City Developments Ltd. (CDL) – controlled by billionaire Kwek Leng Beng – is launching a suburban residential condominium project in the western part of Singapore, reflecting its confidence that property demand will be buoyant despite new government property restrictions.
Marketing of the Copen Grand – a 639-unit executive condominium (EC) project jointly developed by City Developments with Hongkong Land unit MCL Land – will begin tomorrow, about a week since authorities tightened housing loan limits for ensure that borrowers can afford higher rates. The government has tried to rein in soaring property prices in Singapore, which has defied a global housing downturn as overseas buyers snap up luxury apartments in the city-state seen as a safe haven by investors.
Copen Grand will be the first CE to rise in the upcoming town of Tengah in western Singapore, which means eligible buyers can get a housing subsidy of up to S$30,000 ($21,000) from the government. “While homebuyers will consider the impact of recent policy changes, ECs are tailored to a select group of eligible buyers who have the special privilege of purchasing a home with a range of full condo amenities. “, according to CDL. “With the limited supply of new ECs coming, now is a good time to get started.”
The Government Housing Grant for Copen Grand will be helpful to eligible buyers, with prices starting at S$1.08 million for a two-bedroom unit with a study area and up to S$1.88 million for a five-bedroom apartment.
“Copen Grand is the first EC to be built in Tengah Town, Singapore’s pioneering smart and sustainable city,” Rob Garman, CEO of MCL Land, said in a statement. “Buyers have everything to gain from the first-mover advantage in the new up-and-coming district.”
CDL and MCL are constructing 12 blocks of 14-storey residential towers at Tengah Garden Walk in the heart of Tengah City, which the government aims to develop as a smart neighborhood with connectivity to the nearby business district and a shopping center. advanced manufacturing in Jurong area.
“Copen Grand is carefully designed as a smart, resource-efficient project,” CDL CEO Sherman Kwek said in a statement. “It offers exceptional comfort as it is located within walking distance of three upcoming MRT stations, which is unique for an EC.”
Copen Grand is the second project launched by the partners this year. In May, the duo sold 77% of Piccadilly Grand, a 407-unit condo project on Northumberland Road, about four kilometers east of the central business district of Raffles Place, within two weeks of going on the market.
House prices in Singapore have continued to climb despite rising mortgage rates and government restrictions, with private property values rising 3.4% in the third quarter from the previous three months, according to rapid estimates. published Monday by the Urban Redevelopment Authority.
To cope with the strong demand for housing, developers have reconstituted their land reserves. Last month, a wholly owned subsidiary of CDL submitted the highest bid of S$336 million for a 178,936 square foot (16,623 square meter) plot of land in the western city of Bukit Batok from Singapore. The company plans to build 10 blocks of 12-13 story apartment buildings with a total of 510 residential units on the property.