Singapore’s MCC Group announced on May 9 that more than 80 units, or 80% of their first phase of 100 apartments released in their joint venture One Bernam project were sold. The 351 units in the mixed-use, 99-year leasehold development have been sold to about 23% of their total.
The average price per square foot of the sold units was $2,650. Over 90% of units taken up were units with one or two bedrooms, ranging in size from 441 sq ft to 872 square feet and priced above $1.017million. The majority of buyers are Singaporeans and Permanent Residents.
One Bernam also contains a two storey retail podium measuring 15,726 sq. ft. and a floor of 13-key serviced apartments.
There are 29 apartments with three bedrooms, each measuring 1,421 square feet. Two units of three-bedroom apartments are available with 1,948 and 1,744 sq ft. The largest penthouse has five bedrooms and is 4,306 square feet.
Irwell Hill Residences has sold 51.5% at $2,700 per square foot in early April. The project is situated in District 9, in the CCR. The launch of One North Eden followed, with 85% of the 165 units sold for prices ranging between $1,800 and $2,250 per sq ft.
These developments, like One Bernam mainly consist of one- and two bedroom units. Investors are attracted to such unit sizes, and the quantum prices starting from around $1 million. The successive launches of projects like these since the beginning of the year had already absorbed a large part of investor demand.
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One Bernam had an impressive launch weekend, given that investors had so many options prior to its launch.
MCC Group Singapore, which owns 30% of Realty Centre, has completed the sale at the end April. Fuji Xerox Towers will be redeveloped to become a mixed-use development, with residential, serviced apartment and commercial components. The project is name Newport Residences. Both projects take advantage of the CBD Incentive Scheme, which is part of the 2019 Master Plan of the Singapore government to revitalize the Downtown area.
One Bernam’s location in the CBD where many start-ups and MNCs choose to locate their headquarters bodes well for future rental markets. Today, investors will have a competitive advantage when it comes to rental yields.
Source: https://www.edgeprop.sg/property-news/one-bernam-sells-23-total-units-launch