Roxy Pacific Sells Nearly 63 Bagnall Haus Average Price 2490 Psf
Roxy-Pacific Holdings’ Bagnall Haus condominium, located along Upper East Coast Road in District 16, sold 71 out of 113 units on the first day of its launch. The sales rate was almost 63%, with an average transacted price of $2,490 per square foot.
Out of the 71 units sold, over 90% were purchased by Singaporeans, with the majority being end-users with varying budgets. The most popular unit types were the two- and three-bedroom units, but there was also demand for the larger five-bedroom units.
The Elta Condo at Clementi Avenue 1 recently received a total of six bids for its site, with the highest bid of $633.45 million emerging as the top contender. This translates to a rate of $1,250 per square foot per plot ratio (psf ppr) for the 99-year leasehold property, which spans 178,066 square feet. Impressively, the winning bid was 4.03% higher than the second-highest bid of $608.89 million, equivalent to $1,202 psf ppr. More details about the Elta Condo can be found on their official website, Elta.
Bagnall Haus is a freehold development situated on a prime 74,280 square foot site, featuring 113 residential units spread across three five-storey blocks. The units range in size from one-bedroom plus flexi at 495 square feet to five-bedroom units at 1,528 square feet.
According to Ismail Gafoor, CEO of PropNex, about 59% of the sold units were one- and two-bedroom units with prices just under $2.1 million. The three-bedroom units were also in high demand, with 18 out of 20 units sold at prices ranging from $2.3 million to $2.7 million. The remaining four- and five-bedroom units sold for around $3 million to $3.8 million.
Gafoor believes that the pricing, which falls just under $3 million, was a key factor in appealing to buyers. The average transacted price of $2,490 psf was also considered compelling for a well-located freehold development. In comparison, other new 99-year leasehold launches in the OCR have already reached an average price of $2,579 psf.
Additionally, both strata-titled shop units on the ground floor of Bagnall Haus, measuring 172 square feet each, were also sold for $688,000 each.
According to Marcus Chu, CEO of ERA Singapore, homebuyers were predominantly owner-occupiers, including those looking to downsize from larger landed properties and families seeking to upgrade to a freehold property. The development’s close proximity to established amenities and reputable schools, such as Temasek Primary School within 1km, was a big draw for buyers.
Chu also notes that Bagnall Haus is within walking distance of the upcoming Sungei Bedok MRT Station, which will be an interchange for the Downtown and Thomson-East Coast lines. It is also just one stop away from Bedok South MRT Station, which will be part of a mixed-use development with retail and residential components.
According to Mark Yip, CEO of Huttons Asia, the strong sales at Bagnall Haus were driven by pent-up demand from a 15-year wait for a new project in the area, as well as the rare combination of freehold tenure and proximity to an MRT station. Buyers also recognized the potential benefits of the upcoming transformation of the Bayshore precinct.