The Singapore property market has once again proven its resilience and enduring appeal, as demonstrated by the near sellout of One Bernam, a mixed-use development in Tanjong Pagar. Over the weekend of January 11-12, the project saw a surge in interest after offering promotional prices on its remaining units. By the end of the promotion, only three penthouses remained, marking an impressive 99% sales achievement.
This milestone highlights the ongoing demand for well-priced, strategically located properties in the Core Central Region (CCR). With One Bernam boasting features like proximity to Tanjong Pagar MRT, a mix of residential and commercial spaces, and high potential rental yields, buyers clearly recognized the value this development offers.
What Made One Bernam Stand Out?
Several factors contributed to the overwhelming response:
- Strategic Discounts: Significant price discounts of up to $830,000 across one- to three-bedroom units created an irresistible buying opportunity for value-conscious investors and homebuyers.
- Attractive Price Point: Units were transacted at an average of $2,585 psf, a competitive rate for the CCR, especially given its excellent location and mixed-use concept.
- Local Buyer Dominance: With 87% of buyers being Singaporeans and 78% purchasing for investment purposes, the development catered strongly to the local demand for stable and high-potential assets.
- Upcoming TOP: Slated for completion in March 2026, the property offers investors a clear timeline to capitalize on rental income in a high-demand area.
What This Means for the Market
The successful near sellout of One Bernam underscores two key trends in Singapore's real estate landscape:
- Strong Local Demand: The market continues to see robust interest from local buyers, despite recent cooling measures and higher Additional Buyer’s Stamp Duty (ABSD). This aligns with Marcus Chu’s observation that local demand is becoming a key driver for CCR properties.
- Value Recognition: When presented with a well-priced product in a prime location, buyers are quick to act. The high transaction volume at One Bernam demonstrates that Singaporean buyers remain discerning and confident, especially when they perceive a good deal.
Market Outlook and Opportunities
Looking ahead, local demand is expected to sustain momentum in the CCR, particularly with upcoming launches offering competitive pricing and strong rental potential. For investors, developments like One Bernam illustrate the importance of timing and recognizing opportunities in a competitive market.
Summary Highlights:
- One Bernam achieved 99% sales after a weekend promotional campaign.
- Discounts of up to $830,000 were offered, spurring strong buyer interest.
- 87% of buyers were Singaporeans, with 78% purchasing for investment purposes.
- Only three penthouses remain, including a five-bedroom unit of 4,306 sq ft.
- CCR properties remain desirable for their stability, competitive pricing, and rental yields.
Interpretation: The Importance of Recognizing Value in the Market
The success of One Bernam serves as a clear reminder that demand in Singapore's property market remains high when buyers see value. Whether you're looking to invest or secure a home in a prime location, opportunities like this show that acting quickly on the right product can be the key to long-term gains.
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Source:
EdgeProp