Roxy-Pacific Holdings executive chairman, Teo Hong Lim, declared a success on the first day of launch for the freehold condominium, Bagnall Haus. A total of 71 out of 113 units were sold, equating to a sales rate of almost 63%, with an average price of $2,490 per square foot (psf).
Teo revealed that out of the purchasers, over 90% were locals. He added that a majority of them were end-users with various budget constraints. The sales performance saw a strong response across all unit types, with the two- and three-bedroom units being the most popular. However, there was also significant demand for the larger five-bedroom units.
The freehold development, located at Upper East Coast Road in District 16, features 113 residential units spread over three five-storey blocks on a 74,280 sq ft site. The units comprise a mix of one-bedroom plus flexi units measuring 495 sq ft and five-bedroom units of 1,528 sq ft.
Ismail Gafoor, CEO of PropNex, disclosed that out of the 71 units sold, 59% were one- and two-bedroom units. These units fetched prices of below $2.1 million. He added that the three-bedroom units also enjoyed strong 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 prices between $3 million to $3.8 million.
Gafoor said that the pricing, mostly below $3 million, held a strong appeal for most buyers. He added that the average transacted price of $2,490 psf was attractive for a well-located freehold development. He noted that buyers found value in the project, especially considering that some of the 99-year leasehold project launches in the Outside Central Region (OCR), such as Chuan Park, that was launched in November 2024, had an average price of $2,579 psf.
Additionally, both strata-titled shop units located on the ground floor, measuring 172 sq ft each, were sold for $688,000 each or $4,000 psf.
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ERA Singapore’s CEO, Marcus Chu, revealed that the buyers were mostly owner-occupiers, who were homeowners of older landed properties seeking to downsize to newer and more manageable apartments. Others were families looking to upgrade to a freehold property within the neighbourhood.
According to Chu, Bagnall Haus enjoys the advantage of being close to established amenities and reputable schools, including Temasek Primary School, which is within a 1km radius.
The development is also a short distance from the upcoming Sungei Bedok MRT Station, a Downtown and Thomson-East Coast lines interchange. The project is a single stop from Bedok South MRT Station, which will feature a residential and retail mixed-use development.
Huttons Asia’s CEO, Mark Yip, said that the pent-up demand that came from a 15-year wait for a new project in the area, alongside the freehold tenure, supported the strong sales performance in Bagnall Haus. He added that it was rare to find a freehold development next to an MRT Station. He said that buyers recognized the potential of the upcoming transformation of the Bayshore locality.
In conclusion, Bagnall Haus has been a highly successful launch, with a significant sales rate on its first day. The project has been well received, and buyers see it as a good value purchase, given the prime location and freehold status.