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8@BT Artists Impression scaled 2

Bukit Sembawang’s 8@BT sells just over half of units at average S$2,719 psf at launch

Bukit Sembawang’s latest development, 8@BT, saw promising sales during its launch, with just over half of the units snapped up at an average price of S$2,719 psf. The one-bedroom units were particularly popular, achieving a 91% take-up rate, with prices starting from around S$1.34 million, according to Marcus Chu, CEO of ERA Singapore.

The two- and three-bedroom units also saw strong interest, with 60% of the two-bedders (starting at S$1.81 million) and 49% of the three-bedders (from S$2.55 million) being sold.

8@BT is a 99-year leasehold project located in the highly sought-after District 21, near Beauty World MRT station. Spanning 49,633 sq ft of land, the development was acquired through a state tender in 2022 for S$200 million, equating to S$1,343 psf ppr. The project features two 20-storey blocks housing a variety of unit types, including 32 one-bedroom units (517 sq ft to 592 sq ft), 48 two-bedroom units (624 sq ft to 829 sq ft), 47 three-bedroom units (1,001 sq ft to 1,270 sq ft), and 29 four-bedroom units (1,356 sq ft to 1,593 sq ft). Additionally, there are two penthouses available, measuring 1,356 sq ft and 1,593 sq ft.

Bukit Sembawang reported that the majority of buyers were families with children, while upgraders and right-sizers also made up a healthy portion of the purchaser profile. One-third of the buyers were aged between 31 and 40, with another 21% between 21 and 30. Most buyers were Singaporeans or permanent residents, with one foreign buyer from the United States.

As the first private residential project to launch after the Hungry Ghost Month, 8@BT’s sales performance has been considered strong. Ismail Gafoor, CEO of PropNex, noted that the project had one of the best launch performances in 2024, following closely behind Lentor Mansion, which sold 75% of its units at launch in March, and slightly outperforming Kassia, which moved 52% of its units during its July launch.

Gafoor attributed the positive market sentiment to the recent interest rate cut by the US Federal Reserve, which may have encouraged buyers who were previously hesitant to enter the market. However, Nicholas Mak, chief research officer at Mogul.sg, believes that sales could have been even higher given the project’s attractive features and prime location.

Nearby developments have also seen strong sales. The Linq @ Beauty World sold 96% of its 120 units at launch in 2020, with prices ranging from S$2,150 to S$2,200 psf. The Reserve Residences, another nearby project, sold 71% of its 732 units at an average of S$2,460 psf.

ERA’s Marcus Chu noted that with The Linq @ Beauty World fully sold and The Reserve Residences nearly 98% sold, new home options in this popular area of District 21 are becoming limited. As a result, pent-up demand is driving interest in projects like 8@BT, similar to how Meyer Blue has captured attention with its prime location and limited unit offerings.

Looking ahead, PropNex’s Gafoor is optimistic that the final quarter of 2024 could see a boost in sales as developers aim to close the year on a high note.

The Business Times

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