Less than 10 years ago, people were joking about buying a property and living in Tengah whenever someone say they have no money to procure a roof over their head when they get married in future. In just a few short years, Tengah is now one of the most sought after heartland neighborhood to live in.
Yesterday, the first executive condominium (EC) project in Tengah Town - Copen Grand EC was officially launched to an amazing crowd of eligible buyers - mostly young couples hoping to stay in Singapore’s first smart and sustainable precinct.
Real estate professional Kiwi Lim believe the government's efforts to develop Tengah is proving to be very appealing especially to young Singaporean couples who are looking for a great place to raise their families. The government recently announced its plans to make Tengah, Singapore’s first “car-free” town centre - where roads will run beneath the town centre, freeing up space at the ground level for retail and recreational use and being separated from roads and traffic, the heart of the town centre will be safe and friendly for residents to walk and cycle. There will be a sports centre, retail spaces and eateries at the town centre, as well as an MRT station on the Jurong Region Line. Residents here will have access to a polyclinic, a supermarket, a food court, tuition centres and a childcare centre when the neighbourhood centre is completed in 2025.
Copen Grand’s proximity to three upcoming MRT stations and two neighboring hubs, Jurong Lake District and Jurong innovation District may also add to its attractiveness among home buyers.
Yesterday, the first executive condominium (EC) project in Tengah Town - Copen Grand EC was officially launched to an amazing crowd of eligible buyers - mostly young couples hoping to stay in Singapore’s first smart and sustainable precinct.
Real estate professional Kiwi Lim believe the government's efforts to develop Tengah is proving to be very appealing especially to young Singaporean couples who are looking for a great place to raise their families. The government recently announced its plans to make Tengah, Singapore’s first “car-free” town centre - where roads will run beneath the town centre, freeing up space at the ground level for retail and recreational use and being separated from roads and traffic, the heart of the town centre will be safe and friendly for residents to walk and cycle. There will be a sports centre, retail spaces and eateries at the town centre, as well as an MRT station on the Jurong Region Line. Residents here will have access to a polyclinic, a supermarket, a food court, tuition centres and a childcare centre when the neighbourhood centre is completed in 2025.
Copen Grand’s proximity to three upcoming MRT stations and two neighboring hubs, Jurong Lake District and Jurong innovation District may also add to its attractiveness among home buyers.
Artist impression of Parc Residences @ Tengah, an integrated town centre development with public housing and a neighbourhood centre. (Photo: HDB)
73% of all the units in Copen Grand was sold on its launch day on 22 Oct 2022 (Saturday)
Copen Grand, the first executive condominium (EC) at the upcoming Tengah Town, were sold on the first day of its launch yesterday on 22 Oct 2022 (Saturday) with more than 73% of all its units snapped up and sold.
Eligible buyers bought 465 units at the development or 73% of the whole project on its launch day on 22 Oct 2022 (Saturday), which had an average launch price of S$1,300 per square foot (psf), with an additional 3 per cent applied to units sold under the deferred payment scheme, according to a joint statement by City Developments Limited (CDL) and MCL Land.
EC buyers can also opt for the deferred payment scheme and may be eligible for a Central Provident Fund (CPF) housing grant of up to $30,000. Under the deferred payment scheme, buyers make instalment payments only after getting their Temporary Occupation Permit (TOP). Those who are upgrading from Housing Board flats to a new EC also need not pay the additional buyer’s stamp duty upfront.
All unit types were well received by home buyers, with the four-bedroom deluxe units fully sold.
Copen Grand units were priced from $1.08 million for a two-bedroom plus study unit, to $1.18 million for a three-bedroom deluxe unit, to $1.88 million for a five-bedroom premium unit. Unit sizes range from 807 sq ft for a two-bedder plus study unit, to 1,722 sq ft for a top-floor five-bedder unit.
E-applications for second-time buyers for Copen Grand:
The 639-unit EC saw the maximum 30 per cent of the project which can be allocated to second-time buyers during its launch fully taken up. Interested second-time buyers who were unable to purchase a unit at Copen Grand EC during the launch period can make their bookings for the remaining units one month later. E-applications for second-time buyers will take place from Nov 17 to 23, with sales booking to start on Nov 26.
Eligible buyers bought 465 units at the development or 73% of the whole project on its launch day on 22 Oct 2022 (Saturday), which had an average launch price of S$1,300 per square foot (psf), with an additional 3 per cent applied to units sold under the deferred payment scheme, according to a joint statement by City Developments Limited (CDL) and MCL Land.
EC buyers can also opt for the deferred payment scheme and may be eligible for a Central Provident Fund (CPF) housing grant of up to $30,000. Under the deferred payment scheme, buyers make instalment payments only after getting their Temporary Occupation Permit (TOP). Those who are upgrading from Housing Board flats to a new EC also need not pay the additional buyer’s stamp duty upfront.
All unit types were well received by home buyers, with the four-bedroom deluxe units fully sold.
