Tenet could sell out to second-time buyers: property expert

The launch of Tenet in Tampines sold 72% of its total units during the launch.

After selling the majority of its units during its launch, Tenet in Tampines Street 62 could be fully sold on the second launch due to its concept, facilities, and location in a mature estate. 

“Similar to Copen Grand, we expect Tenet could potentially be fully sold when sales are subsequently opened to more second-time buyers one month from the public launch date,” said Wong Siew Ying, head of research and content at PropNex Realty.

Tenet sold 72% or 447 units at the launch, reaching an average price of about $1,360 per square foot.

Huttons Asia said the strong response to the executive condominium (EC) is not surprising given its proximity to the future integrated mixed use development at Tampines North along the Cross Island Line.

Aside from this, EC projects buyers have two distinct advantages such as exemption from “ABSD upfront and option of deferred payment scheme.”

“As buyers of EC do not need to pay ABSD upfront, HDB upgraders do not need to sell off their existing flat and look for another place to stay. The availability of a deferred payment scheme allows buyers to avoid the current high interest rate environment,” said Huttons.