In a statement on Jan 18, Teo Hong Lim, executive chairman of Roxy-Pacific Holdings, shared that the company had sold 71 out of 113 units at Bagnall Haus on the first day of its launch, translating to an impressive sales rate of almost 63%. The average transacted price for these units was $2,490 psf. He also revealed that the majority of buyers were Singaporeans, making up more than 90% of the total number of buyers.Teo added that there was a strong demand for all unit types, with two- and three-bedroom units being the most popular. However, there was also a notable interest in the larger five-bedroom units of Bagnall Haus.Located in District 16 along Upper East Coast Road, Bagnall Haus comprises of 113 freehold residential units spread across three five-storey blocks on a site of 74,280 sq ft. The units are a mix of one-bedroom plus flexi units measuring 495 sq ft and five-bedroom units measuring 1,528 sq ft. Interested buyers can check out the latest New Launches for more information on the transaction prices and available units.According to Ismail Gafoor, CEO of PropNex, out of the 71 units sold, about 59% were one- and two-bedroom units which were sold at prices just below $2.1 million. He also mentioned that there was a strong demand for three-bedroom units, with 18 out of 20 units being snapped up at prices ranging from $2.3 million to $2.7 million. The remaining four- and five-bedroom unit types were sold at prices ranging from $3 million to $3.8 million.Gafoor believes that the pricing, which falls below $3 million, was a major factor in attracting buyers. He also noted that the average transacted price of $2,490 psf was considered a great deal for a freehold development in such a prime location. He pointed out that other 99-year leasehold new launches in the Outside Central Region (OCR), such as Chuan Park, had reached an average price of $2,579 psf when it was launched in November 2024.Out of the 71 units sold, 59% were one- and two-bedroom units (Photo: Albert Chua/EdgeProp Singapore)In addition to the residential units, the two strata-titled shop units on the ground floor of Bagnall Haus, measuring 172 sq ft each, were also sold for $688,000 ($4,000 psf) each, bringing the total number of units sold to 71.Marcus Chu, CEO of ERA Singapore, shared that the majority of buyers were homeowners looking to downsize from larger landed properties to newer and more manageable apartments. Other interested buyers were families from the neighbourhood who wanted to upgrade to a freehold property.Bagnall Haus is strategically located near established amenities and reputable schools, with the popular Temasek Primary School being within the 1km radius. It is also within walking distance of the upcoming Sungei Bedok MRT Station, which is an interchange for the Downtown and Thomson-East Coast lines. This makes it just one stop away from Bedok South MRT Station, which will be part of an integrated transport hub with a new bus interchange in the upcoming Bayshore precinct. The transport hub will also feature a mixed-use development with retail and residential components.Mark Yip, CEO of Huttons Asia, attributes the sales success at Bagnall Haus to the strong pent-up demand from buyers who had been waiting for a new launch in the area for the past 15 years. The project’s freehold tenure and its prime location near an MRT station were also key factors in driving sales. Yip also believes that buyers recognized the potential value and growth opportunities in the upcoming transformation of the Bayshore precinct. Interested buyers can search for available properties at Bagnall Haus or look into other recently launched projects in the area.
Rewritten:
Investment in a condominium also offers the advantage of utilizing the property’s value for future investments. Numerous investors leverage their condos as collateral to secure additional funding for new ventures, allowing for the expansion of their real estate portfolio. While this approach can increase returns, it also presents potential risks. It is essential to have a solid financial plan and carefully consider the influence of market fluctuations. Investing in Singapore Projects can further enhance these opportunities.