Copen Grand units were priced from $1.08 million for a two-bedroom plus study unit, to $1.18 million for a three-bedroom deluxe unit, to $1.88 million for a five-bedroom premium unit. Unit sizes range from 807 sq ft for a two-bedder plus study unit, to 1,722 sq ft for a top-floor five-bedder unit.
E-applications for second-time buyers for Copen Grand:
The 639-unit EC saw the maximum 30 per cent of the project which can be allocated to second-time buyers during its launch fully taken up. Interested second-time buyers who were unable to purchase a unit at Copen Grand EC during the launch period can make their bookings for the remaining units one month later. E-applications for second-time buyers will take place from Nov 17 to 23, with sales booking to start on Nov 26.
Executive condominiums (ECs) is a hybrid of public and private housing, are built by private developers but sold at a lower price than private condos as ECs are subsidised by the government. An EC project is privatised 10 years after completion, which means it can be sold to foreigners.
Executive condominiums (ECs) have traditionally been accepted by homeowners as a golden ticket for asset appreciation with nearly 300 units cashing out at least half a million dollar profit each and almost all 4,266 ECs cashed out around S$300,000 in gross profits according to a study on 29 Aug 2022 by OrangeTee. Around 4,001 of the 4,266 sold units in the study were sold less than 10 years from the date of purchase, which is close to 94%.
Kiwi Lim said the huge pent-up demand for executive condo (EC) projects as well as the rising cost of land, manpower and construction materials have seen executive condo (EC) launch prices higher by around 30% over the past 3 years from July 2019 when Piermont Grand executive condominium (EC) in the matured estate of Punggol was launched which sold merely 45% or 375 units out of a total 820 apartments at an average price of $1,080 per sq ft (psf) over the preview launch day but sales remained strong after launch and it was fully sold within months.
Copen Grand’s average launch price of $1,300 psf very attractive when compared to recent mass market new private condo launch prices that are currently selling above $2,200 psf in the OCR suburb / heartland regions of Singapore. There is definitely a large price gap between new EC and new mass market launches of about $800 psf. The recent property cooling measures have little impact on the demand for ECs, as buyers on the deferred payment scheme can use the construction period to build up their savings.
Any other executive condo (EC) project avail for eligible homebuyers to choose from?
Currently, the only other executive condo (EC) project avail for eligible home buyers looking to buy executive condo (EC) units is North Gaia in the matured estate of Yishun which is also currently selling at an average pricing of around $1,2xx psf for its 3 bedroom (from $1.14 mil onwards), 4 bedroom (from $1.6 mil onwards) and 5 bedroom units (from $1.974 mil onwards).
Any more upcoming executive condo (EC) project to be launched this year?
"Home buyers who are not keen to stay in the west can lookout for the next major executive condo (EC) launch and also the last executive condo (EC) launch this year in 2022 - which is the 618-unit Tenet executive condo (EC) located in the matured estate of Tampines expected to be launched next month in November." said Kiwi Lim.
Executive condominiums (ECs) have traditionally been accepted by homeowners as a golden ticket for asset appreciation with nearly 300 units cashing out at least half a million dollar profit each and almost all 4,266 ECs cashed out around S$300,000 in gross profits according to a study on 29 Aug 2022 by OrangeTee. Around 4,001 of the 4,266 sold units in the study were sold less than 10 years from the date of purchase, which is close to 94%.
Kiwi Lim said the huge pent-up demand for executive condo (EC) projects as well as the rising cost of land, manpower and construction materials have seen executive condo (EC) launch prices higher by around 30% over the past 3 years from July 2019 when Piermont Grand executive condominium (EC) in the matured estate of Punggol was launched which sold merely 45% or 375 units out of a total 820 apartments at an average price of $1,080 per sq ft (psf) over the preview launch day but sales remained strong after launch and it was fully sold within months.
Copen Grand’s average launch price of $1,300 psf very attractive when compared to recent mass market new private condo launch prices that are currently selling above $2,200 psf in the OCR suburb / heartland regions of Singapore. There is definitely a large price gap between new EC and new mass market launches of about $800 psf. The recent property cooling measures have little impact on the demand for ECs, as buyers on the deferred payment scheme can use the construction period to build up their savings.
Any other executive condo (EC) project avail for eligible homebuyers to choose from?
Currently, the only other executive condo (EC) project avail for eligible home buyers looking to buy executive condo (EC) units is North Gaia in the matured estate of Yishun which is also currently selling at an average pricing of around $1,2xx psf for its 3 bedroom (from $1.14 mil onwards), 4 bedroom (from $1.6 mil onwards) and 5 bedroom units (from $1.974 mil onwards).
Any more upcoming executive condo (EC) project to be launched this year?
"Home buyers who are not keen to stay in the west can lookout for the next major executive condo (EC) launch and also the last executive condo (EC) launch this year in 2022 - which is the 618-unit Tenet executive condo (EC) located in the matured estate of Tampines expected to be launched next month in November." said Kiwi Lim.
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