SingHaiyi Katong Project Over Half-Sold in Singapore’s Biggest Launch Since 2021

SingHaiyi Group’s Grand Dunman mega development sold more than 520 of its 1,008 residential units at the weekend, the most for any Singapore project launch in over two years.

The city-fringe condo project along Katong’s Dunman Road in the upmarket District 15 is being jointly developed by SingHaiyi, the group controlled by mainland tycoon Gordon Tang, and a local unit of state-owned giant China State Construction Engineering Corporation. The mix of one- to five-bedroom units is pitched at a range of buyers, from singles and families to investors.

Grand Dunman “generated a lot of buzz” and attracted 10,000 people from all over the island on its first preview weekend, said Mark Yip, CEO of Singapore residential brokerage Huttons.

“There is a good mix of investors and owner-occupiers in Grand Dunman,” Yip said. “Some investors went for the dual-key units while owner-occupiers bought the larger units with a study for flexibility in the future.”

Mega Condo Hits Market

SingHaiyi won the Dunman Road project last year with a bid of S$1.28 billion ($1 billion), giving it the right to develop the 271,617 square foot (25,234 square metre) leasehold site into up to 950,680 square feet of space. The development is a two-minute walk from Dakota MRT station and a 15-minute drive to the central business district.

Grand Dunman is Singapore’s biggest residential launch this year and the first with more than 1,000 units to hit the market since Normanton Park in Queenstown was launched for sale in January 2021. That development of China’s Kingsford moved 600 homes at launch and had sold all 1,862 available units by July of last year.

Grand Dunman’s sales volume surpassed the 520 units sold at Far East Organization’s The Reserve Residences in Bukit Timah during the latter project’s May launch, according to Ismail Gafoor, CEO of PropNex Realty.

Sales at Grand Dunman were all the more impressive, Gafoor said, given that they followed two other close-by launches in District 15 this year: CDL and Hongkong Land’s Tembusu Grand in Katong and Hoi Hup Realty and Sunway Developments’ The Continuum in Geylang.

“PropNex transacted a lion’s share of the sales at Grand Dunman, with 225 units sold by PropNex agents,” he said. “Going by our observations, most of the buyers are Singaporean citizens.”

Cool Reception at Pinetree Hill

The weekend also saw the launch of another city-fringe project: Pinetree Hill, a joint development of UOL Group and its Singapore Land subsidiary, with the complex selling about 28 percent of its 520 available units.

The 242,565 square foot leasehold site in the Pine Grove section of western Singapore’s Clementi area can accommodate up to 509,380 square feet of homes. PropNex noted the launch as the neighbourhood’s first since Ideal Homes’ 289-unit The Trizon hit the market in 2009.

The more muted response to Pinetree Hill follows a cool reception for the launches of CDL’s The Myst in Bukit Timah and GuocoLand’s Lentor Hills Residences earlier this month. Nonetheless, the sales performance of Grand Dunman and Pinetree Hill bode well for the five project launches scheduled in August, Gafoor said.

“With this steady supply of launches, we expect buyers to compare and evaluate their options, and could return to pick up units at previously launched projects, should these be more suitable for their needs and budget,” the PropNex CEO said.