Boon Keat ❂ CHIN
Real Estate Consultant | Trusted Advisor with 14+ Years of Experience | Founder of M | MIKE Framework Architect l FCPA (AUS) CA (SIN) MBA
A comprehensive District 15 property investment analysis, including price gaps, tenure differences, location advantages, rental considerations and future resale potential.
Is Grand Dunman still attractive after its strong launch performance?
Or should buyers consider Tembusu Grand, The Continuum or the more established Waterbank at Dakota?
These four developments are located within the broader Dakota, Tanjong Katong and East Coast property market. Yet they offer distinctly different investment propositions.
- Grand Dunman offers a large-scale, newer development beside Dakota MRT.
- Tembusu Grand offers a newer leasehold development within the Tanjong Katong residential enclave.
- The Continuum offers freehold tenure and a substantial development footprint.
- Waterbank at Dakota offers an established development with a lower recent transaction price benchmark.
The important question is not simply which project has the lowest psf.
It is whether the price premium you pay today can be justified by the asset’s location, tenure, development characteristics, rental potential and future resale demand.
Let’s examine the numbers.
Research and data note: This analysis uses public project information and transaction summaries available around October 2026. Transaction windows and methodologies differ between sources. In particular, Grand Dunman’s reported developer-sale benchmark is not directly comparable with the resale medians of the other developments. I distinguish these figures rather than presenting them as perfectly matched valuations. All figures are indicative and should be checked against the latest URA caveats before making a purchase.
1. Executive summary: Four developments, four different investment propositions
| Development | Tenure | Units | Indicative market benchmark |
|---|---|---|---|
| Grand Dunman | 99-year leasehold | 1,008 | Approx. S$2,523 psf, cumulative developer-sale median |
| Tembusu Grand | 99-year leasehold | 638 | Approx. S$2,725 psf, last 12-month resale median |
| The Continuum | Freehold | 816 | Approx. S$2,753 psf, last 12-month transaction median |
| Waterbank at Dakota | 99-year leasehold | 616 | Approx. S$2,137 psf, last 12-month resale median |
Initial observations
- Grand Dunman has a substantial scale advantage in unit count and direct proximity to Dakota MRT.
- Tembusu Grand and The Continuum command higher transaction benchmarks, but their price premiums need to be examined against tenure, location and unit characteristics.
- The Continuum’s freehold tenure is a meaningful structural differentiator.
- Waterbank at Dakota offers a lower entry-price benchmark, but buyers are purchasing an older asset with a shorter remaining lease.
- The best value depends on the actual unit and purchase price, not just the project-level median.
My initial view:
- Grand Dunman: Strong candidate for buyers prioritising a newer development and Dakota MRT connectivity.
- Tembusu Grand: Worth considering for buyers who prefer the Tanjong Katong residential environment.
- The Continuum: A candidate for buyers who place substantial value on freehold ownership.
- Waterbank at Dakota: Worth investigating for buyers prioritising entry quantum and established rental demand.
None of these conclusions should be treated as a guaranteed prediction of future capital appreciation.
2. Project overview: Understanding what you are buying
Grand Dunman
District 15 | Dunman Road | 99-year leasehold
- Developer: SingHaiyi Group and its project partners
- Total units: 1,008
- Site area: Approximately 271,622 sq ft
- Lease commencement: 12 September 2022
- Expected TOP: 2028, subject to the latest project schedule
- Nearest MRT: Dakota MRT, Circle Line
- Unit types: 1-bedroom to 5-bedroom, including selected dual-key and larger configurations
Grand Dunman is a large-scale residential development located along Dunman Road, close to Dakota MRT.
Its biggest selling points are connectivity, development scale and a broad range of unit configurations.
The project includes extensive communal facilities, landscaped spaces, recreational amenities and commercial shop units.
The development’s 1,008-unit scale is both an advantage and a potential risk.
A large development can offer a wide range of facilities and unit choices. However, it also means more internal competition when owners eventually sell.
Buyers should consider the number of similar units available within the project, particularly when selecting popular 2-bedroom and 3-bedroom configurations.
My assessment: Grand Dunman is fundamentally a connectivity and lifestyle proposition. Its investment performance will depend heavily on entry price and the ability to maintain demand against competing developments in District 15.
