Copen Grand EC sells 74.18% by 25th Oct 2022 : The first executive condominium (EC) project in Tengah Town, Copen Grand EC, saw 474 units, or 74.18 per cent of the project, sold by 25th Oct 2022.
All unit types were well received by home buyers, with the four-bedroom deluxe units fully sold on day 1.
The developers for this latest EC are City Developments and MCL Land,
With news of almost all ECs made money, it is no wonder the Copen Grand EC is a hit.
There are also two reasons. One is the lack of EC new launches for many years. Also Copen Grand itself is very attractive. It has a close proximity to three upcoming MRT stations and two neighbouring hubs, Jurong Lake District and Jurong innovation District.
Copen Grand EC sells 74.18% by 25th Oct 2022 : Pricing of Copen Grand EC
The EC units went for an average price of $1,300 per sq ft (psf) and those sold under the deferred payment scheme, there is an additional 3 per cent.
The average launch price of $1,300 psf is a good value proposition, with mass market new private condo prices have crossed the $2,100 psf mark in recent launches – representing a price gap of about $800 psf .
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.
Strong Sales not impacted by Cooling Measures
It seemed that the strong sales at Copen Grand – the first residential project launched since the latest round of property cooling measures – show the strong underlying demand for ECs from HDB upgraders.
EC buyers are mindful of the large price gap between new EC and new mass market launches.
The deferred payment scheme also allows buyers of ECs to tide over the current high interest rate environment.
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 of 3-4 years to build up their savings.
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.
Those who are upgrading from Housing Board flats to a new EC also need not pay the additional buyer’s stamp duty upfront.
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.
Next EC launch is Tampines Tenet and Altura EC
The next major EC launch expected is the 618-unit Tenet in Tampines in November 2022.
The success of both Copen Grand and Tenet would lead to even more demand for the next EC launch at Bukit Batok : The Altura EC.
