NEARLY 75 per cent or 118 of Sky Eden@Bedok’s 158 residential units have been sold at an average price of about S$2,100 per square foot (psf) on the first day of the property’s launch on Wednesday (Sep 7).
Pricing for the project was earlier estimated by the developer to start from S$1,937 psf.
In a press statement on Thursday, developer Frasers Property : TQ5 +0.94% said all 2-bedroom units of the project had been fully sold. The remaining 3-bedroom and 4-bedder units range from 1,087 square feet (sq ft) to 1,302 sq ft. Apart from the 158 apartments, Sky Eden @ Bedok will also have 12 shop units on the ground floor.
Ismail Gafoor, PropNex Realty’s chief executive, observed that Propnex was serving mainly Singaporean buyers at Wednesday’s sales launch, and “most of them are in their 30s and 40s”. Lee Sze Teck, Huttons’ senior director (research) noted that many were buying for investment, pointing to the project’s location near Bedok MRT station and its proximity to major employment centres.
Gafoor added that the Bedok project offered a “relatively comfortable price point for a new mixed-use development” in that location in eastern Singapore. “Furthermore, many units were priced in the mass-market sweet spot quantum of between S$1.5 million and S$1.75 million which appealed to many Singaporean buyers.”
According to a Frasers Property statement issued in late August, indicative prices for the project were to start from about S$1.3 million for a 2-bedroom unit at 657 sq ft, S$1.7 million for a 3-bedroom unit (893 sq ft), and S$2.6 million for a 1,302 sq ft 4-bedroom unit.
At the average of S$2,100 psf, the pricing of Sky Eden @ Bedok rings in at about 24 per cent higher than prices of recent resale transactions at Bedok Residences, the last condo launched in the area in 2011. Going by URA Realis caveat data, there were 14 resale transactions at Bedok Residences this year, with prices going up to about S$1,700 psf, according to Propnex.
Commenting on the launch day sale results, Frasers Property’s acting chief operating officer Lorraine Shiow said she was pleased that the development has been well-received and attributes its success to Sky Eden@Bedok’s accessible location in a mature estate, which “has proven to be a huge draw for homebuyers”.
Previews for the project started from Aug 27. The development is scheduled for completion in H1 of 2027.
Propnex’s Gafoor expects upcoming launches in the Outside Central Region, namely Lentor Modern, The Arden and Sceneca Residences, to similarly perform well. The largest of these, GuocoLand’s 605-unit Lentor Modern integrated mixed-use development in the Yio Chu Kang area, opened to previews on Friday (Sep 2) with prices starting at S$1,880 psf.
The 268-unit Sceneca Residences, being built by MCC Singapore in Tanah Merah Kechil near Bedok, meanwhile was issued a no-sale license by the Urban Redevelopment Authority in May this year. A no-sale licence allows the developer to start construction but bars the sale of units without prior approval from the Controller of Housing. MCC Singapore has said it intends to reapply for a sale licence in October.
Separately on Thursday, Frasers Property said it is proposing to offer up to S$375 million in green notes due 2027 under its S$5 billion multicurrency debt issuance programme, to be listed on the mainboard of the Singapore Exchange.
Comprising a placement to institutional investors and a public offer tranche that will be open to retail investors in Singapore, the offer may be upsized to a maximum of S$650 million in the event of oversubscription.
They will be guaranteed by the group and issued in denominations of S$1,000 at the intended issue price of 100 per cent of their principal amount. Applications for the public offer trance are intended to be made at multiples of S$1,000, while applications for the placement tranche for specified investors must be in multiples of S$250,000.
DBS, OCBC and UOB have been appointed the joint lead managers and bookrunners of the offer.
Frasers Property said a bookbuilding process with institutional investors and the relevant persons will commence shortly, with further details on the matter to be announced after the bookbuilding process.
Shares of Frasers Property closed S$0.01 or 0.9 per cent lower at S$1.06 on Wednesday.