Tembusu Grand
District 15 | Jalan Tembusu | 99-year leasehold
- Developers: City Developments Limited and MCL Land
- Total units: 638
- Site area: Approximately 210,623 sq ft
- Lease commencement: 25 April 2022
- Expected TOP: October 2028
- Unit types: 1-bedroom plus study to 5-bedroom, including penthouses
- Facilities include a 50m infinity lap pool, tennis court, gymnasium and landscaped gardens.
Tembusu Grand is positioned within the Tanjong Katong residential enclave.
Its appeal is different from Grand Dunman.
Rather than relying primarily on direct MRT proximity, Tembusu Grand offers a residential environment associated with the East Coast and Katong lifestyle.
The development is also smaller than Grand Dunman, with 638 units.
However, a smaller unit count does not automatically mean better investment performance. It simply changes the scale of internal competition and the available unit mix.
My assessment: Tembusu Grand is worth considering for buyers who value the Tanjong Katong environment and prefer a smaller development than Grand Dunman.
The Continuum
District 15 | Thiam Siew Avenue | Freehold
- Developers: Hoi Hup Realty and Sunway Developments
- Total units: 816
- Site area: Approximately 269,995 sq ft
- Tenure: Freehold
- Expected TOP: 2027, subject to the latest project schedule
- Unit types: 1-bedroom plus study to 5-bedroom
- Distinctive features include two plots connected by an overhead bridge and the conservation of an existing bungalow.
The Continuum has one significant structural advantage over Grand Dunman and Tembusu Grand: freehold tenure.
This is particularly relevant for buyers with a longer holding horizon.
The project also has a substantial site area and a wide range of unit configurations.
However, buyers should not assume that freehold automatically translates into stronger capital appreciation.
A freehold property purchased at an excessive premium can still underperform a well-bought leasehold property.
The actual purchase price, location, development characteristics and future demand remain critical.
My assessment: The Continuum is a serious candidate for buyers who place long-term tenure security high on their priority list and are comfortable with its higher entry price.
Waterbank at Dakota
District 14 | Dakota Crescent | 99-year leasehold
- Developer: UOL Group
- Total units: 616
- Tenure: 99-year leasehold from 2009
- Completed: Around 2013
- Location: Dakota Crescent
- Nearest MRT: Dakota MRT, Circle Line
Waterbank at Dakota is the established development in this comparison.
Unlike the three newer projects, buyers are purchasing a completed property with an existing track record of resale and rental transactions.
This creates a different investment proposition.
Buyers can assess actual rental evidence, observe the property’s condition and compare completed transactions rather than relying mainly on developer sales.
However, the lease commenced in 2009. It therefore has a shorter remaining lease than the three newer developments.
This should be factored into the purchase price and future exit strategy.
My assessment: Waterbank is worth investigating for buyers who want an established property and potentially lower entry quantum. Its lease age and physical condition require careful consideration.
3. Market position: Where does Grand Dunman stand?
The following figures provide a useful starting point.
| Project | Indicative psf benchmark | Data basis |
|---|---|---|
| Grand Dunman | S$2,523 | Cumulative developer-sale median |
| Tembusu Grand | S$2,725 | Last 12-month transaction median |
| The Continuum | S$2,753 | Last 12-month transaction median |
| Waterbank at Dakota | S$2,137 | Last 12-month resale median |
The difference in data basis is important.
Grand Dunman’s figure represents cumulative developer-sale transactions, while the other three figures are based on recent transaction windows.
They are useful for understanding broad market positioning, but they are not a perfect like-for-like comparison.
For a proper valuation, I would compare the same bedroom type, similar floor area, floor level, facing and transaction period.
Nevertheless, the figures reveal an interesting starting point.
Grand Dunman’s cumulative developer-sale benchmark is below the recent transaction benchmarks of Tembusu Grand and The Continuum.
Waterbank is lower than all three, but it is also an older leasehold property.
The next question is whether these differences represent genuine value or simply reflect differences in the assets.
