SINGAPORE (EDGEPROP) - A duplex penthouse at the D’Ecosia condominium in the East Coast will be offered at Edmund Tie’s property auction on March 25. The 2,293 sq ft, three-bedroom unit has a guide price of $2.5 million, or about $1,090 psf on the floor area. The 73-unit condo was completed in 2003, and comprises one- to three-bedroom units and penthouses from 463 sq ft to 3,132 sq ft.
The freehold development is located in District 15 and sits at the junction of Still Road South and Marine Parade Road. According to Joy Tan, head of auction and sales at Edmund Tie, “East Coast is a desirable location to live in because it is an established district with malls like Parkway Parade and has prestigious educational institutions such as Tao Nan School and Victoria School”.
She adds: “District 15 is served by the ECP [East Coast Parkway] and PIE [Pan-Island Expressway], making it easily accessible to the CBD, Orchard Road, and Changi Airport. Thus, businessmen and frequent travellers appreciate the area’s proximity to their work locations and the airport.”
D’Ecosia will be less than 300m away from Marine Parade and Marine Terrace MRT Stations on the upcoming Thomson-East Coast Line.
Typically, property prices around new MRT stations increase by about 1.6% when the stations are completed, says Tan. “In addition, the Marine Parade MRT Station will feature an underground shopping space of about 80,000 sq ft, injecting new retail space into the mature Marine Parade area and connecting residents of D’Ecosia to Parkway Parade and Marine Parade MRT Station.”
Meanwhile, the area is linked to the nearby East Coast Beach by park connectors on East Coast Road.
In the duplex penthouse, the lower floor features a private lift lobby, dining room, living room, as well as a service yard. The en suite master bedroom and the two other bedrooms are also on the lower floor. Meanwhile, the private lift also serves the upper floor which features a spacious, private, roof terrace with a BBQ pit and a jacuzzi.
The 2,293 sq ft unit on the fifth floor previously changed hands for $1.99 million ($867 psf) in July 2012, and it had fetched $1.55 million ($676 psf) when it was sold in 2007, based on caveats lodged. Penthouses at D’Ecosia are rarely transacted; the most recent sale of a penthouse unit there occurred in June 2014 when a 3,132 sq ft unit fetched $2.75 million ($878 psf).
The unit is suitable for a big family, especially one with school-going children, says Tan. “Priced at approximately $1,090 psf for a freehold, District 15 property, this unit offers quantum affordability for upgraders and growing families.” On the other hand, investors may choose to target tenants working in the CBD or Paya Lebar Quarter, she adds.
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