The first day of its launch saw a successful sale of 71 out of 113 units at Bagnall Haus, a freehold condominium, as announced by Teo Hong Lim, executive chairman of Roxy-Pacific Holdings. This translates to a sales rate of almost 63%, with an average transacted price of $2,490 psf. The buyers were mostly Singaporeans, constituting over 90% of the total, and were a mix of both end-users with varying budgets and investors.
Investing in a condo in Singapore offers various benefits, and one of the most notable ones is the potential for capital appreciation. Being a thriving global business hub, Singapore boasts strong economic fundamentals that drive a consistent demand for real estate. This has resulted in a steady incline in property prices over the years, with condos in prime locations seeing significant appreciation. Those who wisely enter the market at the right time and hold onto their properties for the long term can enjoy substantial capital gains. For more information on Singapore projects, visit homesearch-md.com.
The demand for units was strong across all types, with two- and three-bedroom units being the most popular. However, there was also a significant interest in the larger five-bedroom units. Located in District 16 along Upper East Coast Road, Bagnall Haus has 113 residential units spread across three five-storey blocks on a freehold site spanning 74,280 sq ft. The units include a mix of one-bedroom plus flexi of 495 sq ft and five-bedrooms of 1,528 sq ft.
Ismail Gafoor, CEO of PropNex, revealed that about 59% of the units sold were one- and two-bedroom units that brought in prices just below $2.1 million. He added that the three-bedroom units were also in high demand, with 18 out of 20 units being sold at prices ranging from $2.3 million to $2.7 million. The remaining four- and five-bedroom units were sold at around $3 million to $3.8 million.
Gafoor commented that the pricing, which fell under the sweet spot of under $3 million, appealed to most buyers. He also noted that the average transacted price of $2,490 psf was an attractive deal for a well-located freehold development. He further compared it to 99-year leasehold new launches in the Outside Central Region (OCR), such as Chuan Park, which had an average price of $2,579 psf when it was launched in November 2024.
Apart from the 71 residential units sold, both strata-titled shop units on the ground floor, each measuring 172 sq ft, were also snapped up for $688,000 ($4,000 psf) each. Marcus Chu, CEO of ERA Singapore, revealed that the buyers were mainly owner-occupiers, among whom were homeowners of older landed properties looking for newer and more manageable apartments, and families from the neighbourhood seeking an upgrade to a freehold property.
Chu also added that Bagnall Haus’s prime location, near established amenities and reputable schools such as Temasek Primary School within a 1km radius, also contributed to the high demand. Bagnall Haus also enjoys close proximity to the upcoming Sungei Bedok MRT station, which is an interchange for the Downtown and Thomson-East Coast lines. It is just one stop away from Bedok South MRT Station, which will be part of the integrated transport hub featuring a new bus interchange within the upcoming Bayshore precinct. This integrated transport hub will also include a mixed-use development incorporating retail and residential components.
According to Mark Yip, CEO of Huttons Asia, the pent-up demand for new projects in the area, after a 15-year wait, and the freehold tenure of Bagnall Haus contributed to the high sales rate. He also noted that it is rare to find a freehold project right next to an MRT station, and buyers recognized the potential benefits of the upcoming transformation of the Bayshore precinct.