4. The central gap analysis: How much more are buyers paying?
Using Grand Dunman’s indicative S$2,523 psf cumulative developer-sale benchmark as a reference:
| Project | Indicative psf | Difference vs Grand Dunman | Percentage gap |
|---|---|---|---|
| Grand Dunman | S$2,523 | Reference | Reference |
| Tembusu Grand | S$2,725 | +S$202 | +8.0% |
| The Continuum | S$2,753 | +S$230 | +9.1% |
| Waterbank at Dakota | S$2,137 | -S$386 | -15.3% |
These are indicative arithmetic comparisons, not matched-unit valuation premiums. The different transaction bases mean the gaps should be treated as directional only.
What does the gap tell us?
Tembusu Grand: Approximately 8% higher
The price difference may reflect its different residential environment, unit mix, transaction mix and market positioning.
But buyers should ask whether those advantages are worth the additional purchase quantum.
The Continuum: Approximately 9.1% higher
The Continuum has a freehold advantage.
The important question is whether the buyer is comfortable paying more upfront for that tenure difference.
Freehold can be meaningful for long-term ownership, but it does not guarantee superior short-term returns.
Waterbank at Dakota: Approximately 15.3% lower
This is the most interesting comparison from an entry-price perspective.
However, Waterbank’s lower benchmark must be assessed against its shorter remaining lease, older building condition and potential renovation or maintenance costs.
A lower purchase price is only attractive when the asset’s limitations are adequately reflected in the price.
5. Dollar gap analysis: What does the premium mean in actual money?
Let’s use an illustrative 1,000 sq ft unit to understand the difference.
| Project | Illustrative price at benchmark psf |
|---|---|
| Grand Dunman | S$2,523,000 |
| Tembusu Grand | S$2,725,000 |
| The Continuum | S$2,753,000 |
| Waterbank at Dakota | S$2,137,000 |
At this illustrative size:
- Tembusu Grand is approximately S$202,000 above Grand Dunman.
- The Continuum is approximately S$230,000 above Grand Dunman.
- Waterbank is approximately S$386,000 below Grand Dunman.
These differences are significant.
A S$202,000 purchase-price difference affects the buyer’s cash commitment, loan amount, stamp duty and monthly financing costs.
But it would be wrong to conclude that Grand Dunman is automatically the better investment because its benchmark is lower.
The buyer must first establish whether the units being compared are genuinely equivalent.
For example, a 1,000 sq ft unit with an efficient layout, good facing and minimal renovation requirements may be more attractive than a cheaper unit with an inferior layout and higher upgrading costs.
The real objective is to buy the best asset at the right price, not simply the cheapest psf.
6. Location gap analysis: Which location has the stronger proposition?
This is one of the most important parts of the comparison.
Grand Dunman: Direct Dakota MRT connectivity
Grand Dunman’s proximity to Dakota MRT is a major selling point.
The Circle Line provides connections to areas including Paya Lebar, MacPherson, Bishan and the HarbourFront corridor.
The project is also close to the Old Airport Road food centre and the wider Mountbatten and Dakota neighbourhood.
For buyers who depend on public transport, this convenience can be meaningful.
The development also benefits from the established amenities around the Dakota area.
Location advantage: Direct MRT convenience and established neighbourhood amenities.
Tembusu Grand: Katong and East Coast lifestyle
Tembusu Grand offers a different location proposition.
The development is situated in the Jalan Tembusu area, with access to the wider Katong and East Coast neighbourhood.
The appeal includes established food and lifestyle amenities, schools and the wider East Coast residential environment.
The future Tanjong Katong MRT station on the Thomson-East Coast Line is an additional connectivity consideration.
However, buyers should assess actual walking routes and distances rather than assuming that every nearby MRT station is equally convenient.
Location advantage: Residential environment and access to the Katong and East Coast lifestyle.
The Continuum: Thiam Siew Avenue and the East Coast enclave
The Continuum is located at Thiam Siew Avenue.
It offers access to the wider Tanjong Katong and East Coast neighbourhood, with connectivity through nearby MRT stations and surrounding roads.
Its freehold status and sizeable site are part of its appeal.
However, buyers should assess the actual walking route to transport, not simply the distance shown on a map.
Location advantage: Freehold tenure combined with an established East Coast residential environment.
