Month: January 2025

Roxy Square, a freehold mixed-use development located in Katong, is set to be relaunched for collective sale, according to a press release by marketing agent JLL. The development, which comprises of 296 shops, 26 apartments, and the 576-room Grand Mercure Roxy Hotel, was previously launched for tender last July with a minimum price of $1.25 billion. However, the tender closed on September 26 without any success.

In light of this, JLL has announced that the owners of the development are currently in the process of signing a supplemental agreement to lower the collective sale price by 10.8% to $1.115 billion. This proposed lower price would require at least 80% of the owners’ support to take effect, and currently, over 70% of owners are already in favour.

Under the new price, the development is expected to have a unit land rate of $1,852 psf per plot ratio (ppr), which includes a Land Betterment Charge (LBC) at the gross plot ratio of about 3.86. If an additional 10% bonus gross floor area (GFA) for the residential component and the LBC are factored in, the land rate would be $1,804 psf ppr.

According to Tan Hong Boon, JLL Singapore’s executive director of capital markets, the private residential market in Katong has strong underlying support, as evident by recent launches such as Meyer Blue and Emerald of Katong, which have shown impressive sales. This has boosted developers’ confidence in Roxy Square’s potential.

The appeal of the development is further enhanced by its location next to Marine Parade MRT Station (Thomson-East Coast Line), with a direct underground connection. The freehold tenure, established and well-loved heritage locale, and excellent connectivity to amenities, add to its appeal.

Completed in 1996, Roxy Square has a gross floor area (GFA) of 668,000 sq ft. Under the 2019 Master Plan, the development is partially zoned for commercial and residential use, with a gross plot ratio of 3.0, along East Coast Road. The portion of the development that fronts Marine Parade Road is zoned for hotel use.

Based on recent planning advice from URA, the entire Roxy Square site can be rezoned for commercial and residential use and be redeveloped into a high-rise mixed-use development with a height of up to 75m. This could potentially yield over 350 residential units, approximately 80,000 sq ft of retail and F&B space, and an additional 172,000 sq ft for office, hotel, or other commercial uses.

Roxy Square also offers accessibility to East Coast Parkway (ECP) and Nicoll Highway and forms part of the Round-Island Route and Park Connector Network.

Tan adds that the proposed reduction in reserve price, if supported by the majority owners, enhances the site’s appeal, especially considering the area’s consistent demand for quality residences. This sale aims to thoughtfully shape a key part of Singapore’s East Coast for the future.

The tender for Roxy Square is set to close on February 18 at 3pm. Interested parties can check out the latest listings for Roxy Square properties on Ask Buddy, compare the price trends of new sale condos vs resale condos or condos vs EC new sale, and view the list of most profitable and unprofitable landed transactions in the past year.…

A collection of freehold strata retail units located in Lucky Plaza is currently on the market for a total of $52.6 million through Savills Singapore. The mixed-use development, situated in the popular Orchard Road area, includes a residential tower and a six-storey mall with a basement level.

The 14 retail units being offered for sale are spread across the basement and the first two levels of the mall and vary in size from 118 to 3,046 sq ft. In total, they occupy an area of 7,266 sq ft.

According to Savills Singapore, the most notable feature of this portfolio is a food court occupying seven adjacent strata units, which stretches across a total of 3,046 sq ft and includes 11 stalls. The remaining retail units are currently occupied by a diverse mix of businesses, including a pub, retail shops, beauty services, and a maid agency.

Savills Singapore’s director of investment sales and capital markets, Sophia Lim, believes that the retail units will benefit from the high foot traffic in Lucky Plaza. She says, “The basement food court, in particular, benefits from consistently strong crowds daily.”

The asking price for the food court is $25.43 million, while the entire portfolio is listed at $52.6 million. Individual strata retail units are priced from $1.1 million onwards, and both foreigners and companies can purchase them without incurring additional buyer’s or seller’s stamp duty.

