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When considering investing in a condo in Singapore, it is important to take into account the government’s property cooling measures. The Singaporean government has implemented several measures over the years in order to prevent speculative buying and maintain a steady real estate market. Among these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may have an impact on the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market, making it a reliable and secure environment for investing in condos.
Investing in a condo in Singapore has emerged as a favored option for both local and foreign investors, thanks to the city-state’s thriving economy, political stability, and exceptional quality of life. The real estate market in Singapore presents many lucrative prospects, and condos are particularly attractive due to their convenience, amenities, and potential for significant returns. In light of this, this article will delve into the advantages, factors to keep in mind, and essential steps to take when investing in a condo in Singapore, with a special focus on Singapore Projects.
The latest success story from Roxy-Pacific Holdings saw the sale of 71 out of 113 units at Bagnall Haus, a freehold condominium, on its launch day, Jan 18. This translates to an impressive sales rate of almost 63%, with units going for an average transacted price of $2,490 psf.
Executive chairman Teo Hong Lim attributed the strong take-up rate to the appeal of the development to local buyers, with over 90% of the buyers being Singaporeans. He also noted that the sales were evenly spread out across all unit types, with two- and three-bedroom units being the most popular, but also demand for the larger five-bedroom units.
Located in District 16 along Upper East Coast Road, Bagnall Haus boasts a prime freehold site of 74,280 sq ft, with 113 residential units spread across three five-storey blocks. The units range from the one-bedroom plus flexi units of 495 sq ft to the five-bedroom units of 1,528 sq ft.
Real estate agency PropNex’s CEO Ismail Gafoor shared that out of the 71 residential units sold, 59% were one- and two-bedroom units, with transacted prices just below $2.1 million. He added that the three-bedroom units were highly sought after as well, with 18 out of 20 units snapped up at prices ranging from $2.3 million to $2.7 million. The remaining units of four- and five-bedrooms were sold for $3 million to $3.8 million.
Gafoor believes that the pricing of Bagnall Haus, which lies in the sweet spot of under $3 million, was appealing to buyers. He also noted that the average transacted price of $2,490 psf was much more attractive compared to other 99-year leasehold new launches in the Outside Central Region (OCR) such as Chuan Park, which recorded an average price of $2,579 psf when it was launched in November 2024.
The two strata-titled shop units at Bagnall Haus – measuring 172 sq ft each – were also sold for $688,000 each, which translates to $4,000 psf.
Marcus Chu, CEO of ERA Singapore, shared that majority of the buyers were homeowners looking to occupy the units themselves. Some of them owned older landed properties and wanted to downsize to newer, more manageable apartments, while others were families from the neighbourhood who wanted to upgrade to a freehold property.
In terms of location, Chu said Bagnall Haus has a strategic location with close proximity to established amenities and reputable schools such as Temasek Primary School, which is within a 1km radius.
He also highlighted that the development is within walking distance to the upcoming Sungei Bedok MRT Station, an interchange for the Downtown and Thomson-East Coast lines. It is just one stop from Bedok South MRT Station, which will be part of a new integrated transport hub that will include a bus interchange. The transport hub will also feature a mixed-use development with retail and residential components.
According to Huttons Asia CEO Mark Yip, the strong demand at Bagnall Haus can be attributed to the pent-up demand for a new project in the area after a 15-year wait, as well as the rarity of a freehold development next to an MRT station.
He also noted that buyers recognised the potential benefits the upcoming transformation of the Bayshore precinct will bring to the area.
In conclusion, the launch of Bagnall Haus has been a success, with a high take-up rate and attractive prices for a well-located freehold development. With the upcoming transformation of the Bayshore precinct and its convenient location, the demand for the project is expected to remain strong.