One Bernam, the mixed-use development in Tanjong Pagar, has sold over 75% of its units since its launch in May 2021. Over the weekend of Jan 11 to 12, the joint developers MCC Land and Hao Yuan Investment offered 87 units for sale at promotional prices. The remaining units, ranging from one-bedroom to three-bedroom apartments, were sold with discounts up to $830,000. The sales performance highlights the strong interest in the property as a stable and high-potential asset, with 78% of the purchasers buying their units as investments. Majority of buyers were Singaporeans aged between 31 and 50. Only three penthouses are currently available for sale, bringing total sales to 99%. According to ERA Singapore CEO Marcus Chu, with the reduction in competition from foreign buyers due to the hike in Additional Buyer’s Stamp Duty (ABSD), local demand is expected to continue driving the Central Core Region (CCR) market. The project is set for completion in March 2026, allowing investors to start generating rental income.Supporting sources and links:1. One Bernam has sold over 75% of its units since its May 2021 launch:https://www.edgeprop.sg/property-news/one-bernam-sold-over-75-its-units-its-may-2021-launch2. Weekend Sales:https://www.businesstimes.com.sg/real-estate/one-bernam-sold-75-of-units-since-launch-87-units-released-over-weekend-17-sold-3. Property Transactions by Project:https://www.edgeprop.sg/property-transaction/by-project?chemical=One%20Bernam4. ERA CEO Marcus Chu’s statement on One Bernam’s sales performance:https://www.edgeprop.sg/property-news/one-bernam-sold-over-75-its-units-its-may-2021-launch5. Reduced competition from foreign buyers due to higher ABSD has opened up opportunities for local buyers:https://www.businesstimes.com.sg/real-estate/one-bernam-sold-75-of-units-since-launch-87-units-released-over-weekend-17-sold
Over the weekend of Jan 11 to 12, One Bernam, the mixed-use development in Tanjong Pagar, offered 87 units for sale at promotional prices. This 99-year leasehold apartment tower, co-developed by MCC Land and Hao Yuan Investment, was first launched in May 2021. As of Jan 10, over 75% of the 351 residential units have been sold at an average price of $2,585 psf according to caveats lodged. The promotional prices applied to all the remaining 87 units, including one-bedroom to three-bedroom apartments and penthouses.
Discounts of $323,000 to $438,000 were offered for one-bedroom units, with prices ranging from $1.295 million ($2,934 psf) to $1.328 million ($2,869 psf). Two-bedroom units, ranging from 700 sq ft to 732 sq ft, had discounts of $437,000 to $668,000, with prices ranging from $1.752 million ($2,394 psf) to $1.78 million ($2,544 psf). Furthermore, two-bedroom plus study apartments, ranging from 807 sq ft to 872 sq ft, had discounts of $380,000 to $800,000 and were sold at prices ranging from $2.139 million ($2,581 psf) to $2.158 million ($2,475 psf). Three-bedroom apartments, ranging from 1,421 sq ft, had discounts of $616,000 to $830,000 and prices ranging from $3.496 million ($2,461 psf) to $3.526 million ($2,482 psf).
According to Marcus Chu, the CEO of ERA Singapore, the sales performance highlights the strong interest in One Bernam as a stable and high-potential asset. Chu adds that about 78% of the buyers bought units as investments. Additionally, 87% of the buyers were Singaporeans, with 70% aged between 31 and 50. Following the overwhelming response over the weekend, only three penthouses are currently available for sale, bringing total sales to 99%. These include two 3-bedroom penthouses (1,744 sq ft and 1,948 sq ft) and a 5-bedroom unit (4,306 sq ft).
The purchase of a condo comes with various advantages, one of them being the potential for further investments. Numerous investors utilize their condos as leverage to secure additional funding for future investments, ultimately expanding their real estate portfolio. This approach has the potential to significantly increase returns, but it does come with certain risks. Therefore, it is essential to have a well-thought-out financial plan and carefully consider the potential impact of market fluctuations. With the added benefit of Singapore Projects, condo investments can provide even more opportunities for growth and success in the real estate market.
With its TOP expected in March 2026, Chu believes that investors are expected to generate rental income, which can help support their loan instalments. According to EdgeProp Landlens data, existing apartments in the area, such as Altez, Eon Shenton, and 76 Shenton, command average monthly rental rates ranging from $6.90 psf to $7.40 psf.
Chu also stated that the reduced competition from foreign buyers due to an increase in Additional Buyer’s Stamp Duty (ABSD) has opened up more opportunities for local buyers to enter the market. He believes that local demand will continue to be the key driver for properties in the Central Core Region (CCR) moving forward, with competitive pricing making these developments a desirable and stable investment choice.