Over the weekend of Jan 11 to 12, the highly anticipated mixed-use development, One Bernam, in Tanjong Pagar, offered 87 units for sale at promotional prices. The project, jointly developed by MCC Land and Hao Yuan Investment, first launched in May 2021 and features 351 residential units on a 99-year leasehold.
According to caveats lodged as of Jan 10, over 75% of the units have already been sold at an average price of $2,585 psf. In order to boost sales, the developers announced promotional prices for all of the remaining 87 units, including one-bedroom to three-bedroom units as well as penthouses.
Potential buyers can refer to the latest New Launches section for transaction prices and available units. During the promotional period, one-bedroom units ranging from 441 sq ft to 463 sq ft were sold at prices ranging from $1.295 million ($2,934 psf) to $1.328 million ($2,869 psf), with discounts of $323,000 to $438,000.
Securing financing is a crucial element in investing in a Singapore condo. The country boasts a variety of mortgage choices, but it’s crucial to understand the Total Debt Servicing Ratio (TDSR) framework. This framework restricts the amount of loan a borrower can obtain, taking into account their income and current debt commitments. Familiarizing oneself with the TDSR and seeking guidance from financial experts or mortgage brokers can aid in making well-informed decisions and prevent over-stretching one’s financial capabilities. For more information on Singapore condos, visit Singapore Condo.
Meanwhile, the two-bedroom apartments, which range from 700 sq ft to 732 sq ft, saw price discounts from $437,000 to $668,000, with units sold at prices from $1.752 million ($2,394 psf) to $1.78 million ($2,544 psf). The two-bedroom plus study units, which are between 807 sq ft to 872 sq ft, had discounts ranging from $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).
Additionally, three-bedroom units of 1,421 sq ft had discounts ranging from $616,000 to $830,000, with units sold at $3.496 million ($2,461 psf) to $3.526 million ($2,482 psf).
The project’s CEO, Marcus Chu, highlights the strong interest and demand for the property as a stable and high-potential asset, with 78% of the units purchased for investment purposes. It was also reported that 87% of buyers are Singaporeans, with 70% aged between 31 to 50 years old.
As of now, following the overwhelming response, only three penthouses are currently available for sale, bringing total sales to 99%. They consist of two units of three-bedroom penthouses with sizes of 1,744 sq ft and 1,948 sq ft, while the last unit is 4,306 sq ft in size and comprises five bedrooms.
Chu also predicts that as the project is scheduled to obtain a Temporary Occupation Permit (TOP) in March 2026, investors can start generating rental income to support their loan instalments.
Based on EdgeProp Landlens data, the average monthly rents of existing apartment projects in the area, such as Altez, Eon Shenton and 76 Shenton, range from $6.90 psf to $7.40 psf.
Looking ahead, 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 adds that local demand is expected to continue being the key driver for Central Core Region (CCR) properties moving forward, with competitive pricing making these developments a desirable and stable investment choice.
Interested buyers can check out the latest listings for One Bernam properties and ask for advice at Buddy. They can also refer to the price trend chart for One Bernam and compare the trend between new and resale condos. For those keen on upcoming new launch projects, they can refer to the price trend chart for District 2 and search for any rental listings in the area.
Also, to understand the buyer profile for One Bernam, check out our property market insights.