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BUKIT Sembawang Estates’ Upper Bukit Timah project 8@BT sold 83 units, or 53 per cent of its 158 units over its launch weekend, at an average selling price of S$2,719 per square foot (psf).

The best-selling units were the one-bedders with sales rate of 91 per cent. These units were priced from about S$1.34 million, said Marcus Chu, chief executive officer of ERA Singapore. 

Also popular among homebuyers were the two-bedroom units starting from about S$1.81 million and the three-bedroom units from S$2.55 million, he added. Around 60 per cent and 49 per cent of the two-bedroom and three-bedroom units were sold, respectively. 

Located in District 21 near the Beauty World MRT station, the 99-year leasehold project sits on 49,633 sq ft of land acquired at a state tender in 2022 for S$200 million, at S$1,343 per square foot per plot ratio (psf ppr).

The condo’s units will be housed in two 20-storey blocks.

The development comprises 32 one-bedroom units ranging from 517 sq ft to 592 sq ft, 48 two-bedroom units sized between 624 sq ft and 829 sq ft, 47 three-bedroom units spanning 1,001 sq ft to 1,270 sq ft and 29 four-bedroom units between 1,356 sq ft and 1,593 sq ft in size. The development also offers two penthouses of 1,356 sq ft and 1,593 sq ft.

A spokesman from Bukit Sembawang said: “The majority of buyers were families with children, with an even distribution of other profiles making up the remaining mix. We also saw a healthy proportion of upgraders and right-sizers.”

Notably, one-third of the buyers were aged between 31 and 40, and 21 per cent were between the ages of 21 and 30. Almost all buyers were Singaporeans or permanent residents, with one foreign buyer from the United States.

As the first private residential project launched after the Chinese Hungry Ghost Month, 8@BT booked a healthy sales performance, said Ismail Gafoor, CEO of PropNex. He said: “Going by the launch take-up rate of projects in 2024 so far, 8@BT has one of the best showings behind Lentor Mansion which sold 75 per cent of its units at launch in March, and slightly better than Kassia which shifted 52 per cent of its units during its launch weekend in July.”

With the US Federal Reserve delivering a larger than expected interest rate cut earlier in the week, this could have lifted sentiment among buyers on the sidelines who may now feel more comfortable to enter the market, Gafoor added. 

However, given the attractive attributes and location of this residential project and the relatively limited number of units in this development, the sales could have been higher, said Nicholas Mak, Mogul.sg chief research officer.

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

ERA’s Chu said: “With The Linq @ Beauty World fully sold, and The Reserve Residences about 98 per cent sold, there are limited new home options in the vicinity. As such, we are seeing some pent-up demand in this popular part of District 21.”

PropNex’s Gafoor is hopeful that developers’ sales – which have been relatively muted this year – can kick into a higher gear in the final quarter of 2024.