Lim also notes the increasing demand for prime strata freehold retail assets among investors due to their rarity and URA’s prohibition on further strata subdivision of commercial properties along Orchard Road. She expects the planned revitalisation of the Orchard precinct by URA to further boost Lucky Plaza’s rental growth and capital appreciation.

In summary, a freehold strata retail portfolio in Lucky Plaza is available for purchase at $52.6 million through Savills Singapore. The collection consists of 14 units, including a food court and a mix of other businesses, and individual units are priced from $1.1 million onwards. The prime location and scarcity of such assets make them highly sought-after among investors.…

Progressive Payment Package Version 2By 2027, The Arcady at Boon Keng, a 172-unit freehold condominium, will be completed. It will stand as a prominent private residence in the heart of Boon Keng. The project will create a lush green space along Serangoon Road, showcasing modern architecture that sets it apart from other condominiums in the area.KSH Holdings, SLB Development and H10 Holdings, trusted local developers, are collaborating on the project, along with award-winning architectural firm, Park + Associates, to craft a distinctive residence.When the project was launched for sale in January, it quickly resonated with investors and locals due to its thoughtfully designed one-bedroom plus study and two-bedroom units. Families were also drawn to the spacious units, perfect for homes, and the array of family-friendly amenities.The Arcady at Boon Keng presents a rare opportunity for discerning buyers to invest in an affordable freehold development in a city-fringe neighbourhood. It stands out among only a handful of new freehold projects being launched this year.Creating a green havenThe developers and designers of The Arcady at Boon Keng have been intentional in their efforts to create an urban oasis through a bold architectural design that blends seamlessly with a curated landscape. Developed by Park + Associates and Ecoplan Asia, the landscape architect, the project features a tiered design, with a trail leading from the Grand Arrival to the ground floor landscape deck, specifically tailored for this development.This multi-layered design maximizes the available space for lush greenery, while also combining the equivalent of three storeys’ worth of facilities into a single two-floor zone at the base of the tower. This efficient use of space is also featured in other areas with abundant facilities, such as the 14th floor and the rooftop terrace.Parents can relax on the Social Deck while watching their children play at the Kids Playground beside them, or enjoy a weekend of family fun on the Family Deck next to the Splash Patio and Family Pool.Water facilities at the development include an infinity pool, spa pool, and family pool, which can all be viewed from the second-storey Sky Terrace. (Picture: KSH Holdings)Residents will have easy access to the second-storey Sky Terrace, which serves as a perfect indoor retreat. A designated kids’ zone with a Party Deck and a Kids Club will keep children entertained, while parents can unwind in the Chill Out Lounge connected to the Botanic Club.Guests can also be accommodated at the Arcady Club on the 14th floor, where they can hire a private chef to create a refined alfresco dining experience while enjoying a spectacular view. Fresh produce can be grown at the community garden on the rooftop, providing a convenient source of organic ingredients.Guests can also enjoy a 360-degree panoramic view of the surrounding skyline at the Gourmet Vista on the 14th floor. (Picture: KSH Holdings)It is rare to find a single-tower condo unit in Singapore, especially in the Boon Keng neighbourhood, with both outdoor and indoor facilities dedicated to residents’ diverse needs and lifestyles. With 47 condo facilities spanning 4,000 sqm, each of the 172 households at The Arcady at Boon Keng will find a pocket of excitement to suit their preferences.Stunning scenery from the heart of Boon KengThe residential tower and the orientation of its units have been carefully considered, resulting in a north-south orientation that is elevated to about 18m above street level to maximize the views. In addition, the units are angled away from the main road, significantly reducing traffic noise.Units on higher floors will offer optimal views of Kallang River. Meanwhile, south-facing units will provide views of Marina Bay.Unit layout designed with families in mindEfficient unit layouts have been thoughtfully designed for each unit. Master bedrooms across all unit