Month: January 2025

It is crucial to take into account the maintenance and management of a condo when making an investment. Condominiums commonly have maintenance fees that cover the maintenance of shared spaces and amenities. While these fees may increase the overall cost of ownership, they also guarantee that the property stays well-maintained and maintains its value. To make condo ownership a more hands-off investment, investors can enlist the services of a property management company. Additionally, considering new condo launches can provide investors with more options for potential investments.

CapitaLand Ascott Trust (CLAS) recently made headlines with its acquisition of two limited-service hotels in Japan for a total of JPY21 billion ($178.5 million). The hotels, ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae, were purchased at an 8.3% discount to their independent valuation.

The acquisition is expected to boost the trust’s earnings, with a projected distribution per stapled security (DPS) accretion of 1.6% on a pro forma basis for FY2024. With a blended net operating income (NOI) yield of 4.3% in FY2024, the acquisition was funded by JPY-denominated debt and proceeds from the trust’s divestment of four properties in Japan.

Located in the heart of Tokyo’s shopping and entertainment district, ibis Styles Tokyo Ginza boasts 224 units and is conveniently situated next to Ginza Six, a popular high-end retail mall. The district is also home to the famous Uniqlo global flagship store and the iconic Ginza Wako clock tower, all within a short walking distance.

Meanwhile, Chisun Budget Kanazawa Ekimae, with 392 units, is located in the historic city of Kanazawa in northwest Japan, known for its traditional landscaped gardens, cultural icons, and preserved architectural designs from the Edo period. Some local attractions include Kanazawa Castle, Kenrokuen Garden, and heritage geisha and samurai districts.

CLAS has been active in its investment ventures, completing a total of about $530 million in investments over the past 12 months. These acquisitions were made at higher yields than the trust’s divestments, thus enhancing its income distribution. Other notable investments in 2024 include Teriha Ocean Stage, a rental housing property in Fukuoka, Japan, Standard at Columbia, a student accommodation property in the United States, and lyf Funan Singapore.

In addition, CLAS completed over $500 million in divestments in 2024, unlocking net gains of approximately $74 million. This aligns with the trust’s strategic plan to reconstitute its portfolio to deliver stable returns to its Stapled Securityholders. According to Serena Teo, CEO of CLAS’ manager, “The FY2024 NOI yield of the two hotels is 230 basis points higher than the blended exit yield of approximately 2.0% for the four previous divestments in Japan. By swiftly redeploying divestment proceeds into these higher-yielding assets, we have fully replaced the income from the four divested properties.”

CLAS closed at 90 cents per unit on the stock market.…

Singapore’s property cooling measures are an important factor to consider for those interested in investing in condos in the country. The government has implemented several measures over the years to discourage speculative buying and promote a stable real estate market. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on both foreign buyers and those purchasing multiple properties. Although these measures may affect the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market, making it a secure environment for investment. In addition, the ABSD adds an extra layer of protection to the market against potential risks. So, if you’re looking to invest in Singapore projects, rest assured that these government measures help maintain a healthy and sustainable real estate market for your investment to thrive in.

article rewrittenMapletree Investments has announced the purchase of its first logistics property in the UK and 10 warehouses in Spain for approximately EUR315.1 million ($444.5 million). These acquisitions cover a total area of 256,000 sqm and will serve as the seed assets for the group’s second European logistics fund. The move also aligns with Mapletree’s strategy to strengthen its focus on the logistics sector and expand its global presence.In a media release on Jan 27, Mapletree stated that the fund will be launched at an appropriate time once it has achieved sufficient scale. “Logistics remains a highly attractive sector that has consistently enjoyed strong demand from both occupiers and investors. With the continuous growth of e-commerce, companies are actively seeking to secure and expand their supply chains,” explains Ralph van der Beek, CEO of Mapletree’s European commercial and logistics arm.Read also: Elite Partners Capital acquires logistic centre in GermanyThe group is confident that these assets will generate stable and recurring returns in the long run. The UK property is located in the Derby Commercial Park, which offers convenient access to major arterial roads such as the M1, A50 and A6. Additionally, it is also situated near the city centre and the East Midlands Airport. Mapletree states that the tenant has recently renewed its long-term lease.Furthermore, the assets in Spain are strategically located in the first rings of Barcelona, Valencia and Madrid. These core logistics hubs have direct access to the city centre via various transportation modes. The properties are expected to benefit from third-party logistics providers and manufacturers that are highly committed to the assets due to their close proximity to production facilities. These companies have also made significant investments in automation and fit-outs on-site.Following these acquisitions, Mapletree now has a total of 80 logistics assets across eight different countries.…

