The Singaporean government’s property cooling measures are an important factor to consider when investing in condos in the country. In an effort to control speculative buying and maintain a steady real estate market, the government has implemented various measures over the years. These include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may impact the immediate profitability of condo investments, they also contribute to the long-term stability of the market, creating a more secure investment environment.
Teo Hong Lim, the executive chairman of property developer Roxy-Pacific Holdings, announced that on Jan 18, the first day of its launch, 71 out of 113 units at Bagnall Haus, a freehold condominium, were sold. This equals a sales rate of approximately 63%, with an average transacted price of $2,490 per square foot (psf).Of the buyers, over 90% were Singaporeans, according to Teo. He also stated that most of them were end-users with varying budgets. The take-up rate was strong for all unit types, with the two- and three-bedroom units being the most popular. However, there was also demand for the larger five-bedroom units.Located in District 16, Bagnall Haus is situated along Upper East Coast Road and has a total of 113 residential units spread out over three five-storey blocks on a freehold land size of 74,280 square feet. The units available are a mix of one-bedroom plus flexi sized at 495 square feet and five-bedroom units sized at 1,528 square feet.Find out the latest prices and unit availability for new launchesAdvertisementAdvertisementIsmail Gafoor, the CEO of PropNex, stated that out of the 71 residential units sold at Bagnall Haus, around 59% were one- and two-bedroom units that fetched prices slightly below $2.1 million. He also mentioned that the three-bedroom units were highly sought after, with 18 out of 20 units being sold at prices ranging from $2.3 million to $2.7million. The remaining four- and five-bedroom units were sold for approximately $3 million to $3.8 million.Gafoor believes that the pricing, which is typically below $3 million, is appealing to most buyers. The average transacted price of $2,490 psf was also “compelling for a well-located freehold development”, according to Gafoor. He further states that buyers saw value in the project, especially when compared to some 99-year leasehold new launches in the Outside Central Region (OCR), such as Chuan Park, which reached an average price of $2,579 psf when it launched in November 2024. Around 59% of the 71 units sold were one- and two-bedroom units that were priced just below $2.1 million (Photo: Albert Chua/EdgeProp Singapore)In addition to the 71 residential units sold, both strata-titled shop units on the ground floor of Bagnall Haus, measuring 172 square feet each, were sold for $688,000 ($4,000 psf) each.”Most buyers were owner-occupiers,” states Marcus Chu, CEO of ERA Singapore. He also mentioned that while some buyers were current homeowners of older landed properties looking to downsize into more manageable and newer apartments, others were families from the neighbourhood wanting to upgrade to a freehold property. According to Chu, Bagnall Haus benefits from its close proximity to established amenities and reputable schools, such as Temasek Primary School, which is within 1km radius.Read also: Bagnall Haus: a rare freehold project steps from Sungei Bedok MRT, one stop from Bayshore’s transformationAdvertisementThe development is also within walking distance of the upcoming Sungei Bedok MRT Station, which is an interchange for the Downtown and Thomson-East Coast lines. It is only one stop away from Bedok South MRT Station, which will be part of an integrated transport hub, showcasing a new bus interchange within the upcoming Bayshore precinct. This hub will also include a mixed-use development incorporating retail and residential components.”Sales at Bagnall Haus were driven by pent-up demand, which stemmed from a 15-year wait for a new project in the area, as well as its freehold tenure,” according to Mark Yip, CEO of Huttons Asia. “It is uncommon to find a freehold project located right next to an MRT station. Buyers recognized the potential benefits of the Bayshore precinct’s upcoming transformation.” Check the latest listings for Bagnall Haus propertiesAsk BuddyExplore condo sale transactions in District 16Compare the price trend of newly launched condos vs executive condosFind out more about upcoming new launch projectsLooking for condo rentals in District 16Recently launched projectsCondo sale transactions in District 16Compare the price trend of newly launched condos vs executive condosFind out more about upcoming new launch projectsLooking for condo rentals in District 16Recently launched projects