types are spacious enough to accommodate a king-sized bed, while common bedrooms can easily fit a queen-sized bed.The project has seen steady sales of its larger units, which range from 969 sq ft three-bedroom units to 1,281 sq ft three-bedroom-plus-study units, and 1,410 sq ft four-bedroom units. There are also two penthouses of 2,433 sq ft and 2,583 sq ft.Families with school-age children and couples will appreciate the many features of this development – a comfortable home within a convenient condo that offers a full range of amenities for all members of the family.The condo is situated near Bendemeer Primary School, Bendemeer Secondary School, St Andrew’s Junior School, and Hong Wen School. The surrounding amenities include Woodleigh Mall on Bidadari Park Drive and Bendemeer Mall on Bendemeer Road.”We believe buyers are drawn to The Arcady at Boon Keng because of its convenient location and connectivity,” says Ismail Gafoor, CEO of PropNex Realty, one of the project’s marketing agents.Dhoby Ghaut MRT Interchange Station, which connects the North-East Line, North-South Line, and Circle Line, is only three stops from Boon Keng MRT Station. “We have noticed that many home buyers these days prefer properties within walking distance of an MRT station; convenience is highly prized given today’s busy lifestyles,” adds Gafoor.Mark Yip, CEO of Huttons Asia, agrees that The Arcady at Boon Keng is a rare opportunity as a freehold property in a central location with easy access to major expressways like the CTE and PIE.The Arcady at Boon Keng will also benefit from its proximity to the revitalized Kallang precinct, where new sports and leisure facilities are being developed as part of the Kallang Alive Masterplan, announced during Prime Minister Lawrence Wong’s National Day Rally this year.This master plan aims to bring together several key sporting associations and the Singapore Sports School into one integrated precinct, which will support sports and recreation activities with planned state-of-the-art facilities and a new 12,000-seat stadium.An affordable freehold optionSince the project launched in January 2024, all one-bedroom plus study units have been sold, and nearly 90% of the two-bedroom units have also been snapped up.With an average selling price of about $2,570 per square foot, the freehold tenure and potential for relatively greater capital appreciation compared to new 99-year leasehold projects make The Arcady at Boon Keng an attractive option for buyers and investors.”The Arcady at Boon Keng is priced lower than other projects in the RCR area, making it a sound investment for buyers looking for a city-fringe property,” says Hutton’s Yip.PropNex’s Gafoor concurs, adding, “The average transacted price of $2,570 psf at The Arcady at Boon Keng is also lower than the average selling price of other new freehold, non-landed private homes in the RCR area, which is about $2,840 psf. Additionally, it is also slightly less than the average transacted unit price of new 99-year leasehold projects in the RCR area, which is around $2,600 psf.””Overall, I think The Arcady at Boon Keng offers many benefits for today’s homebuyers,” says Gafoor. “The project is situated in a well-established neighbourhood within the city fringe with good connectivity and easy access to the PIE. Another plus is that it offers freehold land tenure, which makes it an excellent option for preserving wealth and planning for the future.””With the scarcity of new home launches in the area, we anticipate HDB upgraders will naturally gravitate toward The Arcady at Boon Keng,” says Marcus Chu, CEO of ERA. “The nearly 1,400 upcoming MOP units from the Bidadari HDB estate further expands the pool of potential buyers for The Arcady at Boon Keng.”Potential buyers interested in viewing the sales gallery, located next to City Square Mall, can contact the developers’ appointed marketing agencies listed below or visit their website.Map of the Sales Gallery and Actual SiteProgressive Payment Package Version 2…

The Government Land Sale (GLS) tender for the site at Tengah Gardens Avenue was closed on January 14, with three bids submitted. The top bid of $675 million, or $821 per square foot per plot ratio (psf ppr), was made by a consortium led by Hong Leong, which includes GuocoLand Singapore and CSC Land Group.

The 99-year leasehold site, which is zoned as ‘Residential with Commercial at 1st storey’, covers an area of approximately 273,906 square feet and has a maximum gross floor area (GFA) of 821,720 square feet. The Urban Redevelopment Authority (URA) predicts that the site could potentially yield up to 860 residential units.

