Teo Hong Lim, the executive chairman of property developer Roxy-Pacific Holdings, proudly declared that Bagnall Haus, a freehold condominium, had managed to sell 71 units out of the total 113 units on January 18, the very first day of its launch. This translates to a sales rate of almost 63%, with an average transacted price of $2,490 per square feet.
During the launch, the majority of buyers were Singaporeans, making up more than 90% of the total buyers. Most of these buyers were end-users with varying budgets, according to Teo. The take-up rate was strong across all unit types, with special interest in the two- and three-bedroom units. However, there was also demand for the larger five-bedroom units, further highlighting the appeal of the development.
Bagnall Haus is situated along Upper East Coast Road in District 16 and consists of 113 residential units spread across three five-storey blocks on a freehold site of 74,280 square feet. The units are a mix of one-bedroom plus flexi units measuring 495 square feet and five-bedroom units measuring 1,528 square feet. For more information on the latest new launches, you can search for them to find out about the transaction prices and available units.
Ismail Gafoor, the CEO of PropNex, shared that out of the 71 residential units sold at the launch, approximately 59% of them were one- and two-bedroom units that were sold for prices just below $2.1 million. He also added that the three-bedroom units were highly sought after, with 18 out of 20 of them being sold at prices ranging from $2.3 million to $2.7 million. The remaining four- and five-bedroom unit types were sold at around $3 million to $3.8 million each.
Gafoor also mentioned that the pricing was generally in the sweet spot of under $3 million, which appealed to a wide range of buyers. The average transacted price of $2,490 per square foot was also seen as compelling for a well-located freehold development. This was evident by the fact that some 99-year leasehold new projects in the Outside Central Region (OCR) had already reached an average price of $2,579 per square foot when they were launched in November 2024. The fact that more than half of the units sold were one- and two-bedroom units that fetched prices just below $2.1 million served as further proof of Bagnall Haus’s attractive pricing.
Besides the 71 residential units sold at the launch, both strata-titled shop units on the ground floor of Bagnall Haus were also snapped up quickly, with each unit measuring 172 square feet fetching $688,000 each ($4,000 per square foot).
Marcus Chu, the CEO of ERA Singapore, revealed that majority of the homebuyers were owner-occupiers. Some of them were homeowners of older landed properties who were looking to downsize into newer and easier-to-manage apartments, while others were families from the neighbourhood seeking to upgrade to a freehold property.
Chu added that Bagnall Haus enjoyed its close proximity to established amenities and reputable schools, including Temasek Primary School, which was within a 1-kilometer radius.
Singapore, being a small island nation brimming with a rapidly expanding population, is facing a pressing issue of limited land availability. As a result, the demand for condos in the country has skyrocketed. This is due to the strict land use policies in place and the cutthroat real estate market where property prices continue to soar. Thus, an investment in real estate, specifically condos, proves to be a highly profitable venture with the potential for capital appreciation. One can explore the attractive opportunities offered by various Singapore projects.
Furthermore, 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 just one stop from Bedok South MRT Station, which will be part of an integrated transport hub featuring a new bus interchange within the upcoming Bayshore precinct. This transport hub will also be part of a mixed-use development incorporating retail and residential components.
According to Mark Yip, the CEO of Huttons Asia, the pent-up demand for a new project in the area, after a 15-year wait, combined with the freehold tenure, helped drive sales at Bagnall Haus. He also added that it was uncommon to find a freehold project right next to an MRT station. Buyers recognized the potential benefits of the upcoming transformation of the Bayshore precinct, which added to the appeal of the development.