[New Launch] 8@BT 53% sold over launch weekend at an average of $2,719 psf

Developer Bukit Sembawang Estates launched the 158-unit private condominium 8@BT along Bukit Timah Link on 21 September, moving 83 units (52.5%) as of noon on 22 September. Prices started from $2,530 psf, with transacted units achieving an average price of $2,719 psf.

According to the developer, 99% of buyers were Singaporeans and Permanent Residents (PRs), alongside one foreign buyer from the US. The majority of purchasers were reportedly families with children, as well as a healthy mix of upgraders.

In terms of buyer demographics, 33% were aged between 31 and 40; 21% were aged between 21 and 30; and around 5% were retirees aged above 60.

In terms of launch take-up rates among projects launched so far in 2024, 8@BT is among the top performers — trailing only the 533-unit Lentor Mansion, which moved 75% of its units during its launch weekend in March, and slightly outperforming Kassia, which sold 52% of its units over its launch weekend in July.

8@BT is the second project launched after the June school holidays to cross the 50% sales mark. The first was Kassia, a 276-unit freehold development along Flora Drive, which sold 144 units (52%) on 21 July. To date, as of 21 September, Kassia has moved 160 units (58%) at an average price of $2,006 psf.

The most popular units at 8@BT were the one-bedroom apartments, where 29 out of 32 units (91%) were sold from $1.338 million onwards. These units range from 517 to 592 sq ft. Equally well-received were the two-bedroom units, spanning 624 to 829 sq ft, with 29 out of 48 units (60%) sold from $1.808 million onwards.

Among the 47 three-bedroom units sized between 1,001 and 1,270 sq ft, 23 (49%) were snapped up at prices above $2.55 million. The majority of buyers were owner-occupiers.

All units boast thoughtful layouts. The one- and two-bedroom units feature highly efficient floor plans with minimal corridor space and no balconies. The landscape-oriented living and dining layouts across all units further heightened the project's appeal.

Sentiment in the new home market appears to have rebounded in 3Q2024. September sales are projected to come in between 300 and 350 units. Together with the estimated 779 units sold in July and August, total new home sales in 3Q2024 could reach between 1,000 and 1,100 units. This is substantially higher than the 725 units moved in 2Q2024 and closely rivals the 1,164 units recorded in 1Q2024.

Past transaction records show that demand for homes in the Bukit Timah (Beauty World) enclave has consistently remained strong. The nearby freehold development The Linq @ Beauty World sold 96% of its 120 units during its launch weekend in November 2020. The Linq @ Beauty World was fully sold out by December 2021 at an average of $2,165 psf. Its most recent resale transaction in mid-August was a 549 sq ft one-bedder on the 17th floor, which changed hands for $1.6 million ($2,915 psf).

Across the road from 8@BT is the 732-unit, 99-year leasehold The Reserve Residences. Launched in late May 2023, the development moved 520 units (71%) over its launch weekend at an average price of $2,460 psf. To date, the project is 97% sold at an average price of $2,480 psf.

With The Linq @ Beauty World fully sold and The Reserve Residences 97% taken up, options for new homes in the immediate vicinity have become limited. As such, pent-up demand has built up in this sought-after pocket of District 21.

A significant number of younger buyers who grew up in the area were looking to purchase a property in a familiar neighbourhood to stay close to their ageing parents. At the same time, some empty-nesters were seeking to rightsize their homes after their children moved out, while remaining within the same precinct.

8@BT is the only pure residential development in the immediate vicinity, located just a two-minute walk from Beauty World MRT station. The Bukit Timah Nature Reserve, Rifle Range Nature Park, and the Rail Corridor sit right across the road. Pei Hwa Presbyterian Primary School is within a 1km radius, while Methodist Girls' School and Nanyang Primary School are also within easy reach.