More than half of Grand Dunman’s 1,008 units sold on launch weekend at average price of S$2,500 psf

GRAND Dunman moved more than half its units on the first weekend of its launch at an average price of S$2,500 per square feet (psf), its developers SingHaiyi Group and CSC Land Group said on Sunday (Jul 16).

As at 5.30pm, a total of 550 units, or 54.6 per cent, of 1,008 available were sold following the development’s official launch on Saturday.

Gary Lim, head of sales and marketing at SingHaiyi, said the development’s sales breakdown is “well spread out”, adding: “Buyers are willing to pay more for good views as many of our units sold are south-facing with unblocked views into the landed enclave of Goodman vicinity towards the sea and beyond.”

Two-bedroom units yielded the highest sales; 77 per cent of the available units were sold at a starting price of S$1.55 million, which translated to S$2,330 psf.

This was followed by three-bedders, of which 61 per cent were sold. These start at S$2.21 million with a psf price of S$2,309.

For one-bedroom units, 58 per cent were sold with a starting price of S$1.09 million and S$2,418 psf.

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Lim noted that the one-bedroom units and smaller two-bedders have attracted investors, in line with past statistics. There is a mix of investors and owner-occupiers buying two-bedroom units that come with a study, while buyers of larger units are mostly buying for their own occupation, he added.

About 90 per cent of the buyers are Singaporean, 9 per cent are permanent residents, while the remaining 1 per cent are foreigners.

Lim added that it is unclear if the foreigners are subject to the new Additional Buyer Stamp Duty rules, which doubled the tax to 60 per cent in late April.

Several analysts noted that Grand Dunman’s performance over its launch weekend makes it the best-selling project in more than two years, with the previous record held by Normanton Park, which sold about 600 units in January 2021.

Apart from being the only mega launch this year, the development’s location likely appealed to buyers, analysts said.

Grand Dunman, which is along Dunman Road, is two minutes’ walk from Dakota MRT station. The development is also a stone’s throw away from Kong Hwa School, Chung Cheng High School (Main) and Tanjong Katong Girls’ School.

“In addition, we think the pricing is also seen as acceptable by buyers, given the project’s city fringe location, proximity to the MRT station, and easy access to the Paya Lebar commercial hub, Suntec City and Beach Road, as well as the Central Business District,” said Ismail Gafoor, chief executive of PropNex.

Nicholas Mak, chief research officer at Mogul.sg, said recent record-high Certificate of Entitlement (COE) prices likely also made easy access to public transportation nodes such as an MRT station “highly desirable” for owner-occupiers, investors and tenants.

ERA Singapore CEO Marcus Chu said most of the unit types sold were priced within S$2.5 million, the “current sweet spot pricing” for many homebuyers and investors.

PropNex’s Ismail added that developers being “in tune with prevailing market sentiment and setting prices sensitively” likely helped support home sales following three rounds of property cooling measures since December 2021.

The 99-year leasehold development, which occupies a site area of 25,234.3 square metres, is expected to obtain its Temporary Occupation Permit in 2028.