key commercial and recreational nodes such as Paya Lebar Central and Singapore Sports Hub.
For motorists, the development will be easily accessible to major roads and expressways such as East Coast Parkway (ECP) and Mountbatten Road. It will provide seamless access to destinations such as Suntec City and Marina Bay Financial Centre as well.
Range of schools available
For families with school-going children, the site of the future condominium is ideally populated with a number of schools. There are a number of schools and educational institutions within the 1km to 2km radius of the site.
Schools such as Haig Girls’ School, Kong Hwa School, Haig Girls’ School, Tanjong Katong Primary School, Tao Nan School, Chij (Katong) Primary and Geylang Methodist School (Primary).
Retail options and parks
There is no lack of retail options in the area. The Marine Parade neighborhood is a self-serving town with its own shopping mall – Parkway Parade. Other nearby amenities include Katong Shopping Centre and i12 Katong Mall.
The site is also closely situated to the East Coast Park which is a popular destination for water sports, cycling and leisure. The new Changi Airport Connector from East Coast Park to Changi Airport provides more family friendly activities as well.
Jalan Tembusu site awarded to CDL
Jalan Tembusu was the first land site to be awarded after the announcement of the property cooling measures.
The Urban Redevelopment Authority (URA) awarded the site in January 2022, to the wholly-owned subsidiary CDL Triton as part of City Developments (CDL). The developer competed with 7 other bidders to clinch the first spot in winning this land tender at Jalan Tembusu with a tender price of $768 million, this translates to about S$1,302 per sq ft per plot ratio (psf ppr).
The demand for the Jalan Tembusu land site was not entirely unexpected with a total of 8 bidders as this was the first residential Government Land Sales (GLS) tender launch in the Marine Parade area since 2001. The last land tender launch was at the Marine Parade Road, the current development – Cote D’azur.
Reputable developer with a wealth of experience
City Developments Limited (CDL) is a SGX Mainboard-listed company that is an established and reputable developer in Singapore – a trusted name behind many residential projects here, including The Tapestry, Forest Woods, Coco Palms and The Criterion. Its recent new launch CanningHill Pier sold over 77% of its units during launch weekend in 2021.
Growing interest in new condominiums in District 15
Source: Ohmyhome Research, URA Realis
District 15 primarily covers the East Coast and Marine Parade that includes areas such as Katong, Joo Chiat and Amber Road. The number of new home sales have been relatively stable in the district. With more growing interest in the condominiums launched in the area.
The number of new home sales increased from 251 units transacted in 2020 to 586 units sold in 2021. As there were newer entrants to the new home sales market. Some notable projects in the area include Amber Park, Coastline Residences, Infini At East Coast, Meyer Mansion,Nyon And One Meyer. The number of new home sales in District 15 for the first 4 months of 2022 clocked in about 182 units. Notable new launches in 2022 were Liv @ MB and Baywind Residences.
Higher resale prices
The number of resale transactions have been growing steadily in recent years. As resale transactions grew from 807 transactions in 2020 to 1,627 units sold in 2021. A total of 390 units were transacted in the first 4 months of 2022.
More resale activities in the area have given rise to prices as well. As average unit prices in the District grew from $1,316 psf in 2020 to $1,438 psf in 2021. This translated to a 9.2% increase in prices.
Price appreciation of condos
Generally, properties in Marine Parade have seen price appreciation. We observed some resale condominiums in the area and noticed the upswing prices between 2010 and 2021.
The announcement of the Thomson-East Coast Line (TEL) in 2014 uplifted property prices in the neighborhood, as improved connectivity in the east coast area is of an added advantage.
In addition, there are more freehold properties in the area, which leads to a spillover effect in terms of price appreciation for 99 year leasehold condominiums.
Outlook for Jalan Tembusu
If the recent success of [email protected] is any indication, with over 75% of the units sold during the launch weekend, we can expect interest to remain positive when the project at Jalan Tembusu eventually launches.
With a lack of new 99 year leasehold condominiums in the area and the vibrant nature of the district 15, It is likely that the future condominium project at Jalan Tembusu could potentially be launched at between $2,100 psf and $2,300 psf.
We expect a fair amount of interest for this project. Home buyers who are not willing to pay a price premium for a freehold condominium in the District, will likely choose to go with the project at Jalan Tembusu instead.
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Header Image: URA