Singapore’s property market continues to see notable developments, with One Bernam in Tanjong Pagar making headlines by hitting a new psf-price high of $3,351. This record-breaking transaction highlights the continued demand for prime properties in the city-state, even amidst fluctuating market conditions.
A Closer Look at One Bernam's New Record
On August 4th, One Bernam set a new price benchmark with the sale of a 452 sq ft one-bedroom unit on the 30th floor for $1.51 million, translating to $3,351 psf. This is a slight increase of 0.2% from the previous high of $3,344 psf, which was set earlier this year in March.
One Bernam is a 99-year leasehold mixed-use development strategically located in the Tanjong Pagar area, known for its proximity to the Central Business District (CBD) and major transportation hubs. The development boasts 351 residential units, retail spaces, and serviced apartments, catering to both residents and investors looking for convenience and modern amenities.
The project has consistently drawn attention from buyers, with 65% of its units sold as of August 8th at an average price of $2,582 psf. The latest transaction reaffirms the continued appeal of well-located properties with strong investment potential.
Market Trends: Highs and Lows
Interestingly, while One Bernam hit a new price high, other developments have also seen significant transactions. Residences @ Evelyn, a freehold condo in Novena, witnessed a three-bedroom unit sell for $2,504 psf, setting a new record for the development. The seller made a net profit of $1.6 million, highlighting the long-term investment potential of freehold properties in Singapore.
On the other hand, The Myst, a 99-year leasehold condo along Upper Bukit Timah Road, registered a new psf-price low of $1,877 during the same period. Despite this, the overall demand for The Myst remains strong, with 63% of its units sold, and the development is expected to be completed in 2029.
What This Means for Buyers and Sellers
The record-high psf prices at One Bernam and Residences @ Evelyn underscore the resilience of Singapore’s real estate market, particularly in well-located areas near the city center. For sellers, these transactions indicate that there is still strong demand for high-quality properties, even at premium prices. If you own a unit in a prime location, now may be an opportune time to assess the market and consider listing your property for sale.
For buyers, these developments highlight the need to act strategically. While prime properties are achieving record prices, there are still opportunities to purchase in other areas at more affordable rates. Developments like The Myst, which have seen a slight dip in psf prices, could represent value buys for those looking to invest in the longer term.
Key Highlights
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One Bernam Hits New High: The development sets a new record with a $3,351 psf transaction, reflecting continued demand for prime locations near the CBD.
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Investment Potential: Sellers of properties in prime locations, such as Residences @ Evelyn, are realizing substantial profits, underscoring the investment potential of well-located freehold condos.
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Affordable Alternatives: Despite the high prices in some developments, other projects like The Myst offer more affordable options for buyers, with slight dips in psf prices presenting opportunities.
The latest psf highs in Singapore’s property market reflect an ongoing trend of resilience, particularly in prime areas where demand remains strong despite broader economic uncertainties. For buyers, this means that while premium properties continue to achieve record prices, there are still opportunities in the market, especially in emerging areas or newer developments. For sellers, now could be a strategic time to consider capitalizing on market momentum, particularly for properties in highly desirable locations.
Whether you’re looking to buy, sell, or simply stay informed about the latest trends in Singapore’s dynamic property market, staying up-to-date with the latest developments is crucial. Reach out today for a personalized consultation and insights into how these trends could impact your real estate decisions. Let’s discuss how to make the most of current opportunities in the market.