Bloomsbury Residences projects positive outlook amidst cautious market

It has already sold 25% of its 358 units at an average price of $2,474 psf.

Bloomsbury Residences in Media Circle sold around 25% (or 90 units) of its total 358 units at an average price of about $2,474 psf, showcasing positive buyer interest amidst a cautious market sentiment and looming uncertainties, Ismail Gafoor, CEO of PropNex Realty, said.

The bulk of the units sold were the 2-bedder unit types. Propnex said the units in this project are priced sensitively and largely within the pricing sweet spot of below $2.5m, a manageable quantum for most homebuyers. Indicative prices at Bloomsbury Residences started upwards of $1.37m for the 2-bedroom units, $2.17m for the three-bedders, and $2.87m for the four-bedroom unit types.

Buyers are said to be drawn to the project’s city-fringe location and easy accessibility to public transportation. The range of schools in the vicinity also makes this development attractive to families with school-going children. Meanwhile, investors may find interest in this project, given the potential leasing opportunities to expatriates working in the one-north R&D precinct, Science Park, and Buona Vista area.

“We believe the take-up rate of Bloomsbury Residences could progressively pick up after prospective buyers gain more clarity about the market. In addition, this is the first private condo project to be launched in the new Media Circle neighbourhood, which will become more vibrant as new developments come up,” Gafoor said.