If the consortium is awarded the site, they plan to build an 860-unit condominium that will take advantage of the enhanced connectivity from the upcoming Jurong Region Line (JRL) nearby. According to Loke Kee Yeu, the general manager (Projects) at Hong Leong Holdings Limited, the JRL will contribute to the growing development of the new Tengah estate.

The Tengah Gardens Avenue site is located near the upcoming Hong Kah MRT Station on the JRL, and it will be one stop from the upcoming Tengah Town Centre. It will also offer direct access to the second Central Business District (CBD) at Jurong Lake District.

The top bid of $821 psf ppr for the Tengah Gardens Avenue site is just 0.73% higher than the second-place bid of $815 psf ppr, which was submitted by Chinese developer Kingsford Group. The third and final bid of $812 psf ppr was made by local developer Sim Lian Group.

The low bid price spread of less than 1% indicates that developers are being cautious despite the increase in homebuyer activity towards the end of 2024, according to Leonard Tay, the head of research at Knight Frank Singapore. Another GLS site at Dairy Farm Walk received two bids on the same day.

Tay suggests that developers may have chosen to focus on existing sites that are being prepared for launch in 2025. He also points out that the small difference in bid prices shows that developers are being conservative in their bids.

Mark Yip, the CEO of Huttons Asia, believes that developers are being mindful of keeping their land bids reasonable in order to maintain an attractive selling price for buyers. He expects more developers to submit joint bids for GLS sites this year in order to diversify risk. This may be one of the reasons why there have only been three bids for recent GLS tenders.

According to Marcus Chu, the CEO of ERA, another factor contributing to the low number of bids could be the current availability of GLS sites. He notes that there are currently seven sites open for tender and six more to be launched in the first half of 2025. Developers may be taking a measured approach and considering their options with interest rates moderating.

Interest in the Tengah Gardens Avenue site may have also been tempered by the availability of another nearby GLS site, according to Justin Quek, the CEO of OrangeTee & Tie. He suggests that developers may be considering bidding on a different GLS site along Lakeside Drive and Lakeside MRT, which is scheduled to launch for tender in April 2025.

If awarded, the Tengah Gardens Avenue site will be home to the first private residential site (excluding Executive Condominiums) in the Tengah HDB township. The first EC in the estate, Copen Grand, was successfully launched for sale in 2022 and sold out within a month. It was jointly developed by City Developments Ltd (CDL) and MCL Land, who secured the site with a winning bid of $400.32 million, or $603 psf ppr, in May 2021.

The opportunity to launch the first private condo in the new Tengah estate may have attracted the Hong Leong-led consortium. According to Chu from ERA, the consortium may see this as an opportunity to replicate their successes from other projects, such as Lentor, Upper Thomson, and Bugis.

Being the first private condo in the area, the new development could attract a wider range of buyers compared to ECs, which have HDB eligibility criteria and restrictions such as a five-year minimum occupation period (MOP) and a monthly household income ceiling of $16,000. According to Mohan Sandrasegeran, the head of research and data analytics at SRI, the proximity of the site to the future Anglo-Chinese School (Primary), which is set to become a co-ed school in 2030, could also be very attractive to families with school-aged children.

If the site is awarded at the top bid of $821 psf ppr, PropNex estimates that the average selling price for the new private condo could be around $2,000 psf. This could make it one of the most expensive condominium developments in the area.

In conclusion, despite the cautious sentiment among developers, the Tengah Gardens Avenue site received a competitive bid, with a low bid price spread of less than 1%. As the first private residential development in the new Tengah estate, it is expected to attract interest from a wider range of buyers and could potentially become one of the most sought-after developments in the area.…

A newly constructed 15-room boutique hotel located at 739-1 Geylang Road in District 14 is now up for sale at $14 million. This freehold property, spanning across two levels, has been complemented by a newly built 4-storey rear extension, and sits on a 1,273 sq ft site with an approved gross floor area of up to 3,186 sq ft.