Turquoise, a luxurious 91-unit condominium situated in Sentosa Cove and facing the waterway, currently has three duplex penthouses available for purchase at a value of $23 million. Among these three penthouses, the largest is a five-bedroom duplex spanning across 7,987 sq ft. This penthouse also happens to be the largest among the 10 penthouses within the 99-year leasehold waterfront condo. With a price tag of $12 million (equating to $1,502 per square foot), the penthouse comes with a wine cellar, kitchen and living area, four en suite bedrooms, two utility rooms and a balcony on the lower level. On the upper level, the master bedroom suite boasts a private infinity pool, pool deck and outdoor shower.

Another penthouse available for purchase at Turquoise is a 3,746 sq ft, four-bedroom unit listed at $5.99 million ($1,599 psf). The upper floor of this penthouse features a large open-air terrace with a built-in jacuzzi and stunning views of Sandy Island and Sentosa’s southern waterfront.

The last penthouse for sale is a 3,111 sq ft, three-bedroom unit with an asking price of $5 million ($1,607 psf). All three penthouses are located on the sixth floor and are equipped with private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies and en suite bathrooms for each bedroom.

In addition to these top-of-the-line penthouses, Turquoise offers residents access to a gym, barbeque pits, swimming pool, steam room and 21 private berths. Developed by Ho Bee Land, the 99-year leasehold Turquoise was completed in 2010 and boasts 91 units across three 6-storey blocks. The typical units available are a mixture of three- and four-bedroom apartments, with three-bedders ranging from 2,088 sq ft to 2,573 sq ft and four-bedders ranging from 2,400 sq ft to 3,050 sq ft. Penthouses are available in sizes from 3,111 sq ft to 3,764 sq ft, while sky villas range from 6,900 sq ft to 7,987 sq ft.

The developer still owns the largest penthouse within Turquoise, which is the 7,987 sq ft, five-bedroom duplex currently on the market for $12 million. According to URA caveats, the second-largest penthouse for sale, the 3,746 sq ft, four-bedroom duplex, was purchased by a Korean national for around $9.5 million ($2,545 psf) back in November 2007 when Turquoise was initially launched.

The three-bedroom duplex penthouse spanning across 3,111 sq ft was acquired by an African national for just over $8 million ($2,579 psf) in December 2007, based on caveats lodged at that time.

All three penthouses for sale at Turquoise, which are situated on the sixth floor and come with private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies and attached en suite bathrooms in each bedroom, were initially purchased for investment purposes and as holiday homes for foreign buyers when the project was first launched. However, as current owners are looking to pursue other investment opportunities, they are now looking to divest their properties after holding on to them for nearly 18 years.

When it comes to purchasing a condo, it is crucial to take into account the maintenance and management aspects of the property. Along with the cost of ownership, condos typically come with maintenance fees that cover the upkeep of shared spaces and amenities. Although these fees may increase the overall cost of owning a condo, they also ensure that the property maintains its value and remains in good condition. To make condo ownership a more passive investment, investors can opt to hire a property management company to handle day-to-day tasks.

While Turquoise has seen a decline in prices in recent years, the project continues to attract buyers who are looking for a holiday home, as well as those who wish to purchase a primary residence. In the initial years when the project was launched, foreigners made up 59% of the 39 new purchasers, while Singaporeans accounted for only 25.6% of buyers and permanent residents (PRs) made up 12.8%. One unit was purchased by a company.

However, since its completion in 2010, Singaporean buyers have accounted for 57.4% of the transactions (equating to 39 units) at Turquoise, making up the bulk of all resale buyers. Meanwhile, another 32.3% of the transactions (22 units) were made by PRs, while foreign buyers accounted for only 8.8% (six units). The most recent resale transaction involved a company.…

The Botanic on Lloyd, a freehold condo, has set a new record for the highest price per square foot (psf) among private non-landed developments in the period between January 3 and January 11. The new record was set when a 2,056 sq ft, four-bedroom unit on the second floor was sold on January 7 for $5.13 million, or $2,493 psf. This surpasses the previous high of $2,339 psf by 6.6%, which was set in October last year when a 1,496 sq ft, three-bedroom unit on the fourth floor was sold for $3.5 million.

