Copen Grand, an executive condominium (EC) development in Tengah Town, Singapore, has sold out within a month of its launch. The development, a joint venture between City Developments Ltd and MCL Land, opened for e-application for second-time buyers from November 17 to 23, and all 146 units were taken up on November 26. The transacted prices for the units sold ranged from SGD1.09 million ($816,000) for a two-bedroom plus study to SGD2.17 million for a five-bedroom premium unit. According to Mark Yip, CEO of Huttons Asia, Copen Grand is now the best-selling EC of 2022, and is the first EC project to sell out during the second balloting.
Under current EC regulations, only 30% of units in an EC project can be allocated to second-time buyers during the launch phase. For Copen Grand, this quota was reached when the project was launched on October 22, with 73% of the units being taken up at an average price of SGD1,300 per square foot. Units purchased under the deferred payment scheme (DPS) were priced 3% higher. As of November 20, a total of 493 units (77%) had been taken up at an average of SGD1,337 per square foot, based on caveats lodged.
Copen Grand is the first EC in Tengah Town and offers unrivaled accessibility to three MRT stations, as well as proximity to the future Tengah Integrated Transport Hub and Tengah Boulevard Bus Interchange. It is also Singapore’s first BCA Green Mark Platinum Super Low Energy luxury EC. In addition to its sustainability features, Copen Grand is well-connected to major employment centers in the Jurong East Regional Center and Jurong Innovation District, which are both currently under development. The development will be served by the Jurong Region Line, which will bring residents to both the regional center and innovation district.
According to Nicholas Mak, Head of Research & Consultancy at ERA Realty Network, the strong sales of Copen Grand are partly due to the availability of the DPS, which allows buyers to transfer the risk of rising interest rates to the developer. Despite the higher price for units under the DPS (3% higher in the case of Copen Grand), seven out of ten buyers still prefer this option, indicating that they expect further increases in mortgage rates before taking possession of their units. City Developments Ltd also has another EC development with around 510 units in the same area at Bukit Batok West Avenue 5.
The recent fully-sold launch of Copen Grand, a new executive condominium (EC) development in Singapore’s Tengah estate, is a testament to the strong demand for properties in the area. Located in the heart of Singapore’s western region and situated between the upcoming Tengah Forest Town and Jurong Innovation District, the 618-unit Copen Grand is just the latest development in the estate to generate excitement among prospective buyers.
The success of the Copen Grand launch is indicative of the growing appeal of Tengah estate, which is expected to become a thriving hub for innovation, technology and sustainability in the near future. With its smart and green features, the estate is being developed with the goal of providing a safe and healthy environment for its residents. The development of Tengah is also expected to create new job opportunities, as well as provide access to a range of amenities such as educational institutions, healthcare facilities, shopping malls and recreational facilities.
The demand for properties in Tengah has been driven, in part, by the estate’s close proximity to some of Singapore’s key economic areas, such as the Jurong Innovation District and the upcoming Pandan Reservoir Regional Centre. The area is also well-connected to other parts of Singapore via the upcoming Jurong Region Line, which is expected to be completed by 2028.