Qingjian Realty And Forsea Holdings Sell 251 Bloomsbury Residences Launch Averaging 2474 Psf
Qingjian Realty and its joint venture partner, Forsea Holdings, have successfully sold 90 units out of the 358-unit Bloomsbury Residences at Media Circle in one-north, representing a strong take-up rate of 25.1%. The average price for these units was $2,474 psf. One of the units sold was a six-bedroom penthouse that achieved the price of $2,700 psf.
Despite the ongoing uncertainty in the economy, including potential trade wars and volatile tariffs, Qingjian and Forsea Holdings are encouraged by the steady demand for Bloomsbury Residences. This reflects the project’s desirable location, well-designed living spaces, and close proximity to key business and lifestyle hubs, according to a spokesperson for the developers.
The majority of buyers (88%) were Singaporeans, demonstrating their confidence in the local property market and their trust in the development. Interested buyers can still inquire about available units and prices for Bloomsbury Residences.
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During the preview phase, the project received approximately 199 cheques as expressions of interest. With 90 units sold, this represents a high sales conversion rate of about 45.2%, which is considered impressive in the industry.
According to Huttons Asia, two-bedroom units were the most popular among buyers, accounting for over 70% of the units sold. Additionally, more than 20 three- and four-bedroom units were taken up, including the six-bedroom penthouse, indicating the project’s appeal to owner-occupiers. The buyers were mainly aged above 40, and over 90% of them had private residential addresses scattered throughout Singapore.
The lush greenery and unblocked views of the Wessex estate’s colonial bungalows were a major draw for buyers. Being the first residential project in Mediapolis at one-north, many saw this as an opportunity with potential upside once the area is fully developed. Additionally, the proximity to prestigious educational institutions and key business hubs makes it an attractive choice for multi-generational families.
Huttons’ CEO, Mark Yip, also sees strong investment potential in homes at one-north, citing the high concentration of foreign professionals working in the area and the development’s proximity to Science Park. The location is also near Tanglin Trust School and INSEAD, a leading graduate business school.
Despite current market uncertainties, the project’s pricing and strategic location have resonated with buyers and investors who take a long-term view in their property decisions, according to Ismail Gafoor, CEO of PropNex. Beyond the accessible price point, the city fringe location also appealed to buyers, with the project being just a short bus ride away from Rochester Mall, The Star Vista, and the one-north and Buona Vista MRT stations.
The last new launch in the area, The Hill @ One-North, was in April 2024 and sold 43 units during its launch. It has sold 62 units to date, translating to a take-up rate of approximately 44%. Seven units have been sold this year at an average price of $2,550 psf, based on caveats lodged.
Prior to Bloomsbury Residences, two other projects were launched in one-north: the 275-unit Blossoms by the Park in April 2023 and the 165-unit One-North Eden in April 2021. As of April 13, Blossoms by the Park is 93% sold, with an average price of $2,444 psf. One-North Eden was fully sold in March 2022 at an average price of $1,965 psf. The project was completed in 2024, and sub-sales from May 2024 to March 2025 have averaged $2,326 psf, according to caveats lodged.
PropNex’s Gafoor believes that the take-up rate at Bloomsbury Residences will improve over time as prospective buyers gain more clarity on market conditions. Additionally, being the first residential development to launch in the new Media Circle precinct, which is expected to become more vibrant with future developments, adds to the project’s appeal. He also notes that the project has drawn a healthy mix of owner-occupiers, including PMETs and young families, as well as investors. The response to the launch is a testament to the resilience and strong fundamentals of Singapore’s property market, which has weathered various economic challenges in the past.