Waterbank at Dakota: Established Dakota neighbourhood
Waterbank is located within the Dakota Crescent area.
It has the advantage of being an established development with direct access to Dakota MRT and existing neighbourhood amenities.
Buyers can evaluate actual transport convenience, rental evidence and the property’s current condition.
Location advantage: Established neighbourhood, MRT access and existing rental market.
My location assessment
| Location factor | Grand Dunman | Tembusu Grand | The Continuum | Waterbank |
|---|---|---|---|---|
| Dakota MRT convenience | Strong | Less direct | Less direct | Strong |
| Katong lifestyle access | Good | Strong | Strong | Good |
| Established neighbourhood | Strong | Strong | Strong | Strong |
| Newer development | Yes | Yes | Yes | No |
| Freehold tenure | No | No | Yes | No |
The table is a qualitative assessment. It is not a measured transport-time ranking.
My view: Grand Dunman and Waterbank have a stronger Dakota MRT proposition. Tembusu Grand and The Continuum compete through their broader Tanjong Katong and East Coast residential appeal.
7. Tenure and lease analysis: Freehold versus 99-year leasehold
This is where The Continuum has a clear structural difference.
| Project | Tenure commencement | Indicative remaining lease in 2026 |
|---|---|---|
| Grand Dunman | 2022 | About 95 years |
| Tembusu Grand | 2022 | About 95 years |
| The Continuum | Freehold | Not applicable |
| Waterbank at Dakota | 2009 | About 82 years |
Remaining lease estimates are rounded and should be verified against the official land tenure records.
Why does this matter?
For buyers intending to hold a property for 10 to 20 years, remaining lease is an important consideration.
A shorter lease can affect future buyer eligibility, financing considerations and resale demand, depending on prevailing rules and the buyer’s circumstances.
Waterbank’s shorter lease is therefore a factor that must be reflected in its purchase price.
The Continuum’s freehold tenure offers a different long-term ownership proposition.
However, buyers should not confuse tenure with investment return.
A freehold property bought at a high premium can deliver a weaker return than a leasehold property bought at a more attractive entry price.
My investment principle: Tenure is one component of value. Entry price determines whether the buyer is paying appropriately for it.
8. Development size and unit competition
The number of units in a development can influence the resale environment.
| Project | Total units |
|---|---|
| Grand Dunman | 1,008 |
| The Continuum | 816 |
| Tembusu Grand | 638 |
| Waterbank at Dakota | 616 |
Grand Dunman is the largest development in this comparison.
This brings advantages and disadvantages.
Potential advantages of a larger development
- More extensive facilities and amenities.
- Greater variety of unit configurations.
- More transaction evidence over time.
- A wider selection of units for buyers.
Potential disadvantages
- More competing owners when units are listed for sale.
- Similar unit types may compete directly with one another.
- A large development may have a wider range of price points, making project-level comparisons less meaningful.
The Continuum also has a substantial 816-unit scale.
Tembusu Grand and Waterbank are smaller, but that alone does not establish stronger resale liquidity.
A smaller project can have fewer competing listings, but it can also have fewer buyers and fewer transactions at a particular point in time.
My assessment: Development size is a supporting factor, not a standalone investment advantage. The unit’s competitive position within the development matters more.
9. Rental analysis: Which project offers the stronger income proposition?
Rental yield should be assessed using actual achieved rents and realistic purchase prices.
The formula is:
Gross rental yield = Annual rent ÷ Purchase price × 100%
Consider an illustrative example:
- Purchase price: S$2,000,000
- Monthly rent: S$5,000
- Annual rent: S$60,000
- Gross yield: 3.0%
This is before maintenance fees, property tax, repairs, vacancy and other expenses.
For Waterbank, public transaction summaries report substantial rental activity. One public data source reports approximately 196 rental contracts in the 12 months to September 2026, with indicative median rents varying by bedroom type.
That is useful evidence of an established rental market, but it does not prove that Waterbank will generate a better net yield than the newer developments.
For Grand Dunman, Tembusu Grand and The Continuum, rental comparisons should be based on completed leases for comparable unit sizes and bedroom configurations.
