At launch, Bukit Sembawang's 8@BT sells slightly more than half of its units for an a

At launch, Bukit Sembawang's 8@BT sells slightly more than half of its units for an average of S$2,719 per square foot

With a 91% take-up rate, one-bedroom units, which start at around S$1.34 million, were the best-selling ones.

September 22, 2024

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At an average selling price of S$2,719 per square foot (psf), 83 units, or 53% of the 158 units in Bukit Sembawang Estates' Upper Bukit Timah project 8@BT, were sold during the launch weekend.

With a sales rate of 91%, the one-bedders were the best-selling units. According to Marcus Chu, CEO of ERA Singapore, these units started at around S$1.34 million.

He added that the two-bedroom apartments, which started at around S$1.81 million, and the three-bedroom apartments, which started at S$2.55 million, were also well-liked by buyers. Approximately 60% and 49% of the two-bedroom and three-bedroom units, respectively, were sold.

The 99-year leasehold project is situated in District 21 close to the Beauty World MRT station on 49,633 square feet of land that was purchased for S$200 million in 2022 through a state tender, at a ratio of S$1,343 per square foot per plot (psf ppr).

Two 20-story blocks will house the condo's units.

The development includes 32 one-bedroom units with sizes between 517 and 592 square feet, 48 two-bedroom units with sizes between 624 and 829 square feet, 47 three-bedroom units with sizes between 1,001 and 1,270 square feet, and 29 four-bedroom units with sizes between 1,356 and 1,593 square feet. Two 1,356- and 1,593-square-foot penthouses are also available in the development.

Families with children made up the majority of purchasers, according to a Bukit Sembawang representative, with a balanced mix of other profiles. Additionally, we observed a healthy percentage of right-sizers and upgraders.

Interestingly, 21% of the purchasers were between the ages of 21 and 30, and 33% were between the ages of 31 and 40. With one foreign buyer from the US, the majority of buyers were Singaporeans or permanent residents.

According to Ismail Gafoor, CEO of PropNex, 8@BT had a strong sales performance as the first private residential project to be launched following the Chinese Hungry Ghost Month. Following Lentor Mansion, which sold 75% of its units at launch in March, and Kassia, which sold 52% of its units during its launch weekend in July, 8@BT has one of the best showings based on the launch take-up rate of projects in 2024 thus far, he stated.

Earlier in the week, the US Federal Reserve delivered a larger-than-expected interest rate cut, which may have encouraged buyers who were on the sidelines to enter the market, Gafoor added.

Sales could have been higher, though, considering the residential project's appealing features, location, and comparatively small number of units, according to Nicholas Mak, chief research officer at Mogul.sg.

During its November 2020 launch, The Reserve Residences sold 71% of its 732 units at an average price of S$2,460 psf, while The Linq @ Beauty World nearby sold 96% of its 120 units at an average price of S$2,150 psf to S$2,200 psf.

Chu of ERA stated: "There aren't many new home options in the area because The Reserve Residences are roughly 98% sold and The Linq @ Beauty World is completely sold. Therefore, there is some pent-up demand in this well-liked area of District 21.

Gafoor of PropNex is optimistic that developers' sales, which have been comparatively slow this year, will pick up steam in the last quarter of 2024.