Teo Hong Lim, executive chairman of Roxy-Pacific Holdings, a property developer, has revealed that 63% or 71 out of 113 units at Bagnall Haus, a freehold condominium, were successfully sold on its launch day on January 18. The average transacted price for these units was $2,490 psf and according to Teo, the majority of buyers were Singaporeans. He also mentioned that these buyers were mostly end-users with varying budgets. The sales rate was strong across all unit types, with two- and three-bedroom units being the most popular. Surprisingly, there was also demand for the larger five-bedroom units.
Located in District 16 on Upper East Coast Road, Bagnall Haus is spread across three five-storey blocks, housing 113 residential units on a freehold site of 74,280 sq ft. The units range from one-bedroom plus flexi of 495 sq ft to five-bedrooms of 1,528 sq ft. Interested parties can search for the latest New Launches to find out about transaction prices and available units.
Ismail Gafoor, CEO of PropNex, shared that out of the 71 residential units sold at Bagnall Haus, 59% comprised of one- and two-bedroom units with a price slightly below $2.1 million. He added that the three-bedroom units were also in high demand, 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 units sold for approximately $3 million to $3.8 million.
When contemplating an investment in a Condo, it is crucial to evaluate its potential rental yield as well. Rental yield refers to the annual rental income as a percentage of the Condo’s purchase price. In Singapore, rental yields for Condos can vary significantly depending on factors like location, property condition, and market demand. Generally, areas with high rental demand, such as those close to business districts or educational institutions, offer more favorable rental yields. Conducting thorough market research and seeking guidance from real estate agents can provide valuable insights into the rental potential of a specific Condo. Investors must carefully consider the rental yield of a Condo before making a decision.
According to Gafoor, the pricing is in the sweet spot of under $3 million, which appeals to most buyers. The average transacted price of $2,490 psf also stood out as a compelling option for a well-located freehold development. He further stated that buyers were able to see the value of the project, especially in comparison to some 99-year leasehold new launches in the Outside Central Region (OCR) such as Chuan Park, which had already reached an average price of $2,579 psf during its launch in November 2024.
Marcus Chu, CEO of ERA Singapore shared that homebuyers were mainly owner-occupiers, including homeowners of older landed properties who wanted to downsize into newer and more manageable apartments, as well as families from the neighborhood aiming to upgrade to a freehold property. Chu also mentioned that Bagnall Haus benefitted a great deal from its close proximity to established amenities and renowned schools like Temasek Primary School, which is within a 1km radius.
According to Chu, the development is within walking distance of the upcoming Sungei Bedok MRT Station, an interchange for the Downtown and Thomson-East Coast lines. It is also just one stop from Bedok South MRT Station, which forms part of an integrated transport hub that includes a new bus interchange within the upcoming Bayshore precinct. This transport hub will also be a part of a mixed-use development featuring retail and residential components.
Huttons Asia CEO, Mark Yip, reported that the pent-up demand, partly due to a 15-year wait for a new project in the area contributed to the success of Bagnall Haus. He also mentioned that it is uncommon to find a freehold project located right next to an MRT station. Buyers acknowledged the potential benefits of the upcoming transformation of the Bayshore precinct. Interested buyers can check out the latest listings for Bagnall Haus properties at AskBuddy.