What I would compare
| Rental factor | Why it matters |
|---|---|
| Achievable monthly rent | Determines actual rental income |
| Purchase quantum | Determines yield denominator |
| Maintenance fees | Reduces net income |
| Property tax | Affects ownership costs |
| Vacancy allowance | Accounts for periods without tenants |
| Repairs and leasing costs | Reflects actual operating expenses |
| Tenant profile | Helps assess demand and lease stability |
My rental assessment
Grand Dunman: Its MRT proximity and newer facilities may appeal to tenants who prioritise transport convenience. The large unit count means there may also be competition among landlords.
Tembusu Grand: Its residential setting and newer facilities may appeal to tenants who value the Katong and East Coast environment.
The Continuum: Its location and freehold positioning may appeal to a different tenant segment, but a higher purchase price can reduce yield if rent does not rise proportionately.
Waterbank: Its established rental history provides more observable evidence. However, the purchase price must reflect the remaining lease and building condition.
I would not rank the four projects by rental yield without a consistent set of recent rental transactions and matched purchase prices.
10. Future capital appreciation: What could drive demand?
Capital appreciation is not guaranteed. It depends on the price paid, market conditions, competing supply, buyer affordability and the property’s future appeal.
I would examine five factors.
Factor 1: MRT connectivity
Grand Dunman and Waterbank benefit from their proximity to Dakota MRT.
Transport convenience can support owner-occupier and tenant demand.
However, the advantage may already be reflected in the purchase price.
Factor 2: Tenure
The Continuum has a freehold advantage.
This may be relevant to buyers with a longer holding horizon, but the premium must be assessed against the actual price paid.
Factor 3: Development age
Grand Dunman, Tembusu Grand and The Continuum are newer developments compared with Waterbank.
Newer buildings may offer more contemporary facilities and lower immediate renovation requirements.
But newer does not automatically mean better value.
Factor 4: Development competition
Grand Dunman has 1,008 units. The Continuum has 816.
Both have substantial internal resale competition to consider.
Future resale performance will depend on how effectively individual units differentiate themselves.
Factor 5: Future buyer affordability
A property may be attractive in theory but difficult to resell if its quantum moves beyond the affordability range of its likely buyer pool.
This is why I pay close attention to total purchase quantum, not just psf.
My assessment: Grand Dunman’s strongest case is connectivity and newer-development appeal. The Continuum’s strongest structural case is freehold tenure. Tembusu Grand competes through its residential environment, while Waterbank’s appeal lies in established market evidence and potentially lower entry quantum.
11. Risk analysis: What could go wrong?
A property investment analysis is incomplete without understanding what can undermine the purchase.
| Project | Main risks to examine |
|---|---|
| Grand Dunman | Large unit count, internal resale competition, leasehold tenure and entry price |
| Tembusu Grand | Leasehold tenure, purchase-price premium and actual transport convenience |
| The Continuum | Freehold premium, higher entry quantum and two-plot configuration |
| Waterbank at Dakota | Shorter remaining lease, older building condition and renovation costs |
Grand Dunman risks
The biggest question is whether buyers are paying too much for the MRT proximity and newer-development positioning.
The 1,008-unit scale also means buyers should study competing units within the same development.
Tembusu Grand risks
Buyers should avoid paying a premium simply because the project is newer or located within the Katong area.
The exact unit and purchase price remain critical.
The Continuum risks
Freehold tenure is attractive, but it can encourage buyers to justify a premium without testing the numbers.
The two-plot configuration and actual walking routes should also be assessed during a physical viewing.
Waterbank risks
The shorter remaining lease and older building condition are the most important considerations.
Buyers should examine maintenance records, facilities, sinking fund considerations, renovation costs and the future buyer pool.
12. Which project is more suitable for different buyers?
There is no universal winner. The correct choice depends on the buyer’s priorities.
| Buyer objective | Project to investigate first | Reason |
|---|---|---|
| MRT convenience and newer development | Grand Dunman | Direct Dakota MRT proximity |
| Katong residential environment | Tembusu Grand | Location and lifestyle positioning |
| Long-term freehold ownership | The Continuum | Freehold tenure |
| Established rental market and lower entry quantum | Waterbank | Existing rental and resale evidence |
| Larger development and unit selection | Grand Dunman | 1,008 residential units |
| Smaller development than Grand Dunman | Tembusu Grand / Waterbank | Lower unit count |
These are initial screening priorities, not final purchase recommendations.
