Demand for homes in the one-north precinct was evident with the sale of EL Development’s Blossoms By The Park project at Slim Barracks Rise. On April 29th, over 200 units out of 275 were sold, with a take-up rate of 73%. Singaporeans and Permanent Residents accounted for 96%, with the remaining made up of foreigners, indicating the strong interest in the area.

The one- and two-bedroom units were particularly popular, with all of them being snapped up. Prices began at $1.3 million ($2,352 psf) for one-bedroom units, and $1.5 million ($2,211 psf) for two-bedroom units. Despite the new property cooling measures coming into effect on April 27th, the developer still managed to exceed their expectations.

70% of the three-bedroom and three-bedroom dual-key units were sold from $2.3 million ($2,183 psf) and $2.1 million ($2,276 psf) respectively. 33% of the four-bedroom units were taken up, with prices beginning at $2.9 million ($2,243 psf).

Ismail Gafoor, CEO of PropNex, noted that Blossoms By The Park achieving the highest first-day sales on a percentage basis in 2023 proved that the property cooling measures were targeting a small group of buyers, and not first-time buyers. Mark Yip, CEO of Huttons Asia, reiterated this, saying that the strong sales gave confidence to those on the fence to commit.

Lee Liat Yeang, senior partner of Dentons Rodyk real estate practice group, said that the solid first-day sales showed many believe Singapore’s real estate market is attractive. He continued that the higher Additional Buyer’s Stamp Duty had caused those looking to buy their next property to rent in the meantime, meaning there will be an increase in the rental market.

JCube set to JCube Residence be redeveloped into 40-storey residential and commercial development and J-Walk, a covered network to be connected to transport hub, with potential launches in the vicinity estimated at S$2,000-2,100 psf.

The last project launch in 2021, the 165-unit One-North Eden, was fully sold, indicating the limited private residential launches in the area. Huttons’ Yip noted that rents at one-north were estimated to be 20% higher than similar projects, making it a good investment.

Given the 400 multinational companies, 15 public research institutions and institutions of higher learning, as well as nearby NUH, NUS, and Science Parks 1 and 2, it is no surprise that Blossoms By The Park achieved this success.