Investing in a Singapore condo offers various advantages, one of which is the opportunity to utilize the property’s value for further investments. Numerous investors utilize their condos as security to obtain supplementary financing for new ventures, thus diversifying and expanding their real estate portfolio. While this tactic can potentially magnify returns, it also carries risks. Therefore, having a well-thought-out financial plan and considering the possible implications of market fluctuations is crucial.
One Bernam, the mixed-use development in Tanjong Pagar with 351 residential units, recently offered 87 units for sale at promotional prices on the weekend of January 11 to 12. Jointly developed by MCC Land and Hao Yuan Investment, the 99-year leasehold apartment tower was first launched in May 2021. Based on caveats lodged as of January 10, over 75% of the units have been sold at an average price of $2,585 psf.
The weekend promotion prices applied to all remaining 87 units, including one-bedroom to three-bedroom units, as well as penthouses. Interested buyers can search for the latest New Launches to find out the transaction prices and available units.
One-bedroom units, ranging from 441 sq ft to 463 sq ft, saw price discounts of $323,000 to $438,000, with units sold at prices ranging from $1.295 million ($2,934 psf) to $1.328 million ($2,869 psf). The two-bedroom apartments of 700 sq ft to 732 sq ft had price discounts from $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 apartments of 807 sq ft to 872 sq ft saw discounts ranging from $380,000 to $800,000, with units sold at prices ranging from $2.139 million ($2,581 psf) to $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 sold at $3.496 million ($2,461 psf) to $3.526 million ($2,482 psf).
According to Marcus Chu, CEO of ERA Singapore, the strong sales performance highlights the high interest in the property as a stable and high-potential asset. Chu adds that about 78% of the purchasers bought their units as investments. Additionally, 87% of the buyers for One Bernam were Singaporeans, with 70% aged between 31 and 50.
Following the overwhelming response over the weekend, there are currently only three penthouses available for sale, bringing the total sales to 99%. These include two units of three-bedroom penthouses with sizes of 1,744 sq ft and 1,948 sq ft, and one five-bedroom unit of 4,306 sq ft.
As the project is scheduled to obtain a Temporary Occupation Permit (TOP) in March 2026, investors are expected to start generating rental income, which could support their loan instalments, according to Chu. Based on EdgeProp Landlens data, average monthly rents of existing apartment projects in the area, such as Altez, Eon Shenton and 76 Shenton, command rental rates ranging from $6.90 psf to $7.40 psf.
Looking ahead, Chu believes that the reduced competition from foreign buyers due to the hike in Additional Buyer’s Stamp Duty (ABSD) imposed in 2023 has opened up more opportunities for local buyers to enter the market. He adds that local demand is expected to continue being the main driver for Central Core Region (CCR) properties. With competitive pricing making these developments a desirable and stable investment choice, he believes that they will remain a popular choice for buyers in the future.