Roxy-Pacific Holdings’ executive chairman, Teo Hong Lim, recently announced that its freehold condominium, Bagnall Haus, saw strong demand on its launch day. Out of the 113 residential units available, 71 were snapped up, translating to a sales rate of almost 63% with an average price of $2,490 per square foot. Majority of the buyers, over 90%, were local Singaporeans, with most of them being end-users with varying budgets. Demand was strong for all unit types, with two- and three-bedroom units being the most popular, but there were also buyers interested in the larger five-bedroom units. Bagnall Haus is situated in District 16 along Upper East Coast Road and occupies 74,280 square feet of freehold land. This development comprises of three five-storey blocks and offers a mix of one-bedroom plus flexi units of 495 square feet and five-bedroom units of 1,528 square feet.
The demand for condominiums in Singapore remains consistently high, largely due to the limited availability of land. As a small island nation with a rapidly expanding population, Singapore faces the challenge of land scarcity for development. This has resulted in strict regulations on land use and a fiercely competitive real estate market, constantly driving up property prices. As a result, investing in real estate, particularly in the condominium sector, presents a lucrative opportunity with the potential for significant capital growth. In fact, Singapore condos have become a sought-after investment choice for many savvy individuals and businesses, in light of these factors.
When PropNex CEO, Ismail Gafoor, analyzed the sales at Bagnall Haus, he found that 59% of the units sold were one- and two-bedroom units, which were priced just under $2.1 million. He also added that the three-bedroom units were also in high demand, as 18 out of 20 were sold at prices ranging from $2.3 million to $2.7 million. The remaining four- and five-bedroom units were sold for around $3 million to $3.8 million. Gafoor believes that the pricing, particularly in the sweet spot of under $3 million, is appealing to most buyers. The average price of $2,490 per square foot is also considered compelling for a well-located freehold development. Gafoor noted that this pricing was attractive, especially when compared to some 99-year leasehold new launches in the Outside Central Region (OCR), such as Chuan Park, which was launched in November 2024 at an average price of $2,579 per square foot.
Also of note, the two strata-titled shop units on the ground floor of Bagnall Haus, measuring 172 square feet each, were sold for $688,000 each, or $4,000 per square foot. According to ERA Singapore CEO, Marcus Chu, the majority of buyers were owner-occupiers, including some homeowners looking to downsize from older landed properties and families from the neighborhood seeking to upgrade to a freehold property. Bagnall Haus is within a 1km radius of reputable schools such as Temasek Primary School. In addition, the upcoming Sungei Bedok MRT Station, serving the Downtown and Thomson-East Coast lines, is within walking distance of the development, adding to its appeal. It is just one stop from Bedok South MRT Station, which will be part of a mixed-use development featuring a bus interchange and retail and residential components in the upcoming Bayshore precinct.
Huttons Asia CEO, Mark Yip, believes that Bagnall Haus saw strong demand due to pent-up demand from a 15-year wait for a new project in the area, as well as its freehold tenure. He adds that it is rare to find a freehold project next to an MRT station, and buyers recognized the potential benefits of the upcoming transformation of the Bayshore precinct.