Sale of one-bedder at One Bernam sets new project psf price high

/ EdgeProp Singapore |

October 21, 2022 12:10 PM SGT

A 441 sq ft, one-bedroom unit at One Bernam was sold for $1.35 million ($3,054 psf) on Oct 3.

EDGEPROP (SINGAPORE) - A new psf price high has been set at One Bernam in Tanjong Pagar. This involved the sale of a 441 sq ft, one-bedroom unit on the 26th floor which was sold for $1.35 million ($3,054 psf) on Oct 3.

The previous psf price record was held by the sale of the 452 sq ft, one-bedroom neighbouring unit that was sold for $1.37 million ($3,039 psf) on July 25. The sale also marked the first time that a new unit at One Bernam had been sold for more than $3,000 psf.

According to URA caveats, two other units at the project had also fetched for more than $3,000 psf. On Sept 18, a 463 sq ft, one-bedroom unit on the 25th floor was sold for $1.4 million ($3,025 psf), while a similar 463 sq ft unit on the 24th floor transacted for $1.39 million ($3,001 psf) on Sept 23.

Located in District 2, One Bernam is a 99- year leasehold project that is jointly developed by Chinese developers MCC Land and HY Realty. The entire project is a 35-storey mixed-use development comprising 351 residential units, a two-storey retail podium, and 13 serviced apartments. The project represents the maiden Core Central Region (CCR) project in Singapore for both developers.

One Bernam scale model - EDGEPROP SINGAPORE

Developer sales at One Bernam have picked up pace in recent months, moving the take-up to 38% last month. (Picture: Samuel Isaac Chua/The Edge Singapore)

One- and two-bedroom units make up 91% of the total unit mix and they range from 441 sq ft to 872 sq ft. The remaining units consist of three-bedroom units of 1,421 sq ft, a pair of three-bedroom penthouses of 1,744 sq ft and 1,948 sq ft, as well as a five-bedroom penthouse of 4,306 sq ft.

The development achieved reasonably strong sales during its initial sales launch in May 2021. By the end of the first weekend of sales on May 9, the developers were able to move about 80 (23%) of the 351 units in the project.

However, developer sales data shows that subsequent sales over the next 11 months was relatively tepid, with a cumulative take-up rate of 26% in April.

But over the past five months, sales momentum has picked up significantly and the development is nearly 40% sold. The cumulative take-up rate as of end September was 38%.

On the other hand, a new psf price low was set at Sky Habitat, a 509-unit condominium in Bishan in District 20. The record is the result of a resale transaction on Oct 3 which saw a 3,477 sq ft unit on the 37th floor change hands for $3.88 million ($1,116 psf). However, the seller suffered a $370,000 loss on the sale of the property.

This is the first time in nearly four years that a new psf price low has been set at Sky Habitat. The previous record involved a 3,671 sq ft unit on the 37th floor that fetched $4.29 million ($1,168 psf) when it was sold in Oct 2018.

The sale of a 3,477 sq ft unit at Sky Habitat for $3.88 million ($1,116 psf) set a new psf price low in the development. (Picture: Albert Chua/The Edge Singapore)

Based on resale caveats, only three units at Sky Habitat have changed hands for less than $1,200 psf. The only other transaction was a 3,326 sq ft unit also on the 37th floor that was sold for $3.95 million ($1,188 psf) on June 6, 2019.

Sky Habitat is a 99-year leasehold condo that features a step-pyramid architecture designed by the world acclaimed architect, Moshe Safdie.

Completed in 2015, the development is centrally located in a mature HDB town, it is close to Junction 8 shopping mall which is connected to Bishan MRT Interchange on the North-South and Circle Lines. It is also close to Bishan Stadium, Bishan Swimming Complex and Bishan Sports Hall. Nearby schools include Kuo Chuan Presbyterian Primary School, Kuo Chuan Presbyterian Secondary School, Whitley Secondary School and Catholic High School. (Find HDB flats for rent or sale with our Singapore HDB directory)

There are few comparable condos in the immediate vicinity to Sky Habitat. The only comparable leasehold private residential development is the neighbouring Sky Vue, a 694-unit development that was completed in 2016.

Check out the latest listings near One Bernam, Sky Habitat, Sky Vue, Bishan MRT Interchange, Kuo Chuan Presbyterian Primary School, Kuo Chuan Presbyterian Secondary School, Whitley Secondary School, Catholic High School

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