SINGAPORE (EDGEPROP) - A two-bedroom unit at One Shenton, located along Shenton Way in District 1, is on the market for $1.65 million, or $1,825 psf on the floor area. The 904 sq ft unit will be sold in a mortgagee sale, according to Edmund Tie, which is handling the auction.
The unit is on the 38th floor and enjoys views of the CBD. It is brightly lit and well-ventilated. The unit layout features an open concept kitchen and adjacent living areas. The master bedroom has an en suite bedroom, and there is also another en suite junior master bedroom.
According to Edmund Tie’s head of auction and sales Joy Tan, the unit was first presented for sale last month. She says there has been a “healthy” number of enquiries from potential buyers who prefer to negotiate their sale through private treaty.
Based on caveats lodged with the URA, the unit last changed hands for $2 million ($2,212 psf) in February 2018. It was bought from the developer for $2.1 million ($2,323 psf) in January 2011.
“Due to the ongoing Covid-19 pandemic, residential property prices here weakened in the first half of last year when the economy started on its downturn. Potential buyers should not be wary of the unit’s potential ‘loss’ but see it as an opportunity to acquire a city-centre unit at a relatively low entry level and an affordable quantum price of below $2 million,” says Tan.
She adds that February 2018 was a very active period in the residential property market, before the government stepped in with new property cooling measures in July that same year.
Tan expects prices of CBD residential units to climb on the back of a recovering property market later this year. New project launches like One Bernam in Tanjong Pagar, the redeveloped Realty Centre on Enggor Street and Central Boulevard Towers at Marina Bay — all located in the vicinity of One Shenton — could help uplift property prices in the CBD, she notes.
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While the unit would be an attractive asset to property investors, the prevalence of remote working and work-from-home arrangements could also encourage more buyers to find convenience in living near their place of work, says Tan.
“With at least three new launches slated in the vicinity, we see that the average sizes of two-bedroom units range from about 500 sq ft to 700 sq ft. Our subject unit at 904 sq ft offers tenants a more spacious layout and at a high floor. This is especially important as tenants use their homes as a home office,” adds Tan.
The development’s prime location in the CBD also makes it highly desirable location for expatriates. The units will also likely be able to fetch an attractive rental yield and capital appreciation over time, says Tan.
One Shenton is a three-minute walk from Downtown MRT Station on the Downtown Line, and a five-minute walk from Raffles Place MRT Station on the East-West Line and North-South Line. It will also be close to the upcoming Shenton Way MRT Station on the Thomson-East Coast Line, which will be ready by 2022.
According to rental data compiled by EdgeProp Singapore, the average rental rate at One Shenton is about $4.60 psf per month, based on 882 rental transactions recorded there over the past five years.
The 99-year leasehold condominium by City Developments was completed in 2011. One Shenton’s twin towers comprise 341 units, and offer one- to four-bedroom units, as well as sky villas. Unit sizes range from 517 sq ft for one-bedders to 9,139 sq ft for sky villas.
It has commercial units on the ground floor. The 50-storey twin towers feature three separate floors with amenities like a lap and spa pool and a library. There is also a games room on the eighth floor while the sky lounge, gym and a yoga terrace can be found on the 24th and 25th floors.
A 581 sq ft, one-bedroom on the 35th floor was sold for $1.04 million ($1,786 psf) on Jan 14, while a 1,905 sq ft, four-bedroom unit on the 34th floor was sold for $4.3 million ($2,257 psf) on Jan 13.
Check out the latest listings near One Shenton, Realty Centre, Central Boulevard Towers, Downtown MRT Station, Raffles Place MRT Station, Shenton Way MRT Station