One of the key highlights of this hotel is its permanent ‘Hotel’ zoning and usage approval, a rare and highly coveted designation for new conservation shophouses in Singapore. This designation not only adds to the property’s long-term investment appeal but also provides operational flexibility. Situated within a 5-minute walk to Paya Lebar MRT station, the hotel boasts unparalleled connectivity as it serves both the East-West line and Circle line, making it easy for guests to travel to various parts of Singapore.

Designed with a sophisticated Japandi theme, the hotel is currently under construction and is expected to receive its Temporary Occupation Permit (TOP) in Q2 2025. The asking price is inclusive of all construction and renovation costs, making it an ideal turnkey investment for those looking to enter or expand their presence in the hospitality sector.

For investors, this property presents a particularly attractive opportunity. The current owner, an experienced hotel operator, is open to a sale and leaseback arrangement, providing immediate rental income and operational continuity. Senior Marketing Director of ERA Realty Network Pte. Ltd., Eva Lau, believes that this hotel will appeal to owner-operators who want to run the business themselves, and with major renovations already completed, they can quickly start operations.

The demand for hospitality assets in Singapore has been on the rise over the past year, with notable transactions such as LHN Group’s purchase of Pasir Panjang Inn, a 16,626 sq ft site, for $30 million. Last year, an 8-storey hotel at 12 Lorong 12 Geylang was listed for sale at $120 million, and recently, Hotel JJH, a 25-room property at 747 North Bridge Road, has also been put on the market for $38 million. These transactions reflect the strong demand for well-located, high-quality hospitality assets, making them one of the most sought-after commercial shophouse usage classes in Singapore.

For more information, interested parties can contact Eva Lau at 92785688, Senior Marketing Director of ERA Realty Network Pte. Ltd. (R062169F).…

JLL has recently announced the appointment of James Cameron as the head of energy and infrastructure for Asia Pacific in its capital markets business line. The role, which has been newly created, will be based in Singapore, as mentioned in a press release on Jan 14.

Cameron will be in charge of building a team in Asia Pacific and his appointment will complement JLL’s EMEA Energy & Infrastructure business, creating a global capital advisory capability that will better serve both local and international developers and investors.

According to JLL, Cameron’s appointment is in line with the long-term capital requirements needed to facilitate the infrastructure and renewables build-out in order to meet the challenges of decarbonisation, digitalisation, economic growth, and rapid urbanisation.

Stuart Crow, the CEO of capital markets for JLL Asia Pacific, said, “We see significant opportunity to leverage our unique expertise in mobilising multiple sources of capital and JLL’s unrivalled track record in advising renewables transactions globally to serve clients within energy and infrastructure across Asia Pacific.”

Cameron will work closely with JLL’s capital markets, investment banking, and debt advisory teams across the region, focusing on the origination of capital raising and transaction advisory opportunities for large infrastructure and renewable projects for various types of investors such as institutional investors, private equity, asset managers, strategic infrastructure and renewable operators and developers, high net-worth individuals, and family offices.

With over 25 years of experience in real asset capital markets, Cameron was previously the global head of commercial real estate at Standard Chartered Bank. He has vast experience in mobilising different forms of private and public equity and financing across the global and regional infrastructure scene.

Crow further stated, “James’ extensive experience in this exciting space is unmatched in the region, and we are extremely confident in his ability to establish JLL’s leadership position through his expertise and client relationships.”…

Two neighboring Good Class Bungalows (GCBs) situated at 52 and 54 Belmont Road in the exclusive Belmont Park GCB area are currently on the market for sale through an expression of interest (EOI). The owners of these GCBs are believed to be related.

These two freehold properties are set on a combined land area of 41,741 square feet and have an indicative price of $88.8 million, which translates to $2,128 per square foot on the land area. The combined plots boast a 44-meter frontage along Belmont Road and an average depth of 66 meters, according to Sakal Real Estate Partners, the marketing agent for the properties.

