One Bernam achieves new high of $3,344 psf

March 28, 2024

Among the condos that hit a new high in terms of psf-price during the week of March 8 to 15, One Bernam topped the list with the developer sale of a one-bedroom unit for $1.55 million on March 9. The 29th-floor apartment measures 463 sq ft, which means the price works out to $3,344 psf.

The transaction edges past the previous record of $3,340 psf set that One Bernam achieved last November upon the sale of a 452 sq ft unit for $1.51 million.

One Bernam is a mixed-use development at 1 Bernam Street, within the Tanjong Pagar area in District 2. The 99-year leasehold project comprises a 35-storey tower housing 351 residential units, a two-storey retail podium of 15,726 sq ft, and one floor of serviced apartments with 13 keys. Most residential units at One Bernam are made up of one- and two-bedders between 441 and 872 sq ft. There are also three-bedders of 1,421 sq ft, along with three penthouses: two are three-bedroom units measuring 1,744 and 1,948 sq ft respectively, while the remaining penthouse is a five-bedder measuring 4,306 sq ft. Sales for the residences at One Bernam commenced in May 2021.

To date, 217 or about 62% of the units have been taken up based on caveats lodged, with units sold at an average price of $2,544 psf. The project is expected to obtain its temporary occupation permit in September 2025.

The Sea View also hit a new psf-price high during the week in review. A 1,410 sq ft, three-bedroom apartment on the 21st floor changed hands for $3.69 million on March 15, which translates to $2,617 psf. The new high comes less than three weeks after the prior record set on Feb 26 when a 1,216 sq ft unit was sold for $3.15 million ($2,590 psf).

The seller of the unit sold on March 15 had bought it in April 2011 for $2.18 million ($1,546 psf). Hence, they made a gross gain of $1.51 million on the sale.

The Sea View is a freehold condo on Amber Road in District 15 which was completed in 2008. Featuring six 22-storey blocks, the development has a total of 546 units. Residences consist of one-bedders from 527 to 560 sq ft, three-bedders from 1,216 to 1,410 sq ft, and four-bedders from 1,518 to 1,647 sq ft. There are also four-bedroom penthouses of 2,196 to 2,723 sq ft and five-bedroom penthouses of 2,809 to 2,928 sq ft.

Another condo that reached a new psf-price high during the week in review is Adam Park Condominium. A two-bedroom unit spanning 958 sq ft on the second floor fetched $1.95 million, or $2,035 psf, on March 8. The seller made a profit of $920,000 on the sale, having bought the unit in August 2008 for $1.03 million ($1,075 psf).

The sale of the unit on March 8 marks a new psf-price record for Adam Park Condominium, beating the previous high of $2,018 psf established last August with the sale of a 958 sq ft unit for $1.93 million. This is also the second time a unit at the development has been sold for above $2,000 psf.

Adam Park Condominium is a freehold development on Adam Road in District 11. Completed in 2004, it has 118 residences including two-bedroom units of 893 to 1,119 sq ft, three-bedroom units from 1,141 to 1,410 sq ft, and four-bedroom units from 1,453 to 1,636 sq ft. There are also two- to four-bedroom penthouses of 1,765 to 2,799 sq ft.

No new psf-price lows were recorded during the week in review.

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