Floridian is a freehold condominium located in District 21 along Bukit Timah Road. The 336-unit project was developed jointly by Far East Organization and Wing Tai Holdings, and completed in 2012. The project has a mix of two-bedders ranging from 840 to 940 sq ft; three-bedroom units of 1,281 to 1,432 sq ft; and four-bedroom units of 1,830 to 2,347 sq ft.
The popularity of Floridian is due to the fact that it is within walking distance of King Albert Park MRT station on the Downtown Line. It is also close to Methodist Girls’ School (Primary), Pei Hwa Presbyterian Primary School and Ngee Ann Polytechnic.
A 1,658 sq ft, three-bedroom unit on the ground floor at Floridian was recently listed for sale on TheEdge-Property.com.sg for $2.54 million ($1,532 psf). The unit is currently leased until March 2019 at a monthly rental rate of $5,400, according to Douglas Chen, a property agent with PropNex Realty.
This year, six units at The Florian have changed hands. Two 1,658 sq ft, three-bedroom units fetched similar prices of $2.6 million ($1,568 psf) in March and April, respectively. The unit sold in April was last transacted at $2.4 million ($1,448 psf) in January 2010. Meanwhile, the unit sold in March fetched $2.3 million ($1,388 psf) in July 2009.
Prices at Floridian peaked in July 2011, when a 1,830 sq ft unit was sold for $2,040 psf. Prices have softened since 2013, and have been generally hovering in the range of $1,500 to $1,700 psf over the past three years, according to a property agent.
Based on URA data for the month of March, two units of 1,600 to 1,700 sq ft at Floridian were leased at monthly rental rates of $5,400 to $6,000. Based on the asking price of $2.54 million for the three-bedroom unit at Floridian, the buyer of the unit is expected to see a gross rental yield of 2.8%.