SINGAPORE (EDGEPROP) - Singapore-listed Frasers Property Singapore announced that it has sold 118 of 158 residential units at Sky Eden@Bedok on the first day of launch on Wednesday, Sept 7. The average selling price of the units launched was $2,100 psf.

A mixed-use development, Sky Eden@Bedok will have 12 shops on the ground floor. It is located at Bedok Central, within a three-minute walk of the Bedok integrated transport hub and amenities.

Two-bedroom units with sizes of 657 sq ft to 743 sq ft, and priced from $1.31 million ($1,994 psf) have been fully sold. They made up about 40% of the units in the project. The remaining units are the premium three-bedroom units of 1,087 sq ft, which start from over $2 million and the four-bedroom units of 1,302 sq ft, which are priced upward of $2.6 million.

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“We are pleased that Sky Eden@Bedok – the first residential launch in Bedok Town Centre in 10 years – has been well-received,” says Lorraine Shiow, acting COO of residential at Frasers Property Singapore.

Sky Eden@Bedok’s accessible location in a mature estate has proven to be a huge draw for homebuyers, according to Shiow. The project’s attributes include its wellness-inspired and co-working facilities well as lush landscaping with sky gardens next to each home, she adds.

“The property is close to employment hubs such as Changi and Paya Lebar, which are set to undergo further rejuvenation and add more vibrancy to Singapore’s East,” notes Shiow.

On Sept 6, Frasers Property decided to bring forward its launch of Sky Eden@Bedok to the following day, Wednesday, Sept 7. This was three days ahead of its anticipated launch on Sept 10. “Whether the project was launched on a weekday or weekend made little difference to its sales,” says Ismail Gafoor, CEO of PropNex.

Sky Eden @ Bedok had previewed on Aug 27, and by Sept 4, the developer had collected a total of 561 cheques as expressions of interest from potential buyers, according to sources. With just 158 units at Sky Eden@Bedok, the project was 3.55 times subscribed ahead of its launch.

The 75% sales rate at Sky Eden@Bedok was within Gafoor’s expectation. “It’s because of the quantum price,” he says. “The sweet spot for Singaporean buyers is anything in the range of $1.5 to $1.75 million. If you had to stretch a little, the maximum would be $2 million. Beyond that, the pool of buyers is a lot smaller, especially in the upgraders’ segment.”

Given its location in the Outside Central Region (OCR), Sky Eden@Bedok is designed to appeal to HDB upgraders, notes Gafoor.

“Sky Eden@Bedok’s sales result on launch day is in line with that of other major non-landed launches in 2022,” says Mark Yip, CEO of Huttons Asia. “The buyers were mainly investors who saw the potential of Sky Eden@Bedok as it is located near the MRT station, surrounded by amenities and is near major employment centres,” he adds.

Alan Cheong, head of research and executive director of Savills Singapore attributes the strong sales seen at recent OCR project launches such as AMO Residence, with 98% of its 372 units sold on the first day of launch in July, and now at Sky Eden@Bedok to “rapidly increasing HDB resale prices, and narrowing price gap for the move from public to private property”. (Find HDB flats for rent or sale with our Singapore HDB directory)

Average selling price of about $2,100 psf for OCR projects, as seen at both AMO Residence and Sky Eden@Bedok is also likely to be “the new norm” for upcoming launches of OCR projects, says PropNex’s Gafoor. “Generally, the profile of buyers are still largely Singaporean,” he adds. “Some are buying for investment, but a good percentage are buying for their own stay, especially those picking up three- and four-bedroom units.”

The strong sales at Sky Eden@Bedok is the latest sign of the resilience of the real estate market, says Gafoor. It’s also due to the lack of new supply in the OCR, relative to demand, adds Gafoor.

Check out the latest listings near Sky Eden@Bedok, AMO Residence

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