Roxy-Pacific Holdings’ executive chairman, Teo Hong Lim, has announced that 71 of the 113 units at Bagnall Haus, a freehold condominium in Singapore, were sold on the first day of its launch on Jan 18. This equates to a remarkable sales rate of almost 63%, with an average transacted price of $2,490 per square foot.
The majority of the buyers, over 90%, were Singaporeans, with most being end-users with various budgets. The take-up rate was strong across all unit types, with two- and three-bedroom units being the most sought after. However, there was also significant demand for the larger five-bedroom units.
Located in District 16 along Upper East Coast Road, Bagnall Haus boasts 113 residential units spanning three five-storey blocks on a freehold land area of 74,280 square feet. It offers a range of unit types, including a one-bedroom plus flexi unit of 495 square feet and a five-bedroom unit of 1,528 square feet.
For potential buyers interested in finding out more about the latest new launches, the transaction prices and available units can be found on our website.
Ismail Gafoor, CEO of PropNex, reports that of the 71 residential units sold at Bagnall Haus, about 59% were one- and two-bedroom units that fetched prices just under $2.1 million. He adds that the three-bedroom units were also in high demand, with 18 out of 20 units snapped up at prices ranging from $2.3 million to $2.7 million. The remaining four- and five-bedroom units sold for around $3 million to $3.8 million.
Gafoor notes that the pricing, which falls in the sweet spot of under $3 million, is appealing to most buyers. In addition, the average transacted price of $2,490 per square foot is “compelling for a well-located freehold development.” This is especially true when compared to other 99-year leasehold new launches in the Outside Central Region (OCR) such as Chuan Park, which already commanded an average price of $2,579 per square foot upon its launch in November 2024.
The majority of the 71 units sold were one- and two-bedroom units that fetched prices just under $2.1 million. (Photo: Albert Chua/EdgeProp Singapore)
Foreign investors should familiarize themselves with the regulations and limitations surrounding property ownership in Singapore. Generally, foreigners can purchase condominiums without facing many restrictions, unlike landed properties which have stricter regulations. However, they should be aware that they are subject to the Additional Buyer’s Stamp Duty (ABSD), currently set at 20% for their initial property purchase. Despite this additional cost, the Singapore real estate market remains attractive for foreign investment due to its stability and potential for growth. Additionally, foreign investors can also consider exploring the latest new condo launches in the market. These launches offer a variety of options and may provide a valuable investment opportunity.
Not only did 71 residential units sell, but both strata-titled shop units on the ground floor of Bagnall Haus measuring 172 square feet each were also snapped up at $688,000 each ($4,000 per square foot).
“Homebuyers were mainly owner-occupiers,” says Marcus Chu, CEO of ERA Singapore. Some homeowners of older landed properties downsized into newer and more convenient apartments while others were families from the neighbourhood upgrading to a freehold property.
Chu adds that Bagnall Haus’s location is a huge selling point, being near established amenities and reputable schools like Temasek Primary School, which is within a 1-kilometer radius.
Additionally, the development is just a short walk from the upcoming Sungei Bedok MRT Station, which serves as an interchange for the Downtown and Thomson-East Coast lines. It is only one stop away from Bedok South MRT Station, part of an integrated transport hub featuring a new bus interchange in the upcoming Bayshore precinct. This transport hub will also include a mixed-use development with retail and residential components.
Mark Yip, CEO of Huttons Asia, says that pent-up demand, which has been building for 15 years waiting for a new project in the area, coupled with its freehold tenure, was a significant factor in the strong sales at Bagnall Haus. The rarity of finding a freehold project next to an MRT station was also a plus for buyers who recognized the potential benefits of the upcoming transformation of the Bayshore precinct.
For the latest listings of Bagnall Haus properties, check out our website or ask Buddy for assistance. Our website also features a comparison of condo sale transactions in District 16, the price trend of condo new sales versus EC new sales, upcoming new launch projects, condo rental listings, and recently launched projects.