ONE BERNAM CONDOMINIUM
Mixed Development @ Bernam Street in Singapore CBD
Beside future Greater Southern Waterfront City
Beside future Greater Southern Waterfront City
Here we Review the One Bernam condo. One Bernam is an upcoming mixed development at the corner of Bernam Street, Tanjong Pagar Road, and Enggor Street.
It comprises commercial space at ground level, with the condominium above that. This will be one of the few new residential launches within the Singapore CBD in recent times.
Note: This is NOT an advertisement for sale.
Apart from its location within the core Downtown area, at the western end of Shenton Way, One Bernam also enjoys proximity to two MRT stations.
Tanjong Pagar station is currently roughly 5 minutes walk up Tras and Peck Seah streets. And when Prince Edward Road station on the Circle Line completes, its nearest exit could be about 4 minutes walk away.
In addition, this development should also benefit from the grand plans for the Greater Southern Waterfront.
As noted by Tricia Song, head of research at Colliers International: “The Bernam Street site is a rare fresh site in the mostly built-up Shenton Way Central Business District, and could ride on the future Greater Southern Waterfront development and CBD Incentive Scheme.”
In fact there hasn’t been much new homes for sale around here for quite a while. So there could be a fair bit of pent-up demand as well.
One Bernam Condo . Commercial + Residential
This mixed development is surrounded by mainly office blocks, with some having retail and F&B components as well.
View of the One Bernam site from Enggor Street with Bernam Street in the background.
One Bernam Condo . Demand and Potential
Various plans are in the works for the Anson and Tanjong Pagar areas, that augur well for One Bernam from an investment as well as liveability perspective.
COVID-19 is shaking up how Singaporeans live, work and play, and urban plans are being re-calibrated to cater to these needs.
Some of these were already partly underway. But the Urban Redevelopment Authority (URA) says that it has “sharpened the need” and added impetus for the CBD to have more mixed uses, and a greater residential population.
As they added, “In particular, the CBD Incentive Scheme, which aims to transform the CBD into vibrant mixed-use neighbourhoods instead of being a mono-use office-centric district, is well-placed to accommodate such changing trends.”
This scheme, which applies to the Tanjong Pagar, Anson Road, Shenton Way, Cecil Street, and Robinson Road areas, will result in better-designed pedestrian-centric streets, and public spaces that support active mobility.
Hence the One Bernam condo will target owner-occupiers and tenants who can expect to live, work, shop, dine and relax within the neighbourhood.
Apart from that, 5 minutes walk south of the One Bernam site, is the former Tanjong Pagar Port precinct. This is being re-developed into part of the upcoming Greater Southern Waterfront city, which should enhance the attractiveness of developments close to it.
Some of these plans were highlighted by PM Lee in his 2019 National Day Rally speech: New attractions, housing and office spaces to be developed in Greater Southern Waterfront.
It may take 10 to 15 years to come to full realisation. But eventually we can expect land there to likely command prices above that for the One Bernam condo. Which bodes well for the upside potential of this site.
The Greater Southern Waterfront . In a Nutshell
One Bernam Singapore & Greater Southern Waterfront
For a long time, the coast off Tanjong Pagar was occupied by a container terminal, and port activities. In a sense, this restricted growth of the CBD westwards.
Hence in 2013, the URA announced plans to move the port activities and aggregate them at Tuas. The land thus freed up, all the way to Pasir Panjang, would then be redeveloped into a vibrant new waterfront district, the Greater Southern Waterfront City.
These plans will work a major change to the Singapore city skyline. It will extend the central business district quite a fair bit west. It will feature a green corridor stretching from Labrador Park to Gardens by the Bay.
Storm-water run-offs will be channelled to create a man-made reservoir. And a continuous 30 KM long waterfront promenade will front the coast westwards, from the current CBD.
Work has already commenced to move the port. In fact the first berths at Tuas are targeting to begin operations in 2025, not too far away.
The relocation of the port should free up some 925 hectares of prime land for this waterfront district. That is about 3 times the area of Marina Bay. Based on the URA Master Plan 2019, the first phase of construction will start in perhaps 5 to 10 years time.
Residents and owners of the One Bernam condo, at the doorstep of this new district, are likely to benefit. They will have, within 5 to 10 minutes walk, a new lifestyle hub, with all the necessary amenities, stores & shops, cafes, bars, waterfront alfresco dining, and more. The coast here will be cleaned up, beautiful, and teeming with activity (we hope)!
Register interest or request details here.
|Status||Residential with Commercial at 1st Storey|
|Address||1 Bernam Street Singapore|
|Site Area||3,846.2 m² (41,400 sq ft)|
|Floor Area||28,001 m² (301,402 sq ft)|
|Tenure||99 Year Leasehold|
One Bernam Floor Plan
The One Bernam condo floor plans are pending approval by the relevant authorities. Please drop us a note via the Contact Form if you would like the One Bernam floor plans to be emailed to you when available.
One Bernam Site Plan
The One Bernam site is a corner land parcel, with three frontages. South onto Bernam Street as its main frontage, west towards Tanjong Pagar Road, and north onto Enggor Street. On its east is Realty Centre, that was also recently sold for redevelopment or refurbishment.
This allows for quite a bit of breathing space and distance between the facades here, and its neighbours. Which is all to the good, where residences are concerned. Especially as it could mean some pretty good pocket views for many of the units, in between the surrounding towers.
