SINGAPORE (EDGEPROP) - A two-bedroom unit at Pebble Bay, along Tanjong Rhu Road in District 15, was put up for bank auction for $1.96 million ($1,507 psf) on Aug 25. The property received no bids at the auction, as the Chinese Hungry Ghost period is “generally a quiet month”, says Joy Tan, senior director, head of auction and sales at Edmund Tie. (See also: Pebble Bay resale unit reaps $2.9 mil profit)

Spanning 1,302 sq ft, the unit is on the second floor of the development and comes with an enclosed kitchen, yard, utility room and toilet. It is a corner unit,  “located away from the main facilities and main road, offering homeowners privacy and quietness”, says Tan.

“Its size is immediately attractive to those who are looking for space, as newer two-bedroom units are now averaging 600 to 800 sq ft in size, and come without a utility room and open-concept kitchen,” she adds.

The unit was last purchased for $1.25 million ($960 psf) in October 2007, based on caveats lodged with URA.

“The Tanjong Rhu [neighbourhood] offers a unique, tranquil environment, being like an island surrounded by the Kallang Basin. The area is tucked away from the bustling Fort Road, Mountbatten Road and Nicoll Highway while being in the city fringe, and is approximately a 10- to 15-minute drive to the CBD and Suntec City,” says Tan.

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The development also offers side-gate access to the Tanjong Rhu Promenade Park Connector, which will allow residents direct access to Kallang Wave Mall, Singapore Sports Hub, East Coast Beach and Gardens By The Bay, she says.

So far, “interest levels for the property have been quite good, with [enquiries from] owner-

occupiers and small families looking for a larger space, as well as investors looking towards future capital appreciation”, she says. This would be boosted by the ongoing developments in the vicinity, which include the completion of the Tanjong Rhu MRT Station by 2024, and the rejuvenation of the Kallang area as a sports hub, Tan adds.

Rentals fetched at similar-sized units at Pebble Bay this year ranged from $3,250 to $5,000 per month, according to URA data.

The most recent transaction at the development was on Aug 6, when a 947 sq ft unit on the fourth floor changed hands for $1.36 million ($1,436 psf). On July 16, a 2,336 sq ft unit on the eighth floor was transacted at $3.59 million ($1,536 psf), based on URA caveats lodged.

Completed in 1997, Pebble Bay comprises 510 units on a 99-year leasehold. It is a three-minute walk to the upcoming Tanjong Rhu MRT Station on the Thomson-East Coast Line.

Check out the latest listings near Pebble Bay, Tanjong Rhu MRT Station

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