Investing in a condominium brings about many advantages, one of which is the opportunity to leverage the property’s value for future investments. In fact, a number of investors utilize their Singapore condos as collateral in order to secure extra funding for further ventures, allowing them to expand their real estate portfolio. While this strategy can greatly increase returns, it also comes with its own set of risks, thus it is imperative to have a solid financial plan in place and carefully consider the potential effects of market fluctuations. Additionally, investing in a Singapore Condo can be a wise move for those looking to grow their investment opportunities.

The Botanic on Lloyd is a freehold boutique development completed in 2006, located along Lloyd Road off Oxley Road in Prime District 9. It consists of 60 apartments and six townhouses of three- and four-bedroom unit types, ranging from 1,485 sq ft to 3,584 sq ft. The development also has three-storey townhouses, each with five bedrooms and two private parking lots, ranging from 4,058 sq ft to 4,446 sq ft.

Another freehold development, The Cape, achieved the second-highest psf-price with a new record of $2,284 psf. A 1,313 sq ft, three-bedroom unit on the 15th floor was sold for $3 million on January 10, surpassing the previous high of $2,265 psf. The average price of apartments at The Cape has trended upward in the past year, recording three resale transactions at an average price of $2,128 psf last year. In 2023, one unit was sold for $1.24 million ($1,920 psf).

Tembusu Grand, an upcoming 99-year leasehold development, recorded a new record low of $2,174 psf on January 11 when a 1,399 sq ft, three-bedroom unit on the 20th floor was sold for $3.04 million. The previous record of $2,193 psf was set in November 2024 with the sale of a similar unit on the same floor.

The 638-unit Tembusu Grand is located on Jalan Tembusu, off Tanjong Katong Road in prime District 15. Launched in April 2023, the development has since sold 584 units (91.5%) at an average price of $2,444 psf. As of January 20, the condo is expected to obtain its Temporary Occupation Permit in 2028.…

HDB resale prices continued their upward trend in the fourth quarter of 2024, with a quarterly increase of 2.6%. This marks the 19th consecutive quarter of growth in the resale market, according to data published by HDB on January 24. The overall price increase for the whole of 2024 was 9.7%, almost double the 4.9% increase seen in 2023.

The increase in resale prices in the last quarter was slightly lower than the 2.7% increase in the previous quarter. Mohan Sandrasegeran, head of research and data analytics at SRI, attributes the robust growth to the limited supply of flats that reached their Minimum Occupation Period (MOP) in 2024.

This limited supply has created upward pressure on prices, especially for newer flats and larger flat types such as five-room and executive units, which cater to growing family needs, he says.

Out of all flat types in the HDB resale market, five-room flats saw the highest price growth in the fourth quarter of 2024, with an average resale price of $754,097, up 2.2% from the previous quarter. The resale prices of four-room flats also saw an increase of 2.2% to $652,544.

The Central Area recorded the highest increase in prices, rising by 25.6% in the fourth quarter, according to Christine Sun, chief researcher and strategist at OrangeTee Group. Toa Payoh, Tampines, Bishan, and Bedok followed with quarterly growth rates of 12.1%, 6.9%, 6.7%, and 6.1% respectively.

In the last three months of 2024, 285 HDB resale flats were sold for $1 million or more, bringing the total number of million-dollar transactions for the year to 1,035. These transactions were mostly concentrated in mature estates, with the Kallang/Whampoa estate recording the highest number of million-dollar transactions at 156 units.

Rewritten:

Investing in a condo has another advantage – the potential to use the property’s value as leverage for further investments. A common tactic among investors is to leverage their condos as collateral to secure additional financing for new investments, therefore diversifying and expanding their real estate portfolio. While this strategy can bring higher returns, it also carries risks. It is important to have a solid financial plan in place and to carefully consider the potential effects of market fluctuations before using a condo as leverage for investments. To learn more about condo investment opportunities, visit Condo.

The fall in transaction volume towards the end of 2024 can be attributed to seasonal factors such as the year-end holiday and festive season, which resulted in a 21.1% q-o-q decrease in resale transactions. Lee Sze Teck, senior director of data analytics at Huttons Asia, also suggests that the lower interest rate environment may have prompted some buyers to look at the private residential market or Executive Condominium (EC) market.

Additionally, the latest Build-to-Order (BTO) sales exercise, which took place in October, may have enticed some buyers to opt for a new flat instead of a resale flat. This exercise saw a record 15 projects comprising 8,573 flats under the new location-based classification framework being launched. For the first time, singles were also allowed to buy two-room flexi BTO flats in all locations.