The site has a 99 year lease, and an area of close to 3,846.2 square metres, or 41,400 square feet. Its maximum building height under the URA Master Plan is 35 storeys in the high-rise part, 20 storeys in the mid-rise section, and four storeys in the low-rise section.
Fortunately the site, while being close to the Ayer Rajah Expressway, is not directly beside it but is one block away. And in between, we have the Fuji Xerox building, with its 38-storey high tower that will help to shield the noise from the expressway.
One Bernam Showflat · Viewing
The One Bernam condo showflat is not ready for viewing yet. Please drop a note via the Contact Form if you wish to be notified when the One Bernam showflat is about to schedule for opening.
All viewings will be by advance appointment only, in line with safe-distancing regulations.
One Bernam Prices · Unit Types
UNIT TYPES . SIZES
|Unit Description||Type||No. of Units||Strata Area
|Total Number of Units||TBC|
Floor areas stated includes any Voids, Patios, Balconies, Terraces, A/C Ledges.
THE ONE BERNAM CONDO PRICE RANGES
The One Bernam pricing is still under deliberation. Please let us know via the Contact Form if you wish to be updated when the indicative pricing is available.
ONE BERNAM PRICES . BASIS OF COMPUTATION
The top bid for this GLS (Government Land Sale) site was SDG$440.9 million, submitted by Hao Yuan Investments.
Under the URA Master Plan, the site is zoned with a plot ratio of 5.6 (ratio of maximum floor area to land area).
However under the CBD Incentive Scheme announced at the URA Draft Master Plan launch in March 2019, an increase of 30% in gross plot ratio is allowed. The plot ratio increase is to incentivise developers to build hotels and homes in the city centre, including within the CBD, to bring more vibrancy and life after office hours.
So the permissible plot ratio can go up to 7.28 here. Based on a site area of 3,846.2 square metres, this equates to a gross floor area (GFA) of 28,001 square metres or 301,402 square feet.
Hence the cost to the developer works out to just $1,463 PSF PPR (per square foot per plot ratio) for the land.
After taking into account the development costs such as overheads, construction, fees & financing, marketing, the break even to the developer is estimated at about $2,150 PSF. The eventual selling price will need to factor in the developer’s margin.
While that has not been decided yet, it is worth noting that recent 99 year leasehold mixed developments launches close to the city centre, such as the M at Bugis, and Midtown Bay at Beach Road, have been selling at roughly between $2.5K to $3K PSF.
About the Developer
One Bernam Singapore is being developed by Hao Yuan Investment. Originally from China, this property development and investment company has been operating in Singapore for more than a decade.
In partnership with MCC Land, they have built residential developments locally, that include the Alps Residences, Northwave EC, and most recently Queens Peak at Queenstown MRT station.
One Bernam Location · Features
Location. The One Bernam location lies within the Singapore central business and financial district, between Anson and Tanjong Pagar.
It is surrounded by a mix of office towers, other mixed developments, eateries and shops at mainly ground or podium levels, hotels, and condominiums like Altez and Skysuites @ Anson diagonally across Enggor Street.
Nearest MRT Station. The nearest MRT station currently is Tanjong Pagar station on the East-West line. Exit A from the station beside Sofitel Singapore and Guoco Tower, is about 4 to 5 minutes walk away via Tras Street and Peck Seah Street.
There will be the option of taking the Circle MRT Line once the Prince Edward Road station completes. Its nearest entrance, at the corner of Shenton Way and Keppel Road is nearer, 3 to 4 minutes walk from the One Bernam location. This station is currently under construction, and targeting for completion and opening in 2025.
Shops, Banks, F&B, Supermarkets. While the One Bernam location is not the retail haven that Orchard Road is, it is not devoid of conveniences either. In fact the neighbourhood is well provided with cafes, artisanal fare, hawker stalls, and sundry shops within easy reach. Some of these are scattered around the ground floor levels of surrounding blocks.
Less than 5 minutes walk up Tanjong Pagar Road, we have a Market & Food Centre, as well as Tanjong Pagar Plaza with its Fairprice supermarket outlet, and shops and eateries. Altez across Enggor Street also houses a Cold Storage supermarket. There is International Plaza pretty close by too, and the various banks are well-represented.
And in future, when the Greater Southern Waterfront district is built up, there will a wealth of shopping, dining and lifestyle experiences close at hand. However that will not be for some time yet. In the meantime, read more about it from the URA web page on GSW – Gateway to Future Live, Work and Play.
Recreation & Relaxation. At the moment there isn’t any really big parks or nature reserves within walking distance of the One Bernam condo location.
However, once the Greater Southern Waterfront development is completed, it will come with green spaces and parks connected by trails. These connecting trails will link to a continuous waterfront promenade stretching from Gardens by the Bay, westwards, past the One Bernam location.
Along the way it will incorporate green lungs like the future Pasir Panjang Linear Park that will connect the Labrador Nature Reserve, with West Coast Park.
Accessibility. The One Bernam location is rather well placed in this regard. Exiting via Enggor Street to Tanjong Pagar Road, and onto the slip road to the MCE (Marina Coastal Expressway) should take less than 5 minutes. The MCE leads to both the ECP (East-Coast Parkway) and the (Kallang-Paya Lebar Expressway), and thence to the netword island-wide.
This place is also not far from the nearest CTE (Central Expressway) exit, via Cantonment Road. And of course, being located within the CBD itself makes for quick access to the core Downtown areas including Marina Bay.