Over the weekend of January 11th and 12th, One Bernam, a mixed-use development in Tanjong Pagar consisting of 351 residential units, offered 87 units for sale at promotional prices. The project, which has a 99-year leasehold, is a joint effort between developers MCC Land and Hao Yuan Investment and was first launched in May 2021. As of January 10th, over 75% of the units had been sold at an average price of $2,585 per square foot (psf).
During the weekend promotion, all remaining units, including one-bedroom to three-bedroom units and penthouses, were offered at discounted prices. Interested buyers can search for the latest New Launches to find out the transaction prices and available units. The one-bedroom units, which range from 441 to 463 square feet, saw price discounts of $323,000 to $438,000, with units selling for $1.295 million ($2,934 psf) to $1.328 million ($2,869 psf). Two-bedroom units, ranging from 700 to 732 square feet, had price discounts of $437,000 to $668,000, with units sold for $1.752 million ($2,394 psf) to $1.78 million ($2,544 psf). Two-bedroom plus study units, ranging from 807 to 872 square feet, saw discounts of $380,000 to $800,000, with units selling for $2.139 million ($2,581 psf) to $2.158 million ($2,475 psf).
Three-bedroom units, with a size of 1,421 square feet, had discounts ranging from $616,000 to $830,000, with units selling for $3.496 million ($2,461 psf) to $3.526 million ($2,482 psf). The sales performance of One Bernam, according to ERA Singapore CEO Marcus Chu, showcases the strong interest in the property as a stable and high-potential asset. Chu adds that 78% of purchasers bought units as investments, and 87% of buyers were Singaporeans, with 70% aged between 31 and 50.
After the overwhelming response over the weekend, there are currently only three penthouses available for sale, bringing total sales to 99%. This includes two three-bedroom penthouses, with sizes of 1,744 and 1,948 square feet, and a five-bedroom penthouse with a size of 4,306 square feet.
With the project scheduled for completion in March 2026, investors can expect to generate rental income and use it to support their loan instalments, according to Chu. Comparable apartments in the area, such as Altez, 76 Shenton, and EON Shenton, are currently renting for $6.90 to $7.40 psf per month, according to EdgeProp Landlens data.
Looking ahead, Chu believes that the reduction in competition from foreign buyers due to the increased Additional Buyer’s Stamp Duty (ABSD) in 2023 has created more opportunities for local buyers to enter the market. He also expects local demand to continue driving CCR property prices in the future, with competitive pricing making these developments an attractive and stable investment option. Interested buyers can ask Buddy for more information or compare the price trends of HDB, Condo, and Landed properties or view recently launched projects and those that have recently obtained TOP. One Bernam has a 99-year leasehold, and the buyer profile for the development is mostly local buyers.
There are crucial factors to consider when it comes to investing in a condo in Singapore, one of which is the impact of government property cooling measures. The Singaporean government has implemented several measures over the years to control speculative purchasing and maintain a steady real estate market. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign investors and those buying multiple properties. Although these measures can affect the immediate profitability of condo investments, they also contribute to the long-term stability of the market, creating a more secure investment environment. Investing in a condo in Singapore has its challenges, but the government’s efforts to regulate the market ultimately benefit both investors and the overall economy.