However, despite the dip in transaction volume at the end of 2024, the overall resale transactions for the year increased by 8.4% compared to 2023. Sengkang, Woodlands, Punggol, Tampines, and Yishun were the top five most popular HDB towns among buyers in 2024, accounting for around 35.9% of all HDB resale transactions.

In 2025, the number of newly MOP flats entering the secondary public housing market is expected to decrease by 41.6%. This is due to the relatively lower completion of BTO flats in 2020 during the Covid-19 pandemic. However, HDB plans to launch over 25,000 new flats in three BTO sales exercises in 2025, with about 3,800 of them designated as Shorter Waiting Time (SWT) flats offering wait times of less than three years.

With the growing demand for housing, Sandrasegeran forecasts a 3.5% to 5.5% increase in resale prices for 2025, with a resale transaction volume ranging from 26,000 to 27,000. Lee, on the other hand, predicts a more optimistic price increase of 5% to 8%.…

Radisson Collection, a renowned hotel brand under the Radisson Hotel Group, recently unveiled a stunning property in Galle, Sri Lanka. The brand’s very first hotel in the Southeast Asia and Pacific region, the 106-key Radisson Collection Resort, Galle, adds to the group’s impressive portfolio of four hotels in Sri Lanka.

Situated by the sea, the hotel boasts 76 elegant guest rooms and suites, all of which offer breathtaking ocean views. The resort offers a range of luxurious amenities, including a beachfront pool, a kids’ club with round-the-clock nanny services, and a variety of dining options such as Ozen, an Asian-Japanese fusion eatery, and Catch Restaurant, a seafood hotspot. Guests can also enjoy the Taboo Beach Club, an entertainment area with beachfront sun loungers and daybeds, complete with bottle service.

Galle, located on the southwest coast of Sri Lanka, is a popular tourist destination known for its rich history and culture. One of its main attractions is the Galle Fort, a 17th-century fortress recognized as a Unesco World Heritage site. The city also boasts ancient temples, colonial structures, and wildlife centers, including a sea turtle hatchery.

In addition to this exciting new property, the Radisson Hotel Group has also announced a milestone achievement of 100 hotels in its Indian portfolio. The group continues to expand its presence in Asia, with the recent opening of a new resort in Lonavala, India, and plans for further growth in China.

Investing in a condominium in Singapore has become an increasingly popular option for both local and foreign investors, drawn to the country’s strong economy, political stability, and exceptional quality of life. With a thriving real estate sector, Singapore offers a wealth of opportunities for potential investors, and condominiums stand out as a particularly attractive investment due to their convenience, amenities, and potential for impressive returns. Those considering investing in a condo in Singapore should carefully weigh the many benefits and considerations, and follow important steps to ensure a successful investment. Singapore Condo is a highly recommended choice for those looking to invest in the country’s real estate market.

But for now, travelers can look forward to experiencing the luxurious comforts and unparalleled hospitality of the new Radisson Collection Resort, Galle, while exploring the charming city of Galle.…

Singapore’s cityscape is characterized by towering skyscrapers and contemporary infrastructure. The city’s prime locations are dotted with modern condominiums that offer a perfect mix of opulence and convenience, making them highly sought-after by locals and expatriates alike. These residential complexes are equipped with top-notch facilities including swimming pools, fitness centers, and round-the-clock security, elevating the standard of living and making them a desirable choice for potential tenants and buyers. Moreover, for investors, these luxurious features result in higher rental returns and appreciation in property values over time. Looking to invest in a condo in Singapore? Look no further!

Meinhardt, an engineering consulting firm based in Singapore, has recently entered into a memorandum of understanding (MOU) with Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development (JOIN). The goal of this partnership is to work together to explore and deliver digital and smart city projects in underdeveloped countries in the Association of Southeast Asian Nations (ASEAN) region. According to a press release issued on January 17, the MOU aims to promote innovative and sustainable urban solutions through the exchange of knowledge and resources.

Meinhardt will bring its expertise in integrated planning, design, and project management solutions, while JOIN will utilize its network and experience in supporting Japanese infrastructure exports. JOIN is a public-private fund in Japan that assists Japanese companies investing in overseas infrastructure projects.

This partnership comes as a result of the Memorandum of Cooperation (MOC) signed by Japan’s Ministry of Land, Infrastructure, Transport and Tourism and Singapore Cooperation Enterprise in November of last year. The MOC aims to encourage the development of digital and smart cities in ASEAN and other regions.

