Bukit Sembawang Estates’ highly anticipated private condominium, 8@BT, located at Bukit Timah Link, has achieved impressive sales during its launch weekend. As of noon on September 22, 83 units (52.5%) of the 158-unit development were snapped up, with the average price of units sold standing at $2,719 psf, starting from $2,530 psf.
Buyer Demographics and Profiles
The developer reported that 99% of buyers were Singaporeans or Permanent Residents (PRs), with a single foreign buyer from the US. Families with children comprised most purchasers, alongside a balanced mix of other buyer profiles. According to Lisa Goh, General Manager (Sales and Marketing) at Bukit Sembawang Estates, there was also a healthy representation of upgraders and right-sizers.
According to Bukit Sembawang, sales figures reveal that 33% of buyers were aged between 31 and 40, followed by 21% aged between 21 and 30 and 5% being retirees over 60.
Comparison to Other 2024 Launches
“Compared to other launches in 2024, 8@BT ranks among the top performers,” says PropNex CEO Ismail Gafoor, referencing that it follows the 533-unit Lentor Mansion (which saw a 75% sell-through at its March launch) and slightly surpasses Kassia, which sold 52% of its units during its July launch weekend.
Huttons Asia CEO Mark Yip notes that 8@BT is the second project to achieve a 50% or higher sales rate post-June 2024 holidays. The first was Kassia, which launched in July and sold 144 units at an average price of $2,006 psf.
Popular Unit Types at 8@BT
Among the most popular unit types at 8@BT, the one-bedroom apartments stood out, with 91% of 32 units sold, starting from $1.338 million. These units range from 517 to 592 sq ft. Similarly, the two-bedroom units, ranging from 624 to 829 sq ft, saw 60% of 48 units sold, starting at $1.808 million. ERA CEO Marcus Chu reports that the three-bedroom units of 1,001 to 1,270 sq ft attracted owner-occupiers, with 49% of 47 units sold at prices starting from $2.55 million.
Efficient Design and Premium Appeal
According to Huttons’ Yip, the thoughtful design and efficient layouts of 8@BT’s units have been a major draw. The absence of corridors in one—and two-bedroom units, coupled with a landscape layout for living and dining areas, which is very rare for one and two-bedroom, maximizes space and allows more natural lights into the unit, making the units highly attractive to buyers willing to pay a premium for quality finishes.
New Home Sales Momentum in 3Q2024
New home sales momentum has picked up in 3Q2024, with Huttons estimating sales between 300 and 350 units for September alone. This follows the 779 units sold in July and August, bringing total sales for 3Q2024 to an estimated 1,000 to 1,100 units—a significant jump from 2Q2024’s 725 units, almost matching 1Q2024’s 1,164 units.
Strong Demand in Bukit Timah (Beauty World) Area
Historically, demand for homes in the Bukit Timah (Beauty World) area has been robust, supported by nearby projects like Linq @ Beauty World, which sold 96% of its units during its November 2020 launch weekend and was fully sold by December 2021 at an average price of $2,165 psf.
The area continues to see strong demand, with The Reserve Residences across the street from 8@BT achieving 71% sales at launch, with 97% sold as of September 2024, at an average price of $2,480 psf.
Pent-Up Demand and Limited New Home Options
ERA’s Chu highlights that there are now limited new home options in District 21, with 8@BT meeting pent-up demand. Many younger buyers seek to return to the area they grew up in, while seniors are right-sizing after their children have moved out, looking to stay close to familiar surroundings.
Prime Location and Nearby Amenities
The 8@BT development stands out as the only pure residential project in the immediate vicinity. It offers residents proximity to Beauty World MRT Station (just a 2-minute walk) and nearby green spaces like Bukit Timah Nature Reserve and The Rail Corridor. For families, Pei Hwa Presbyterian Primary School is within 1km, with Methodist Girls’ School and Nanyang Primary School also close by, making the development an ideal choice for families and investors alike.
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