“We believe that this site will be attractive to families looking to build a new home for multigenerational living or for extended families living together,” says Lennon Koh, senior director at Sakal. “In addition to homeowners, this property is also suitable for developers looking to tap into the exclusive GCB market.”

A map provided by EdgeProp Landlens shows the location of 52 Belmont Road, shaded in grey.

Recent transactions recorded by the Urban Redevelopment Authority (URA) reveal that the most recent sale on Belmont Road took place in December when a GCB with a land area of 19,549 square feet was sold for $40 million ($2,046 per square foot).

A previous GCB transaction on Belmont Road can also be seen on the URA data, where a pair of adjacent plots were sold for $131.4 million or $3,000 per square foot in July 2024, based on a combined land area of 43,790 square feet. Another nearby GCB at Bin Tong Park with a land area of 28,111 square feet sold for $84 million ($2,988 per square foot) in April.

Steven Ming, managing director at Sakal, is confident that these GCBs on Belmont Road will attract strong interest due to their prime location and the ongoing demand for GCBs. “The estimated total value of GCB transactions in 2024 of $1.32 billion exceeded that of 2023 ($433 million) and 2022 ($1.18 billion), and we expect to see even more transactions in 2025,” he states.

The EOI exercise for these GCBs will be closing on March 13 at 3pm.…

JLL, a leading real estate consulting firm, has recently named James Cameron as the head of energy and infrastructure for Asia Pacific under its capital markets business line. In a press release issued on January 14, the company announced that Cameron will be based in Singapore, and will be responsible for building a team in the region.

This newly created role reflects JLL’s commitment to strengthening its capital advisory capabilities in both Asia Pacific and EMEA regions. With Cameron’s expertise and experience, the company aims to better serve local and international developers and investors.

The appointment of Cameron comes at a time when there is a growing demand for long-term capital to support the development and expansion of infrastructure and renewable energy projects. As the world grapples with challenges such as decarbonisation, digitalisation, economic growth, and rapid urbanisation, JLL believes that Cameron’s knowledge and insights will be invaluable in meeting these challenges.

Stuart Crow, JLL’s CEO of capital markets in Asia Pacific, notes that the company sees immense opportunities in leveraging its unique expertise in mobilising multiple sources of capital. With its unrivalled track record in advising renewables transactions globally, JLL is well-positioned to serve clients within the energy and infrastructure sector across Asia Pacific.

In his new role, Cameron will work closely with JLL’s capital markets, investment banking, and debt advisory teams across the region. His focus will be on identifying and securing capital raising and transaction advisory opportunities for large infrastructure and renewable projects. These opportunities will benefit institutional investors, private equity firms, asset managers, strategic infrastructure and renewable operators and developers, high net-worth individuals, and family offices.

With over 25 years of experience in real asset capital markets, Cameron brings a wealth of knowledge to his new role. He previously served as the global head of commercial real estate at Standard Chartered Bank, where he was responsible for mobilising various forms of private and public equity and financing for infrastructure projects on a global and regional level.

Crow expresses confidence in Cameron’s ability to establish JLL’s leadership position in the energy and infrastructure sector through his vast experience and strong client relationships. He believes that Cameron’s appointment will contribute significantly to the company’s growth and success in the years to come.…

One Bernam, a mixed-use development with 351 residential units in Tanjong Pagar, saw a successful weekend sale on Jan 11 to 12. The joint project by MCC Land and Hao Yuan Investment first launched in May 2021 and has already sold over 75% of its units at an average price of $2,585 psf according to caveats lodged as of Jan 10.