Building upon this framework, Meinhardt says that the MOU will serve as a platform for the two parties to share information, identify areas of collaboration, and work together on projects from their early stages to create a significant impact across borders.…

Minister for National Development Desmond Lee announced on Jan 20 that the final two pandemic-delayed projects from HDB have been completed. These two Build-to-Order (BTO) projects, Punggol Point Cove (Phase 2) and Kempas Residences, mark the end of the pandemic-related delays in HDB’s housing projects. Over the last five years, a total of 92 projects have delivered more than 75,800 new flats to Singaporeans. In 2024, HDB completed 22 housing projects, out of which 17 were delayed due to the pandemic. The remaining four projects were completed on time, except for one which was delayed due to non-pandemic reasons.

According to HDB, the 22 projects included two Shorter Waiting Time (SWT) projects that were completed within a waiting period of less than three years. These projects, Parc Glen at Tengah and Grove Spring at Yishun, offered a total of 1,995 flats. The rest of the projects had waiting times of up to five years, and overall, more than 18,000 flats were completed in 2024.

The keys for the new flats at Punggol Point Cove (Phase 2) were handed over to the flat owners starting from November 2024, while the key collection for Kempas Residences began in mid-January this year. HDB is expected to inform the remaining flat owners of their key collection date shortly, as the final blocks in both projects were completed this month.

Punggol Point Cove (Phase 2) is located along New Punggol Road and comprises 1,179 units of two-room flexi, three-, four-, and five-room flats across six residential blocks. Due to pandemic delays, the last block of the project was completed 12 months after its original Probable Completion Date (PCD). As of Jan 15, 657 households, which is about 59% of the 1,109 booked units, have collected their keys. HDB stated that the completion of Punggol Point Cove (Phase 2) marks the conclusion of all flats in the Punggol Point District, including the Punggol Point Cove (Phase 1), Punggol Point Woods, and Punggol Point Crown BTO projects, which were finished in 2024.

One of the main factors driving the demand for condos in Singapore is the limited supply of land. As a small island country experiencing a rapidly increasing population, Singapore is facing a shortage of available land for development. This has resulted in strict land use regulations and a competitive real estate market, causing property prices to continuously rise. As a result, investing in real estate, especially condos, has become an attractive opportunity with the potential for significant capital appreciation. Additionally, the launch of new condos, such as those found at New Condo Launches, adds to the allure of condo ownership in Singapore. With limited land availability and a thriving real estate market, condos remain a sought-after property investment in Singapore.

Kempas Residences BTO project is situated between Serangoon Road, Lavender Street, and Boon Kheng Road, and offers 583 units of two-room flexi, three-, four-room flats across four residential blocks. The final block, which was delayed by six months from its original PCD, was completed in mid-January. As of Jan 15, 37 households, which is approximately 7% of the 555 booked units, have collected their keys.

Currently, there are 110 HDB housing projects under construction, an increase from 95 last year due to the rise in BTO supply in recent years. HDB expects to complete around 17,000 flats across 27 projects in 2025.…

City Developments Limited (CDL) is planning to acquire all the outstanding shares it does not own in New Zealand-listed Millennium & Copthorne Hotels New Zealand Limited (MCK) for NZ$2.25 ($1.72) per share through its subsidiary, CDL Hotels Holdings New Zealand Limited (CDLHH NZ). Upon completion of the offer, CDL intends to delist and privatise MCK in order to simplify the ownership structure of its New Zealand entities, according to a filing made on Jan 20.

Currently, MCK owns, leases or has under franchise 18 hotels in New Zealand, and also has a majority stake in CDL Investments New Zealand Limited, as well as interests in properties in Australia through its Kingsgate Group subsidiaries. As of Jan 17, CDLHH NZ holds 80.02 million shares in MCK, representing a 75.86% stake based on 105.48 million MCK shares in issue.

If CDLHH NZ reaches the threshold to invoke the compulsory acquisition provisions of the New Zealand takeovers code, it will acquire all outstanding shares in MCK. It may also choose to redeem the non-voting redeemable preference shares issued by MCK. CDLHH NZ has stated that it is willing to acquire the non-voting redeemable preference shares at the price of NZ$1.70 or around $1.30 per share, and will purchase them through its broker, Craigs Investment Partners, on the Main Board of the New Zealand Stock Exchange (NZX). As of Jan 17, CDLHH NZ currently holds 91.34% – or 48.17 million – of MCK’s non-voting redeemable preference shares.

The total consideration for the offer if all MCK’s shareholders accept it is expected to be NZ$57.29 million. Additionally, CDLHH NZ expects to pay approximately NZ$7.77 million for all of the redeemable preference shares it seeks to acquire.

