Understanding the rules and regulations surrounding property ownership in Singapore is crucial for international investors. Unlike landed properties, which have more stringent ownership guidelines, foreigners are generally permitted to purchase condos with fewer restrictions. However, foreign buyers are required to pay an Additional Buyer’s Stamp Duty (ABSD) of 20% for their first property acquisition. Despite this extra expense, the reliability and potential growth of Singapore’s real estate market remain highly appealing to foreign investors. For those interested in investing in Singapore, it is important to note the regulations and fees associated with purchasing a condo.
Teo Hong Lim, the executive chairman of Roxy-Pacific Holdings, revealed a promising start to the launch of Bagnall Haus, a freehold condominium, on January 18. Out of the total 113 available units, 71 were sold, translating to a sales rate of almost 63%. The average price per square foot (psf) was recorded at $2,490.According to Teo, the majority of the buyers were Singaporeans, making up more than 90% of the total. He further explained that most of these buyers were end-users with varying financial capabilities. The sales were evenly distributed across all unit types, with two- and three-bedroom units being the most popular. However, there was also significant demand for the larger five-bedroom units.Located in District 16 along Upper East Coast Road, Bagnall Haus sits on a freehold 74,280 sq ft site and consists of three five-storey blocks with a total of 113 residential units. The units are available in various sizes, with the smallest being a one-bedroom plus flexi unit at 495 sq ft and the largest being a five-bedroom unit at 1,528 sq ft.Get the latest updates on new launches and view transaction prices and available units by searching for new launchesSponsoredIsmail Gafoor, the CEO of PropNex, shared that out of the 71 units sold, 59% of them were one- and two-bedroom units, which were priced below $2.1 million. He further added that 18 out of the 20 three-bedroom units were also snapped up at prices ranging from $2.3 million to $2.7 million. The remaining units, which were the four- and five-bedroom types, were sold for an average of $3 million to $3.8 million.Gafoor believes that the pricing strategy, which mostly targeted the sweet spot of under $3 million, appealed to a majority of the buyers. He also highlighted that the average transacted price of $2,490 psf was an attractive offer for a well-located freehold development. Gafoor emphasized that potential buyers saw the value in the project, especially when compared to some 99-year leasehold new launches in the Outside Central Region (OCR) area like Chuan Park, which was launched in November 2024 at an average price of $2,579 psf. Moreover, he revealed that both the strata-titled shop units, measuring 172 sq ft each, on the ground floor of Bagnall Haus were also sold at $688,000 ($4,000 psf) each.Gafoor also revealed that the buyers were predominantly owner-occupiers, consisting mainly of homeowners of older landed properties looking for more manageable apartments and families from the neighborhood seeking to upgrade to a freehold property.Marcus Chu, the CEO of ERA Singapore, shared that homebuyers were attracted to Bagnall Haus due to its location near established amenities and reputable schools like Temasek Primary School, which is just within a 1km radius. He added that its proximity to the upcoming Sungei Bedok MRT Station, which will be an interchange for the Downtown and Thomson-East Coast lines, also played a significant role in the sales. Moreover, the development is within walking distance of the upcoming Sungei Bedok MRT Station, making it just one stop away from Bedok South MRT Station, which is part of an integrated transport hub that will feature a new bus interchange within the upcoming Bayshore precinct. The hub will also have a mixed-use development that combines retail and residential components.Mark Yip, the CEO of Huttons Asia, believes that the high demand at Bagnall Haus was due to pent-up demand, which has been growing for the past 15 years, especially since there hasn’t been any new project launched in the area. He also believes that the freehold tenure and its rare location right next to an MRT station were major factors that attracted buyers. Yip explained that buyers were keen on the project due to the potential of the upcoming transformation of the Bayshore precinct.Overall, the launch of Bagnall Haus has been promising, with its prime location, freehold tenure, and attractive pricing strategy attracting a significant number of buyers. Stay updated on the latest listings, prices, and available units at Bagnall Haus by searching for new launches.