On the market is a 398 sq ft studio apartment at the 65-unit, freehold Heritage East on East Coast Road, with an asking price of $590,000 ($1,482 psf). “The second-floor unit is a walk-up apartment in the conservation shophouse component of Heritage East,” says Niki Lim, marketing associate at PropNex Realty, who is handling the sale. The unit features a 3.8m floor-to-ceiling height and double-glazed windows, notes Lim. Its main door faces north-west, while the windows face south-east.
According to Lim, the Singaporean owner is selling the unit as she is looking to upgrade. “The owner spent a substantial amount to renovate the unit in 2012. That involved installing built-in carpentry and making the windows more soundproof,” she says. This would reduce the buyer’s expenditure on renovations and furnishings, Lim reckons.
Located at the intersection of East Coast Road and Telok Kurau Road, Heritage East has a conservation shophouse component that comprises a row of two-storey conservation shophouses repurposed for residential use, as well as a contemporary housing component — a separate five-storey block with a contemporary façade.
The last time a unit of comparable size on the same floor of Heritage East’s shophouse component was sold was in October 2014, when a 355 sq ft unit fetched $550,000 ($1,548 psf), according to URA caveat data. In the same month, a 344 sq ft unit was transacted at $602,000 ($1,748 psf).
Within walking distance of Heritage East is the upcoming Marine Terrace MRT station on the Thomson-East Coast Line, which is slated to open in 2023. “The Thomson-East Coast Line is likely to increase the appeal of the area to tenants. Investors could rent out the unit to those who want a place accessible from the city centre, but who prefer not to pay the higher rental rates within the Core Central Region,” says Lim.
Completed in January 2012, Heritage East was developed by World Class Land, the property development arm of jeweller Aspial Corp. World Class Land also developed the nearby 38-unit, freehold Palmera Residence and the 16-unit, freehold East Treasure at Lorong N Telok Kurau.
Heritage East is located near the 185ha East Coast Park and its 15km coastline, which is popular with cycling and roller blading aficionados. Within the park is the 1.4ha Xtreme SkatePark, designed for skateboarding and other extreme sports. It was developed by the Ministry of Culture, Community and Youth and the National Parks Board.
This article appeared in EdgeProp Pullout, Issue 822 (March 19, 2018).