Opinion: Almost Impossible To Get A Unit At One North Eden

One North Eden Location Normanton Park Condo Singapore

One-North Eden is a new condo project (with shops on ground floor) developed by renowned developers Hong Leong and Mitsui Fudosan.

It is probably one of the most-awaited condo project launches this year, given that the only other condo project here – One-North Residences – was launched for sales about 14 years ago.

Prices of One-North Eden are going to be very reasonable, with starting prices as
1+Study from just about $990k
2BR from $1.2m+
3BR from $1.7m+
4BR from $2.2m+.

Unfortunately, we foresee many interested buyers will be left disappointed on its sales date on 24th April, because most of them will not be able to get a unit.

There are only 165 units to go around, of which only
24 units are 1BR+Study;
22 units are 2BR;
48 units are 2BR+Study;
39 units are 3BR; and
32 units are 4BR.

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Priority Buyers

Priority purchasers such as multiple-units purchasers and VVIP purchasers (e.g. business partners, property agents) would have clean-swept all the 1BR and 2BR and their variants, and probably even the 3BR types, before the start of the main sales (i.e. for the single-units purchasers).

As the term implies, priority buyers are scheduled to buy before the single-unit purchasers.

When Normanton Park opened for sales in Jan 2021, 128 units were sold to priority buyers.

When Reef At King’s Dock opened for sales in Jan 2021, 141 units were sold to priority buyers.

When Midtown Modern opened for sales in March 2021, 175 units were sold to priority buyers.

Not surprisingly, the bulk of priority purchasers bought the 1BR and 2BR types.

As such, with only a total of 94 units of 1BR & 2BR variants in One-North Eden up for grabs, it is practically impossible for any single-unit purchaser in the main sales exercise to land on 1BR and 2BR types.

And it is not helped by the fact that the sale prices of One-North Eden are very affordable, rental in the One-North location is super-good, there is very expansive URA Masterplan on the many land plots literally right next to this new condo, and the extremely pent-up demand of new condos in that location.

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Chances for single-unit purchasers might look better if…

1. Buyers can ‘team up’ with family members to become mulitiple-units purchasers.

2. The developer forbids priority purchases. For example, when DUO Residences was launched for sale in 2013, property agents were cut out from the priority purchase queue.

3. Buyers are not picky about their units (e.g. facing, unit types), should they even have a chance to buy.

4. Buyers go for the much bigger units in One-North Eden, such as the 3BR Premium and 4BR types.

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