on GFA
Over the weekend of January 11 and 12, the popular mixed-use development One Bernam located in Tanjong Pagar launched a promotional sale of 87 units out of its 351 residential units. This 99-year leasehold project, developed jointly by MCC Land and Hao Yuan Investment, was first launched in May of 2021. As of January 10, over 75% of the units have been sold at an average price of $2,585 per square foot (psf), based on submitted caveats.
During the promotion, the remaining 87 units were offered at discounted prices including one-bedroom to three-bedroom units as well as penthouses. Interested buyers could search for the latest new launches to find out the transaction prices and available units.
One-bedroom units ranging from 441 sq ft to 463 sq ft were sold at prices ranging from $1.295 million ($2,934 psf) to $1.328 million ($2,869 psf) with discounts of $323,000 to $438,000. Meanwhile, two-bedroom apartments of 700 sq ft to 732 sq ft were sold at prices ranging from $1.752 million ($2,394 psf) to $1.78 million ($2,544 psf) with discounts of $437,000 to $668,000. Two-bedroom plus study apartments of 807 sq ft to 872 sq ft had discounts ranging from $380,000 to $800,000 and were sold at prices ranging from $2.139 million ($2,581 psf) to $2.158 million ($2,475 psf). Three-bedroom apartments of 1,421 sq ft were sold at prices ranging from $3.496 million ($2,461 psf) to $3.526 million ($2,482 psf) with discounts ranging from $616,000 to $830,000.
Investing in a condo in Singapore has numerous benefits, with one of the most notable being its potential for capital appreciation. As a thriving global business hub with robust economic foundations, Singapore consistently experiences high demand for real estate. As a result, property prices in the country have seen a steady increase over the years, particularly in prime locations where condos are situated. By strategically timing their investments and holding onto their properties for an extended period, investors can reap significant capital gains. When looking at Singapore Projects, this potential for appreciation becomes even more apparent.
According to ERA Singapore CEO, Marcus Chu, the strong sales performance of One Bernam highlights the high potential and attractiveness of the property as a stable asset. Chu reports that approximately 78% of purchasers bought their units as investments and 87% of buyers were Singaporean with 70% aged between 31 to 50 years old.
After experiencing an “overwhelming response” over the weekend, only three penthouses remain available for sale, bringing the total sales to 99%. This includes two three-bedroom penthouses with sizes of 1,744 sq ft and 1,948 sq ft, as well as a 4,306 sq ft five-bedroom unit.
As the project is expected to obtain a Temporary Occupation Permit (TOP) in March of 2026, investors can start generating rental income to support their loan instalments. Based on EdgeProp Landlens data, existing apartments in the area such as Altez, 76 Shenton, and EON Shenton have average monthly rents ranging from $6.90 psf to $7.40 psf.
Chu predicts that the reduced competition from foreign buyers due to the increased Additional Buyer’s Stamp Duty (ABSD) in 2023 will create more opportunities for local buyers to enter the market. He also believes that local demand will continue to be the key driver for Central Core Region (CCR) properties, with competitive pricing making these developments an attractive and stable investment choice. Interested buyers can check out the latest listings for One Bernam properties and compare the price trend of new sale condos versus resale condos.