Strong demand for residences in the one-north precinct and beyond is fuelled by Singapore’s job market, which has been buoyant, despite the pandemic last year. “The labour market has been very resilient and we should see more of these projects doing well,” says Gafoor.EL Development’s project at Slim Barracks Rise, Blossoms By The Park, has achieved a take-up rate of 73%, exceeding the developer’s expectations even after the April 27 round of property cooling measures. Over 200 out of the 275 units were sold by 6pm on April 29, with the average price of units sold coming out to $2,423 psf. It is the highest first-day sales by percentage in 2023.96% of buyers are Singaporeans and PRs. The majority of units sold were one- and two-bedroom units, with the two-bedroom and two-bedroom-plus-study units being especially popular. Three-bedroom and three-bedroom dual-key units were 70% sold and four-bedroom units were 33% sold, all priced around the $2,000+ psf mark.

The property cooling measures implemented on April 27th may have had an effect on the residential market, but that did not stop EL Development’s project Blossoms By The Park from achieving a successful first day of sales. 73% of the 275 units sold, with the average price of units sold coming out to $2,423 psf. 96% of buyers were Singaporeans and PRs.

The majority of units sold were one- and two-bedroom units, with the two-bedroom and two-bedroom-plus-study units having the highest demand. Three-bedroom, three-bedroom dual-key, and four-bedroom units were also taken up, all priced around the $2,000+ psf mark.

This first-day take-up rate of 73% is the highest since 2023 and exceeded the developer’s expectations. According to the CEO of EL Development, Lim Yew Soon, there was an expression of interest for 745 cheques received over the past fortnight, and the project had been subscribed 2.75 times ahead of its launch.

Mark Yip, CEO of Huttons Asia, notes that the property cooling measures were meant to deter foreign buyers, and not first-time buyers who were not affected. This could be a possible explanation for the project’s success.

The strong demand for residences in the one-north precinct could also be attributed to Singapore’s job market that has been resilient, despite the pandemic. Ismail Gafoor, CEO of PropNex, believes that this high take-up rate gives confidence to buyers, who may be sitting on the fence, to commit if their finances permit. In fact, one-north is so attractive that the government has implemented the ABSD to deter foreign buyers.

Altura Altura Qingjian Realty EC Bukit Batok West Avenue 8 offers convenient transportation via nearby MRT station, bus networks and expressways.

Lee Liat Yeang, senior partner of the Dentons Rodyk real estate practice group, agrees with Gafoor. He believes that the higher ABSD instils a sense of urgency in buyers to sell their current property before looking for their next one. This will give them the opportunity to take their time in searching for their home, or renting before buying in the meantime.

Given the limited supply of new private residential launches in the area and the ample amenities, such as 400 multinational companies, 15 public research institutions, and multiple campus sites, Blossoms By The Park is set to have high investment appeal. With more projects in the pipeline, such as the upcoming 142-unit The Hill @ One-North, the future of Singapore’s real estate market, and the one-north precinct, appears to be very promising.