Over the weekend of January 11th and 12th, One Bernam, a mixed-use development in Tanjong Pagar, offered promotional prices for 87 of its 351 residential units. The project, a joint venture between MCC Land and Hao Yuan Investment, was first launched in May of 2021 and is set to be completed in March of 2026. The 99-year leasehold tower has seen strong sales since its launch, with over 75% of its units already sold at an average price of $2,585 per square foot.
The promotional prices applied to all remaining 87 units, including one- to three-bedroom apartments and penthouses. One-bedroom units ranging from 441 square feet to 463 square feet saw discounts of $323,000 to $438,000, with prices ranging from $1.295 million to $1.328 million. Two-bedroom units of 700 to 732 square feet had discounts of $437,000 to $668,000, with prices from $1.752 million to $1.78 million. Two-bedroom plus study apartments, ranging from 807 to 872 square feet, had discounts of $380,000 to $800,000 and were sold at prices from $2.139 million to $2.158 million. Three-bedroom units of 1,421 square feet had discounts of $616,000 to $830,000, with prices from $3.496 million to $3.526 million.
According to ERA Singapore CEO Marcus Chu, the strong sales performance reflects the property’s appeal as a stable and high-potential asset. He notes that 78% of buyers purchased units as investments, with 87% being Singaporean and 70% between the ages of 31 and 50. Following the overwhelming response over the weekend, only three penthouses remain for sale, bringing the total sales to 99%. These include two three-bedroom units of 1,744 and 1,948 square feet, and a five-bedroom unit of 4,306 square feet.
Investing in a condo in Singapore presents a compelling opportunity with several advantages. Firstly, condos in this country are in high demand, making them a sought-after investment option. They are also known for their potential for capital appreciation, which can lead to significant returns for investors in the long run. Additionally, Singapore’s condo market offers attractive rental yields, making it a lucrative choice for those looking to generate passive income.
However, before making a decision, it is crucial to carefully consider various factors that can impact the success of your investment. Location plays a significant role in the condo market, and it is essential to choose a desirable and well-connected area that will attract tenants and potential buyers. Financing options should also be thoroughly evaluated, as they can affect the overall cost and potential profits of the investment.
Furthermore, the Singaporean government has strict regulations in place for the real estate market, and investors need to be aware of them before making a purchase. It is advisable to seek professional advice from a real estate agent or lawyer to ensure compliance with all necessary regulations.
Finally, market conditions should always be taken into account when considering a condo investment. As with any investment, there are risks involved, and it is crucial to conduct thorough research and stay updated on current market trends to make informed decisions.
In conclusion, investing in a condo in Singapore offers a promising opportunity for both local and foreign investors. However, it is crucial to carefully consider all relevant factors, conduct thorough research, and seek professional advice before making a decision. With the dynamic and prosperous real estate market in Singapore, a well-chosen condo investment can provide attractive returns for years to come.
With the project set to obtain its Temporary Occupation Permit (TOP) in March of 2026, investors can expect to start generating rental income, which can support loan payments, according to Chu. Existing condos in the area, such as Altez, 76 Shenton, and Eon Shenton, are currently fetching monthly rents in the range of $6.90 to $7.40 per square foot. This makes One Bernam a desirable and stable investment choice, especially with the reduced competition from foreign buyers due to the hike of Additional Buyer’s Stamp Duty (ABSD) in 2023. Local demand is expected to continue driving the market for properties in the Central Core Region (CCR) due to competitive pricing.