Located on Dunearn Road, just off the Pan-Island Expressway is Gardenvista, a 99-year leasehold condominium completed in 2006 by Far East Organization. The 318-unit project has a mix of one- to four-bedroom units. One-bedroom and one-bedroom+study units measure 700 to 900 sq ft; two-bedroom units, 800 to 1,100 sq ft; three-bedroom units, 1,100 to 1,300 sq ft; and four-bedroom units, 1,300 to 1,400 sq ft.
The 10-storey blocks in Gardenvista are arranged in a fan-shape so that all units can enjoy a garden view.
On the market is an 893 sq ft, one-bedroom+study unit listed for sale on TheEdgeProperty.com at $1 million ($1,120 psf). The unit is currently vacant, according to Kelvin Lim, a property agent with ERA Realty Network. The owner is believed to be a Singaporean looking to upgrade into a bigger unit.
The popularity of Gardenvista is due to the fact that it is within walking distance of two MRT stations: King Albert Park and Beauty World on the Downtown Line. It is also close to Pei Hwa Presbyterian Primary School and Methodist Girls’ School.
Over the past three months, six units at Gardenvista have changed hands. An 872 sq ft unit on the fifth floor of one of the blocks was recently sold for $935,000 ($1,072 psf) in May. The seller bought the unit for $502,000 ($576 psf) in August 2005.
Meanwhile, an 829 sq ft unit fetched $1.01 million ($1,213 psf) in March. The unit was last transacted at $1.07 million ($1,291 psf) in March 2013.
Prices at Gardenvista have been increasing steadily from an average of $627 psf when the project was completed in 2006 to $1,263 psf this year.
Based on URA data for the last three months, four 800 to 900 sq ft units were leased at monthly rental rates of $2,700 to $3,350. Based on the asking price of $1 million for the unit at Gardenvista, this translates into a potential gross rental yield of 3.7%
CORRECTION: An earlier version of this story misstated Gardenvista as a freehold condominium. It is a 99-year leasehold condominium.