Roxy-Pacific Holdings’ executive chairman, Teo Hong Lim, has revealed that the first day of sales for their freehold condominium, Bagnall Haus, saw a strong take-up rate of nearly 63%. Out of 113 units, 71 were sold at an average transacted price of $2,490 psf on Jan 18.
The majority of the buyers, over 90%, were Singaporeans, with end-users being the main target audience. The two- and three-bedroom units were the most popular, but there was also demand for the larger five-bedroom units.
Situated in District 16 along Upper East Coast Road, Bagnall Haus occupies a freehold site of 74,280 sq ft and consists of three five-storey blocks with a total of 113 residential units. These include one-bedroom plus flexi units of 495 sq ft and five-bedroom units of 1,528 sq ft.
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Foreign investors must be well-informed about the regulations and limitations surrounding property ownership in Singapore. Unlike landed properties, which have stricter ownership guidelines, foreigners are generally permitted to purchase condominiums with ease. However, they are required to pay the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their initial property purchase. Despite the added expenses, Singapore’s real estate market maintains its appeal to foreign investors due to its stability and potential for growth. Additionally, the continuous launch of new condos throughout the country further entices foreign investment.
Ismail Gafoor, CEO of PropNex, has stated that of the 71 units sold, 59% were one- and two-bedroom units, which were sold for just under $2.1 million. The three-bedroom units were also in high demand, with 18 out of 20 units being snapped up at prices between $2.3 million and $2.7 million. The remaining four- and five-bedroom units were sold for around $3 million to $3.8 million.
Gafoor notes that the pricing for Bagnall Haus, which is mostly under $3 million, was very appealing to potential buyers. In addition, the average transacted price of $2,490 psf was seen as a great value for a well-located freehold development. This was further supported by the fact that some 99-year leasehold new launches in the Outside Central Region (OCR) have already reached an average price of $2,579 psf.
Apart from the 71 residential units that were sold, both strata-titled shop units located on the ground floor, measuring 172 sq ft each, were also sold for $688,000 ($4,000 psf) each.
According to Marcus Chu, CEO of ERA Singapore, the majority of the homebuyers were owner-occupiers. While some were homeowners of older landed properties looking to downsize, others were families from the neighbourhood who wished to upgrade to a freehold property.
Chu also mentioned that Bagnall Haus benefits from its close proximity to established amenities and reputable schools, such as Temasek Primary School, which is within a 1km radius.
The development is also within walking distance of the upcoming Sungei Bedok MRT Station, which serves as an interchange for the Downtown and Thomson-East Coast lines. It is only one stop away from Bedok South MRT Station, which will become part of an integrated transport hub that will feature a new bus interchange in the upcoming Bayshore precinct. This transport hub will also form a part of a mixed-use project that includes retail and residential components.
Mark Yip, CEO of Huttons Asia, has stated that pent-up demand, which has been building for 15 years due to a lack of new projects in the area, coupled with its freehold tenure, led to the strong sales for Bagnall Haus. Furthermore, it is rare to find a freehold project in close proximity to an MRT station, therefore, buyers were quick to recognize the potential benefits of the upcoming transformation of the Bayshore precinct.