The offer price for MCK’s shares and redeemable preference shares takes into account the current and historical market price, as well as the industry and business environment that MCK operates in. For the 1HFY2024 ended June 30, 2024, MCK recorded a net asset value (NAV) of NZ$532.02 million, and a net tangible asset value (NTA) of the same amount. The NAV and NTA attributable to the MCK shares subject to the offer are approximately NZ$85.62 million each as at June 30, 2024.

The offer is conditional upon CDLHH NZ receiving at least 90% of the voting rights in MCK by 5pm on May 2. It is also conditional upon CDLHH NZ obtaining consent under the Overseas Investment Act 2005 of New Zealand and the Overseas Investment Regulations 2005 of New Zealand to own and control all shares in MCK.

When it comes to investing in condos in Singapore, one must also take into account the government’s property cooling measures. In order to maintain a stable real estate market and discourage speculative buying, the Singaporean government has implemented several measures over the years. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those looking to purchase multiple properties. Although these measures may affect the immediate profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a safer environment for investing. Additionally, keeping an eye on new condo launches can also help investors make informed decisions about their investments.

The implementation and payment of the offer is not expected to have a significant impact on CDL’s earnings per share (EPS) or net tangible assets (NTA) for the FY2025 ending Dec 31.…

The first day of its launch saw a successful sale of 71 out of 113 units at Bagnall Haus, a freehold condominium, as announced by Teo Hong Lim, executive chairman of Roxy-Pacific Holdings. This translates to a sales rate of almost 63%, with an average transacted price of $2,490 psf. The buyers were mostly Singaporeans, constituting over 90% of the total, and were a mix of both end-users with varying budgets and investors.

Investing in a condo in Singapore offers various benefits, and one of the most notable ones is the potential for capital appreciation. Being a thriving global business hub, Singapore boasts strong economic fundamentals that drive a consistent demand for real estate. This has resulted in a steady incline in property prices over the years, with condos in prime locations seeing significant appreciation. Those who wisely enter the market at the right time and hold onto their properties for the long term can enjoy substantial capital gains. For more information on Singapore projects, visit homesearch-md.com.

The demand for units was strong across all types, with two- and three-bedroom units being the most popular. However, there was also a significant interest in the larger five-bedroom units. Located in District 16 along Upper East Coast Road, Bagnall Haus has 113 residential units spread across three five-storey blocks on a freehold site spanning 74,280 sq ft. The units include a mix of one-bedroom plus flexi of 495 sq ft and five-bedrooms of 1,528 sq ft.

Ismail Gafoor, CEO of PropNex, revealed that about 59% of the units sold were one- and two-bedroom units that brought in prices just below $2.1 million. He added that the three-bedroom units were also in high demand, with 18 out of 20 units being sold at prices ranging from $2.3 million to $2.7 million. The remaining four- and five-bedroom units were sold at around $3 million to $3.8 million.

Gafoor commented that the pricing, which fell under the sweet spot of under $3 million, appealed to most buyers. He also noted that the average transacted price of $2,490 psf was an attractive deal for a well-located freehold development. He further compared it to 99-year leasehold new launches in the Outside Central Region (OCR), such as Chuan Park, which had an average price of $2,579 psf when it was launched in November 2024.

Apart from the 71 residential units sold, both strata-titled shop units on the ground floor, each measuring 172 sq ft, were also snapped up for $688,000 ($4,000 psf) each. Marcus Chu, CEO of ERA Singapore, revealed that the buyers were mainly owner-occupiers, among whom were homeowners of older landed properties looking for newer and more manageable apartments, and families from the neighbourhood seeking an upgrade to a freehold property.

Chu also added that Bagnall Haus’s prime location, near established amenities and reputable schools such as Temasek Primary School within a 1km radius, also contributed to the high demand. Bagnall Haus also enjoys close proximity to the upcoming Sungei Bedok MRT station, which is an interchange for the Downtown and Thomson-East Coast lines. It is just one stop away from Bedok South MRT Station, which will be part of the integrated transport hub featuring a new bus interchange within the upcoming Bayshore precinct. This integrated transport hub will also include a mixed-use development incorporating retail and residential components.

According to Mark Yip, CEO of Huttons Asia, the pent-up demand for new projects in the area, after a 15-year wait, and the freehold tenure of Bagnall Haus contributed to the high sales rate. He also noted that it is rare to find a freehold project right next to an MRT station, and buyers recognized the potential benefits of the upcoming transformation of the Bayshore precinct.…