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About 8 @ BT Condo Achieves Strong Sales on Launch Weekend | Bukit Sembawang Estates launched its 158-unit condominium, 8 @ BT, located at Bukit Timah Link, on 21st September 2024. By noon on 22nd September, 83 units (52.5%) had been sold at an average price of S$2,719psf. Prices for the units started at S$2,530psf. The development has drawn significant interest from local buyers, with 99% of the purchasers being Singaporeans and permanent residents. Only one foreign buyer, from the US, made a purchase.
The majority of buyers are families with children, although a healthy mix of profiles, including upgraders and right-sizers, were also present. Lisa Goh, General Manager of Sales and Marketing at Bukit Sembawang Estates, confirmed that there was a balanced demographic of buyers.
Buyer Demographics and Unit Popularity
Bukit Sembawang shared further details about the buyer profiles. Approximately 33% of the buyers were aged between 31 and 40 years old, while 21% were aged between 21 and 30. About 5% were retirees over 60 years old. The development’s smaller units proved particularly popular. Among the 32 one-bedder units, 91% were sold, while 60% of the 48 two-bedder units were snapped up. Nearly half (49%) of the three-bedder units found buyers during the launch weekend.
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Ismail Gafoor, CEO of PropNex, highlighted that 8 @ BT’s strong sales performance places it among the top projects launched in 2024. It follows the success of Lentor Mansion, which sold 75% of its units in March, and performed slightly better than Kassia, which saw 52% of its units sold during its launch weekend in July.
Strong Market Demand in District 21 (8 @ BT Condo Achieves Strong Sales)
8 @ BT’s success is notable, as it is the second project to surpass 50% sales take-up after the June 2024 school holidays, following Kassia. As of 21st September, Kassia has sold 160 units (58%) at an average price of S$2,006psf.
Marcus Chu, CEO of ERA Singapore, noted that the one-bedder units were especially in demand, with 29 out of 32 units sold. These units, ranging from 517 to 592 square feet, were priced from S$1.338 million. The two-bedder units, sized between 624 and 829 square feet, also attracted buyers, with 29 out of 48 units taken up, starting at S$1.808 million. Additionally, 23 out of the 47 three-bedder units, measuring 1,001 to 1,270 square feet, were sold, starting at S$2.55 million. Most buyers are expected to be owner-occupiers.
Appeal of Location and Layout
8 @ BT enjoys a prime location near mixed-use developments, The Linq @ Beauty World and The Reserve Residences, both of which are directly connected to the Beauty World MRT station. This proximity to transportation and amenities has contributed to the development’s appeal.
Mark Yip, CEO of Huttons Asia, praised the unit layouts, noting their efficiency and functionality. The one and two-bedder units feature minimal corridors and no balconies, maximizing usable space. The thoughtful design and high-quality finishes have made the units more desirable, even at a premium price.
Market Sentiment and Demand in 3Q2024 (8 @ BT Condo Achieves Strong Sales)
According to Huttons Asia, sentiment in the new homes market has picked up in the third quarter of 2024. September home sales are estimated to be between 300 and 350 units. Coupled with sales in July and August, the total for the quarter is expected to reach between 1,000 and 1,100 units, which is significantly higher than the 725 units sold in the second quarter of 2024. The figure is almost on par with the 1,164 units sold in the first quarter of the year.
Demand for properties in the Bukit Timah area, particularly around Beauty World, remains strong. The freehold development Linq @ Beauty World saw 96% of its 120 units sold during its launch weekend in November 2020. It was fully sold by December 2021, at an average price of S$2,165psf. In August 2024, a one-bedder unit in Linq @ Beauty World, measuring 549 square feet, was sold for S$1.6 million (S$2,915psf).
Competition and Nearby Developments
The success of nearby developments, such as The Reserve Residences, has also contributed to 8 @ BT’s sales momentum. The 99-year leasehold project, The Reserve Residences, launched in May 2023 and sold 71% of its 732 units during its opening weekend, at an average price of S$2,460psf. As of now, 97% of the units have been sold, with prices averaging S$2,480psf.
Given that The Linq @ Beauty World is fully sold and The Reserve Residences is almost sold out, there are limited new home options in District 21. Marcus Chu of ERA believes this has led to some pent-up demand for properties in this area.
A Popular Choice Among Families (8 @ BT Condo Achieves Strong Sales)
8 @ BT has also attracted younger buyers who grew up in the Bukit Timah area and are seeking to live near their parents. For some families, this location is highly desirable as it allows them to stay close to loved ones while enjoying the amenities of a familiar neighborhood. Many seniors are also looking to downsize and remain in the same area after their children have moved out.
Close Proximity to Nature and Schools
In addition to its excellent transportation links, 8 @ BT offers easy access to green spaces. It is located near Bukit Timah Nature Reserve, Rifle Range Nature Park, and The Rail Corridor, providing residents with ample opportunities for outdoor recreation.
For families with school-age children, Pei Hwa Presbyterian Primary School is within a 1km radius of the development, and both Methodist Girls’ School and Nanyang Primary School are located just over 1km away.
In summary, the strong sales performance of 8 @ BT reflects the ongoing demand for well-located and thoughtfully designed properties in Singapore, especially in sought-after areas like Bukit Timah.
Read Also: Upcoming launches such as Arina East Residences (District 15), Lentor Central Residences (District 26), Aurea Condo (District 7), Harrison Food Factory (District 14) and Nava Grove (District 21).
