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.