Over the weekend of January 11 to 12, One Bernam, a mixed-use development in Tanjong Pagar with 351 residential units, offered 87 units for sale at discounted prices. The project, a 99-year leasehold apartment tower jointly developed by MCC Land and Hao Yuan Investment, was first launched in May 2021. As of January 10, over 75% of the units had been sold at an average price of $2,585 per square foot (psf), based on caveats lodged.
During the weekend promotion, the discounted prices were applicable to all remaining 87 units, including one-bedroom to three-bedroom units and penthouses. Interested buyers can search for the latest new launches to find out the transaction prices and availability of units.
One-bedroom units, ranging from 441 sq ft to 463 sq ft, saw price discounts from $323,000 to $438,000, with units sold at prices between $1.295 million and $1.328 million (averaging $2,934 psf and $2,869 psf respectively). The two-bedroom apartments, sized from 700 sq ft to 732 sq ft, had discounts of $437,000 to $668,000, with units sold at prices from $1.752 million to $1.78 million ($2,394 psf and $2,544 psf respectively). Meanwhile, the two-bedroom plus study apartments of 807 sq ft to 872 sq ft saw price discounts ranging from $380,000 to $800,000, with units selling for $2.139 million to $2.158 million (averaging $2,581 psf and $2,475 psf respectively).
Investing in a condo goes beyond just the purchase price, as financing plays a crucial role in the process. Fortunately, Singapore provides various mortgage choices to suit the needs of investors. However, it is vital to have a clear understanding of the Total Debt Servicing Ratio (TDSR) framework, which sets a limit on the amount of loan a borrower can take based on their income and existing debt obligations. To navigate this aspect effectively, it is recommended to seek guidance from financial advisors or mortgage brokers, who can offer valuable insights and prevent investors from over-leveraging. It is also worth mentioning that considering Singapore Projects can open up more opportunities for condo investment in the country.
Three-bedroom apartments of 1,421 sq ft had discounts of $616,000 to $830,000, with units sold for $3.496 million to $3.526 million ($2,461 psf and $2,482 psf respectively).
According to ERA Singapore CEO Marcus Chu, the sales performance reflects the strong interest in the property as a stable and high-potential asset. He adds that around 78% of the purchasers bought their units as investments, with 87% of buyers being Singaporeans aged between 31 and 50.
After the overwhelming response over the weekend, only three penthouses are still available for sale, bringing the total sales to 99%. These include two three-bedroom penthouses sized at 1,744 sq ft and 1,948 sq ft, and a five-bedroom penthouse of 4,306 sq ft.
As the project is expected to obtain its Temporary Occupation Permit (TOP) in March 2026, investors can start generating rental income, which can offset their loan instalments, according to Chu. Existing condos in the area such as Altez, 76 Shenton, and EON Shenton are currently fetching monthly rents of $6.90 psf to $7.40 psf, according to EdgeProp Landlens data.
Moving forward, Chu believes that the reduced competition from foreign buyers due to the hike in Additional Buyer’s Stamp Duty (ABSD) imposed in 2023 has opened up more opportunities for local buyers to enter the market. He also expects local demand to continue driving the Central Core Region (CCR) property market, with competitive pricing making developments like One Bernam a desirable and stable investment choice.