When the freehold Pavilion 11 was launched a decade ago, all 180 units in the condominium were fully sold in less than two months. Developed by UOL Group, the project is located in a quiet enclave at the corner of Akyab and Mimbu Roads, off Balestier Road.
In the vicinity are a mix of old and new private apartments and condos. There have been few transactions in the area, as it comprises a mix of owner-occupiers and long-term investors. For instance, just across the road from Pavilion 11 is the 22-unit apartment block, D’Ixoras, completed in 2011. The last transaction at D’Ixoras was in 2013, when a 980 sq ft, three-bedroom unit changed hands for $1.48 million ($1,511 psf), according to a caveat lodged with URA Realis.
Meanwhile, at Kheng Leong Group’s 100- unit The Ansley, the last transaction was in July 2016, when a 1,098 sq ft, two-bedroom unit was sold for $1.35 million ($1,230 psf).
Located opposite Pavilion 11 are two older condos: Mandalay Towers and Mandalay Mansion. The last time a unit changed hands at Mandalay Mansion was in June 2016, when a 2,088 sq ft, four-bedroom unit fetched $2.08 million ($996 psf).
Meanwhile, the 56-unit Mandalay Towers was completed in 1974. Most recently, a 2,508 sq ft, four-bedroom unit was sold in March for $2.3 million ($917 psf). This is the third time the fifth-floor unit has changed hands. The last transaction was in June 2007, when it fetched $1.67 million ($666 psf). Prior to that, the unit was sold for $1.22 million ($486 psf) in February 1996.
At Pavilion 11, the last transaction was in November 2016, when a 958 sq ft, two-bedroom unit on the 20th floor of the 33-storey tower was sold for $1.55 million ($1,618 psf).
Now, a 1,475 sq ft, three-bedroom unit at Pavilion 11 is on the market for $2.05 million ($1,390 psf). “The three-bedroom unit is currently vacant,” says PropNex Realty’s Richard Wong, who is marketing the property on the TheEdgeProperty.com.
The main attraction of Pavilion 11 is that it is developed by a reputable developer, UOL Group. In addition, it is near Ren Ci Nursing Home and Health City Novena, and is a five-minute drive to the shopping malls in the Novena area such as Velocity, Square Two and United Square, says Wong.
Three-bedroom units at Pavilion 11 that were leased out in March fetched rental rates of $4,200 to $6,200 a month. Based on the $2.05 million asking price of the three-bedroom unit that is currently on the market, the gross rental yield translates into 3.6%.
This article appeared in The Edge Property Pullout, Issue 779 (May 15, 2017) of The Edge Singapore.