Sales of One Bernam, the mixed-use development with 351 residential units in Tanjong Pagar, were launched earlier this year in May by joint developers MCC Land and Hao Yuan Investment. Following the weekend of January 11 and 12, 87 of the remaining units were offered for sale at promotional prices.
Based on the latest transactions recorded as of January 10, over 75% of the units were sold with an average price of $2,585 per square foot (psf). The promotional prices were applicable to all the remaining units, including one-bedroom to three-bedroom units, as well as penthouses.
For one-bedroom units ranging from 441 sq ft to 463 sq ft, discounts of $323,000 to $438,000 were given with units selling at prices ranging from $1.295 million ($2,934 psf) to $1.328 million ($2,869 psf). Meanwhile, two-bedroom units with sizes of 700 sq ft to 732 sq ft had discounts between $437,000 to $668,000, with units sold at prices from $1.752 million ($2,394 psf) to $1.78 million ($2,544 psf).
The two-bedroom plus study units of 807 sq ft to 872 sq ft had discounts ranging from $380,000 to $800,000, selling at prices between $2.139 million ($2,581 psf) and $2.158 million ($2,475 psf).
Three-bedroom apartments of 1,421 sq ft had discounts ranging from $616,000 to $830,000, with units selling at prices ranging from $3.496 million ($2,461 psf) to $3.526 million ($2,482 psf).
According to ERA Singapore CEO Marcus Chu, the strong sales performance reflects the high potential and stability of One Bernam as an asset. He also noted that 78% of buyers purchased their units as investments, with 87% of them being Singaporeans and 70% aged between 31 and 50.
Following the overwhelming response over the weekend, only three penthouses are currently available for sale, bringing the total sales to 99%. These include two three-bedroom units of 1,744 sq ft and 1,948 sq ft and a five-bedroom unit of 4,306 sq ft.
With the project scheduled for completion in March 2026, investors are expected to start generating rental income, which can support their loan instalments, according to Chu.
Based on data from EdgeProp Landlens, the average monthly rentals of existing projects in the area such as Altez, Eon Shenton, and 76 Shenton, range from $6.90 psf to $7.40 psf, making One Bernam a desirable and stable investment option.
Regarding future prospects, Chu believes that the reduced competition from foreign buyers due to the increase in Additional Buyer’s Stamp Duty (ABSD) imposed in 2023 has opened up more opportunities for local buyers to enter the market. He also added that local demand is expected to continue to be the main driver for properties in the Central Core Region (CCR), and competitive pricing makes them an attractive investment choice.