A 624 sq ft SOHO unit at the 45-storey Lumiere in Tanjong Pagar is on the market for $998,000 ($1,599 psf), according to a listing on TheEdgeProperty.com.
The unit is currently leased to a finance professional who has been living there for the past four years, says Laura Moo, a marketing agent with PropNex Realty who is handling the sale. The monthly rent for the unit is $3,800, which translates into a gross rental yield of 4.6%, based on the asking price. “This is an attractive yield in the current market,” she adds.
The SOHO unit contains one bedroom and a study, and is a corner unit located on a high floor. “The property comes with a balcony, which offers great sea views,” says Moo. “The unit is bright and breezy.”
Developed by niche developer BS Capital, Lumiere is a 168-unit, freehold SOHO tower that was completed in 2012
Developed by niche developer BS Capital, Lumiere is a 168-unit SOHO tower and a redevelopment of the former HMC Centre on Mistri Road. It is a 99-year leasehold development in the Tanjong Pagar area. The property is located just off Shenton Way and across the road from MAS Building and Springleaf Tower, which has an underground link to the Tanjong Pagar MRT station.
Completed in 2010, Lumiere comprises studio units of 506 to 560 sq ft; one-bedroom-plus-study units of 624 to 710 sq ft; and two-bedders of 969 to 1,268 sq ft. There have been very few transactions at the development, with only one unit changing hands so far this year. A 678 sq ft unit on the 10th floor fetched $950,000 ($1,401 psf), according to a caveat lodged on June 3. Last year, another 678 sq ft unit was sold for $1.18 million ($1,740 psf) on May 12.
The last time a 624 sq ft SOHO unit was sold at Lumiere was in May 2010, and it fetched $1.09 million ($1,749 psf).
For more information, call marketing agent Laura Moo at 9880 7720.
This article appeared in The Edge Property pullout, Issue 744 (Sep 5, 2016) of The Edge Singapore.