Wing Tai Holdings topped out The Tembusu on 14 September, signifying its completion.
The Tembusu is a condo on freehold, located close to Kovan MRT station. The site stands on was the former headquarters of Wing Tai at Tampines Road. The project’s launch was in August 2013, about two months after the introduction of Total Debt Servicing Ratio (TDSR) by the government, a framework meant to restrict property loans.
Despite the cooling measures by the government, the project recorded high sales with over 200 of its 337 units being sold on the first day.
The Tembusu has five blocks with units of varying sizes. It has penthouses, 1 to 4 bedroom apartments and dual-key units. Their size range from 474 sq ft to 3,886 sq ft. The 1 to 4 bedders launch price was between $695,000 to $2.28m.
According to Wing Tai’s Senior General Manager Marketing, Stacey Ow-Yeong, The Tembusu is remaining with less than 10 units unsold of 1 bedroom to 4 bedrooms measuring 474 sq ft to 1,701 sq ft with prices starting from $850,000.
“I am confident that the freehold status of the project, its proximity to MRT station and its achievement of TOP are enough to drive the sale of the remaining units,” said Ow Yeong.
She added that projects with TOP imply that one can move in immediately, with investors and homeowners getting immediate returns. These are the strong factors that will enhance the development’s demand.
Analysts noted that it is less hassle purchasing projects with TOP in comparison to those still under construction and resale apartments.
Eugene Lim, ERA Realty Key Executive Officer said that units with a recent TOP are advantageous because they are new and need less renovation work than a unit on resale. Buyers can also view a unit before purchasing unlike for a project that is newly launched where buyers view a model and showflat.
Dr. Lee Nai Jia, Edmund Tie & Company Head of Southeast Asia Research said that projects with TOP are beneficial to buyers who want to move in right away, it reduces waiting time and uncertainty. Investors can rent out the property after buying unlike for those who buy off-plan and have to wait.
Read more on Wing Tai’s local development like The Crest @ Prince Charles. Other upcoming launches, please click on Forest Woods (a residential development along Lorong Lew Lian) as well as Alps Residences (a residential development along Tampines Avenue 10).