Copen Grand's co-developers, City Developments Limited (CDL) and MCL Land, said in an Oct. 23 statement that all unit types have been well received by buyers and all four-bedroom luxury units have sold out.
Prices start at $1.08 million for a two-bedroom plus den and $1.48 million for a four-bedroom luxury apartment.
Four-bedroom high-end units start at $1,580,000 and five-bedroom high-end units start at $1,880,000 and up.
Units range in size from 807 square feet for a two-bedroom plus den to 1,722 square feet for a five-bedroom premium unit on the top floor.
Engrand's sales success has made it the best-selling EC project in terms of number of units and percentage of sales since Rivercove Residences in 2018.
Rivercove Residences is a 628-unit EC located on Anchorvale Lane in Sengkang. nearly 80% of the units were snapped up on the first day of launch in April 2018. engrand's sales have already surpassed the 414 Parc Central residences launched in Tambini.
More impressively, the latest round of real estate cooling measures took effect on September 30 and achieved good sales in just three weeks.
The cooling measures have not really affected EC's absorption rate, as the cooling measures are not intended to hit the market, but rather to counter the higher interest rate environment and to remind buyers to be more financially prudent.
The Development Minister also stated that the measures are aimed at easing demand in the HDB condominium resale market and ensuring that HDB condominiums will remain at affordable levels for the public.
While banks have raised the interest rate floor from 3.5% to 4% when assessing the ability to repay mortgages on residential properties, the strength of sales at Copen Grand also shows that these buyers still have the financial means to purchase homes. This applies to the total debt service ratio (TDSR) for private property, which was reduced to 55% last December, as well as the HDB and EC's mortgage repayment ratio (MSR), which is capped at 30%.
EC is unique in that eligible buyers can choose a deferred payment plan and repay the loan over time based on the construction period. The deferred payment plan allows EC project buyers to weather the current high interest rate environment without putting too much pressure on the owner to repay the loan.
Engrand will be the future icon of Tengah Town (Denga District). When the development is completed in 2027, it will be within walking distance to three MRT stations - Tengah, Hong Kah and Tengah Plantation - and a bus interchange for the upcoming Jurong District Line. It is well connected to the existing Choa Chu Kang, Li Man and Yu Long Dong MRT stations.
This project is the epitome of green and smart living. With future infrastructure and integrated facilities coming up in this beautiful and perfectly planned master plan area, Copen Grand owners will enjoy living in this area.
With the development of Tengah Town, Singapore's first smart and sustainable district centered on Copen Grand, a first mover advantage for buyers is realized. This also proves Copen Grand's appeal to home buyers.
While the majority of Copen Grand's buyers live in the west, some come from other places, such as the east. There are more first-time homebuyers, unlike most couples with school-age children. They don't want to suffer from being too far from their existing or preferred school.
In addition to first-time homebuyers, demand from second-time homebuyers is also strong, and the 30% quota allocated to second-time homebuyers has been fully used up. This indicates that more second time buyers are looking to purchase a condo in Tengah.
It is not surprising that the demand for second time buyers or upgrades is so strong.
Recently, prices for private condominiums in the suburbs with 99-year deeds have ranged from $2,100 to $2,110 per square foot. New EC prices are now around $1,300 per square foot.
Today, the price difference between EC and suburban condos is about $800. Many upgraders have realized that private condos may be out of reach if they want a lifestyle with condo amenities, but EC is still a value-for-money option.
Second-time buyers don't have to pay additional buyer's stamp duty and they don't have to sell their existing home until they receive the keys to their new EC. Even then, they have up to six months to sell their existing home, they don't have to search for a temporary rental property, and they don't have to endure the inconvenience of moving twice.
According to CDL, the electronic application period for second-time buyers runs from Nov. 17 to 23, and sales reservations begin Nov. 26.
Tengger is a new town with a master plan and part of the broader Jurong master plan. It is adjacent to the Jurong Innovation District, Jurong Lake District, Zhouji Port and other major employment clusters in the west.
This is bound to attract homebuyers. Copen Grand is expected to remain a good performer in the upcoming market. Judging from the number and percentage of units sold, it should bring confidence to the market.