Teo Hong Lim, the executive chairman of Roxy-Pacific Holdings, recently announced that a staggering 71 out of 113 units at Bagnall Haus, a freehold condominium, were sold on Jan 18, the first day of its launch. This means that the development has a sales rate of almost 63%, with an average transacted price of $2,490 per square foot. Majority of the buyers, 90% to be exact, were Singaporeans. According to Teo, most of them were end-users who had varying budgets. All types of units had a strong take-up rate, but the two- and three-bedroom units were the most popular. However, there was also demand for the larger five-bedroom units.Located in the desirable Upper East Coast Road in District 16, Bagnall Haus sits on a freehold land of 74,280 square feet and consists of 113 residential units spread across three five-storey blocks. The units range from one-bedroom plus flexi of 495 square feet to five-bedroom units of 1,528 square feet.To find out the latest prices and available units, search for the latest new launches on our website.Ismail Gafoor, the CEO of PropNex, stated that out of the 71 residential units that were sold at Bagnall Haus, 59% were one- and two-bedroom units. These units were sold for prices just below $2.1 million each. He also said that the three-bedroom units were highly sought after, 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 for approximately $3 million to $3.8 million.”We believe that the pricing, generally in the sweet spot of under $3 million, appeals to most buyers,” Gafoor said.The average transacted price of $2,490 per square foot was considered “compelling for a well-located freehold development” by Gafoor. He also added, “Buyers saw the value in the project, especially considering that some 99-year leasehold new launches in the Outside Central Region (OCR) — such as Chuan Park — had already reached an average price of $2,579 per square foot when it was launched in November 2024.”About 59% of the 71 units sold were one- and two-bedroom units that fetched prices just below $2.1 million (Photo: Albert Chua/EdgeProp Singapore)In addition to the 71 residential units sold, both strata-titled shop units on the ground floor of Bagnall Haus, each measuring 172 square feet, have also been snapped up for $688,000 ($4,000 per square foot) each.”Homebuyers were mainly owner-occupiers,” said Marcus Chu, the CEO of ERA Singapore. He explained that while some buyers were homeowners of older landed properties looking for smaller and modern apartments, others were families from the neighbourhood who were looking to upgrade to a freehold property.According to Chu, Bagnall Haus benefits from its close proximity to established amenities and reputable schools, such as Temasek Primary School, which is within a 1km radius.Check out also: Bagnall Haus: a rare freehold project steps from Sungei Bedok MRT, one stop from Bayshore’s transformationThe development is also within walking distance of the upcoming Sungei Bedok MRT Station, which is an interchange for the Downtown and Thomson-East Coast lines. It is only one stop from Bedok South MRT Station, which will be part of an integrated transport hub comprising a new bus interchange within the upcoming Bayshore precinct. This transport hub will also integrate retail and residential components.”Bagnall Haus saw strong sales due to pent-up demand from buyers who have been waiting for a new project in the area for 15 years. Additionally, buyers were attracted to the freehold tenure and recognized the potential benefits of the upcoming transformation of the Bayshore precinct,” said Mark Yip, the CEO of Huttons Asia.
It is a well-known fact that investing in real estate can be a smart financial choice. However, when it comes to purchasing properties in Singapore, the location needs to be carefully considered. This is because the location can significantly impact the value of a property. In this country, there are certain areas, such as Orchard Road, Marina Bay, and the Central Business District (CBD), that are considered prime locations. These areas have a proven track record of consistently increasing the value of properties over time.
Apart from location, another crucial factor to take into account when investing in real estate is the proximity to good schools and educational institutions. Families are often drawn to condominiums located near reputable schools, as it offers convenience and accessibility for their children’s education. This factor only adds to the investment potential of properties in these areas.
For individuals looking to invest in new condominiums in Singapore, it is essential to keep an eye on new condo launches. These launches tend to offer properties in prime locations with modern amenities and facilities. Moreover, early investors may have the opportunity to secure a lower price and potentially benefit from future appreciation in the value of the property.
In conclusion, the location of a property is a crucial factor to consider when making a real estate investment, and Singapore offers several prime locations that show promising investment potential. Along with essential amenities and proximity to good schools, keeping an eye on new condo launches, such as New Condo Launches, can also be a beneficial strategy in the Singapore property market.