In a weekend promotion, the remaining 87 units, including one-bedroom to three-bedroom apartments and penthouses, were offered at discounted prices. For example, one-bedroom units ranging from 441 sq ft to 463 sq ft were sold at prices from $1.295 million ($2,934 psf) to $1.328 million ($2,869 psf) after discounts of $323,000 to $438,000. Similarly, the two-bedroom apartments (700 sq ft to 732 sq ft) and the two-bedroom plus study apartments (807 sq ft to 872 sq ft) saw discounts of $437,000 to $668,000 and $380,000 to $800,000 respectively.

Meanwhile, three-bedroom apartments of 1,421 sq ft had discounts ranging from $616,000 to $830,000, with units sold at $3.496 million ($2,461 psf) to $3.526 million ($2,482 psf). The strong sales performance was attributed to the project’s appeal as a stable and high-potential asset, with approximately 78% of buyers purchasing for investment purposes.

Based on EdgeProp Landlens data, existing developments in the area, such as Altez, Eon Shenton and 76 Shenton, command average monthly rents ranging from $6.90 psf to $7.40 psf. As One Bernam is expected to obtain its Temporary Occupation Permit (TOP) in March 2026, investors can look forward to potential rental income and a stable investment choice.

The reduced competition from foreign buyers due to the increased Additional Buyer’s Stamp Duty (ABSD) in 2023 has also created more opportunities for local buyers to enter the market, with local demand expected to be a key driver for Central Core Region (CCR) properties moving forward. With its competitive pricing, One Bernam is an attractive option for investors and buyers alike.…

Over the January 11 to 12 weekend, One Bernam, a mixed-use development in Tanjong Pagar, offered 87 units for sale at promotional prices. The 99-year leasehold apartment tower, a joint venture between MCC Land and Hao Yuan Investment, was first launched in May 2021. As of January 10, over 75% of the 351 residential units have been sold at an average price of $2,585 per square foot (psf).

During the weekend promotion, the discounted prices were applied to all remaining units, including one-bedroom to three-bedroom units and penthouses. Interested buyers can search for the latest New Launches to find out about transaction prices and available units.

The discounted prices for one-bedroom units, ranging from 441 sq ft to 463 sq ft, were between $323,000 to $438,000. These units were sold at $1.295 million ($2,934 psf) to $1.328 million ($2,869 psf). Similarly, two-bedroom apartments, sized at 700 sq ft to 732 sq ft, had discounts from $437,000 to $668,000 and were sold at $1.752 million ($2,394 psf) to $1.78 million ($2,544 psf). Two-bedroom plus study apartments, with sizes of 807 sq ft to 872 sq ft, saw discounts ranging from $380,000 to $800,000 and were sold at $2.139 million ($2,581 psf) to $2.158 million ($2,475 psf).

For three-bedroom apartments, which are sized at 1,421 sq ft, discounts ranged from $616,000 to $830,000. These units were sold at $3.496 million ($2,461 psf) to $3.526 million ($2,482 psf). Only three penthouses are currently available for sale after the “overwhelming response” over the weekend, bringing the total sales to 99%. These include two three-bedroom units (1,744 sq ft and 1,948 sq ft) and a five-bedroom unit (4,306 sq ft).

According to ERA Singapore CEO Marcus Chu, the strong sales performance indicates a high level of interest in the property as a long-term asset. He adds that about 78% of the buyers are looking to invest in One Bernam. An overwhelming 87% of buyers were Singaporeans, with 70% aged between 31 and 50.

With the reduced competition from foreign buyers due to the increase in Additional Buyer’s Stamp Duty (ABSD) in 2023, Chu believes this opens up more opportunities for local buyers to enter the market. Moving forward, he expects local demand to continue driving prices in the Central Core Region (CCR), with competitive pricing making developments in this area a desirable and stable investment choice.

One Bernam is expected to obtain a Temporary Occupation Permit (TOP) in March 2026, which will allow investors to start generating rental income to support their loan instalments. Based on EdgeProp Landlens data, existing apartment projects in the area, such as Altez, Eon Shenton, and 76 Shenton, command rental rates ranging from $6.90 psf to $7.40 psf.…