The potential buyers on launch day, Sept 21, at 8@BT sales gallery (Photo: Bukit Sembawang Estates)
Bukit Sembawang Estates' 158-unit private condo 8@BT at Bukit Timah Link was launched on September 21, and 83 units (52.5%) have been sold as at noon September 22. Starting at $2,530 psf, the average price of units sold was $2,719 psf.
According to the developer, 99% of the buyers were Singaporeans and permanent residents (PRs), with one foreign buyer from the US. The majority of buyers were said to be families with children, with an even distribution of other profiles making up the remaining mix.
“We also saw a healthy proportion of upgraders and right sizers,” says Lisa Goh, general manager (sales and marketing) of Bukit Sembawang Estates.
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Based on the sales, 33% of the buyers were between the ages of 31 and 40; 21% were between the ages of 21 and 30; and about 5% were retirees above the age of 60, says Bukit Sembawang.
The most popular units were the one-bedders, with 91% of 32 units sold, and the two-bedders, with 60% of the 48 units taken up. Nearly half (49%) of the three-bedders were sold (Photo: Bukit Sembawang Estates)
"Going by the launch take-up rate of projects in 2024 so far, 8@BT has one of the best showings – behind the 533-unit Lentor Mansion, which sold 75% of its units at launch in March, and slightly better than Kassia which shifted 52% of its units during its launch weekend in July," says Ismail Gafoor, CEO of PropNex.
8@BT is the second project launch to exceed a 50% sales take-up after the June school holidays, according to Mark Yip, CEO of Huttons Asia. The first was the freehold, 276-unit Kassia on Flora Drive, with 144 (52%) sold on July 21. To date, 160 units (58%) at Kassia have been sold as at September 21, at an average price of $2,006 psf.
The most popular units at 8@BT were the one-bedroom, with 29 out of the 32 units (91%) sold at prices from $1.338 million, says Marcus Chu, CEO of ERA Singapore. These units have sizes from 517 to 592 sq ft. Equally popular were the two-bedders of 624 to 829 sq ft, with 29 (60%) of 48 taken up. These were priced from $1.808 million.
Of the 47 three-bedroom units of 1,001 to 1,270 sq ft, 23 (49%) were sold at prices upward of $2.55 million. Most of the buyers are owner-occupiers, according to Chu.
8@BT is adjacent to two mixed-use developments, The Linq@Beauty World and The Reserve Residences, which are linked directly to the Beauty World MRT Station (Source: EdgeProp Landlens)
"The design of all the units is well-thought-through," says Huttons' Yip. The one- and two-bedroom unit layouts are highly efficient, with minimal corridors and no balcony. The landscape layout of the living and dining areas for all units further adds to the appeal. When a product is right with good finishes, customers are most willing to pay a premium, he adds.
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Sentiments in the new homes market appear to have picked up in 3Q2024, adds Huttons. Sales for September are estimated to be between 300 and 350 units. Together with the estimated 779 units sold in Jul and Aug, new home sales in 3Q2024 are likely to be between 1,000 and 1,100. It is much higher than 2Q2024's 725 units and almost on par with 1Q2024's 1,164 units.
"Historically, demand for units in the Bukit Timah (Beauty World) area has been robust," says Huttons' Yip. Nearby, the freehold Linq @ Beauty World sold 96% of the 120 units launched on the first weekend in November 2020. The Linq @ Beauty World was fully sold in December 2021 at an average of $2,165 psf. The latest sub-sale was in mid-August for a 549 sq ft, one-bedroom unit on the 17th floor that changed hands for $1.6 million ($2,915 psf), based on a caveat lodged.
Across the road from 8@BT is the 732-unit, 99-year The Reserve Residences. It was launched at the end of May 2023, with 520 units (71%) sold at an average price of $2,460 psf on its launch weekend. The project is 97% sold at an average price of $2,480 psf.
Source: EdgeProp Buddy
Source: EdgeProp Buddy
"With The Linq @ Beauty World fully sold, and The Reserve Residences 97% sold, there are limited new home options in the vicinity," says ERA's Chu. "As such, we are seeing some pent-up demand in this popular part of District 21."
Quite a number of the younger buyers grew up in the area and were looking to purchase a property within a familiar environment to live near their aged parents, continues Chu. Some seniors were looking to right-size their homes after their older children had moved out of the family home, and they want to live in the same location, he adds.
8@BT is the only pure residential project in the area and a short two-minute walk to Beauty World MRT Station. The Bukit Timah Nature Reserve, Rifle Range Nature Park and The Rail Corridor are just across the road. Pei Hwa Presbyterian Primary School is within a 1km radius, with Methodist Girls' School and Nanyang Primary School over 1km away.
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