The exact unit, floor, facing, price, renovation condition and financing position can change the outcome.
13. My entry-price strategy
I would not recommend buying any of these four developments based solely on the project-level psf benchmark.
For each shortlisted unit, I would follow five steps.
Step 1: Establish the correct comparable transactions.
Compare recent transactions with similar bedroom types, floor areas and floor levels.
Step 2: Identify the price premium.
Determine whether the seller is asking a premium over comparable transactions and whether the unit has a genuine advantage.
Step 3: Calculate total purchase cost.
Include buyer’s stamp duty, applicable additional buyer’s stamp duty, legal fees, financing costs and renovation expenses where relevant.
Step 4: Assess holding power.
Stress-test the monthly instalments, interest rates, maintenance costs and potential vacancy.
Step 5: Define the exit strategy.
Consider the likely future buyer, resale competition and the holding period needed to make the investment worthwhile.
The objective is to enter at a price that leaves room for future flexibility.
14. M Property Investment Scorecard
This is my qualitative screening assessment based on the development characteristics discussed above. It is not a statistical forecast or a guaranteed appreciation ranking.
| Investment dimension | Grand Dunman | Tembusu Grand | The Continuum | Waterbank |
|---|---|---|---|---|
| MRT convenience | Strong | Moderate | Moderate | Strong |
| Tenure advantage | Leasehold | Leasehold | Strong, freehold | Leasehold |
| Development age | Newer | Newer | Newer | Older |
| Development scale | Very large | Medium | Large | Medium |
| Established rental evidence | Developing | Developing | Developing | Stronger historical evidence |
| Entry-price positioning | Mid-range benchmark | Higher benchmark | Higher benchmark | Lowest benchmark |
| Main investment appeal | Connectivity | Residential environment | Freehold tenure | Established asset |
My overall interpretation:
- Grand Dunman has a strong connectivity proposition.
- Tembusu Grand offers a different residential lifestyle proposition.
- The Continuum offers a tenure advantage.
- Waterbank offers a lower price benchmark but carries additional lease-age considerations.
15. Final verdict: Which one would I shortlist?
After comparing the four developments, my shortlist would depend on the buyer’s objective.
My first shortlist: Grand Dunman
For buyers who prioritise MRT convenience and a newer development, Grand Dunman deserves serious consideration.
Its proximity to Dakota MRT is a clear selling point.
However, I would be selective about the unit and purchase price because of its large development size.
My second shortlist: The Continuum
For buyers who place long-term freehold ownership at the top of their priorities, The Continuum deserves serious consideration.
The freehold tenure is a genuine differentiator.
But I would not pay an excessive premium simply for the word “freehold”.
My third shortlist: Tembusu Grand
For buyers who prefer the Katong and East Coast residential environment, Tembusu Grand offers an alternative to Grand Dunman.
The key is to determine whether the unit and location justify the higher transaction benchmark.
My fourth shortlist: Waterbank at Dakota
For buyers who want an established property and are more sensitive to entry quantum, Waterbank is worth investigating.
The lower benchmark is attractive at first glance, but the shorter lease and older building must be priced into the decision.
16. The M Property Decision Framework
My approach to property investment is based on three questions.
M1: Market Position
Where does the property sit against its genuine competitors?
M2: Money Gap
What premium or discount are you paying, and what tangible advantage justifies that difference?
M3: Movement Potential
What could support future demand, rental performance and resale appeal? What risks could undermine the investment?
The best property is not necessarily the newest, the cheapest or the one with the highest psf.
It is the asset that offers the most appropriate combination of price, location, tenure, demand and exit potential for the buyer’s financial position.
Final question:
If you had to choose between these four properties, would you pay more for freehold tenure at The Continuum, choose the MRT convenience of Grand Dunman, prefer the Katong environment of Tembusu Grand, or consider the lower entry benchmark of Waterbank at Dakota?
I would be interested to hear your reasoning.
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