SINGAPORE (EDGEPROP) - A two-bedroom unit at V on Shenton, located along Shenton Way in District 1, will be put up for auction for $2.17 million ($1,884 psf) on Aug 25, according to Edmund Tie, which is handling the bank auction. (See also: V on Shenton | A new icon in the heart of Singapore’s financial district)
Spanning 1,152 sq ft, the unit is on the 20th floor of the development. There is an additional room that can be used as a study room or a dining area, says Joy Tan, senior director, head of auction and sales at Edmund Tie.
As it is in a well-kept and move-in-ready condition, investors will not need to spend much on renovations, says Tan. The unit on auction is also a corner unit, offering “privacy, and is also bright and breezy”.
The unit was first acquired in August 2012 for $1.99 million ($1,729 psf), based on caveats lodged with URA.
“There have been healthy levels of enquiries thus far, although the current Covid-19 situation has dampened market sentiments,” says Tan.
She believes that “both investors and owner occupiers will be keen on this unit as it is situated in a very convenient and accessible location”, adding that “investors could rent the unit out to potential tenants who work in the CBD”.
Facilities at the development include an outback grill, various lounges, pool, outdoor fitness area, swivel day beds and a refreshment bar. The unit can also benefit from future capital appreciation as the upcoming Shenton Way MRT Station on the Thomson-East Coast Line is close to the development, notes Tan.
V on Shenton comprises 510 units and was completed in 2017. The development is within walking distance to three train stations in the CBD: The upcoming Shenton Way MRT Station on the Thomson-East Coast Line, Tanjong Pagar MRT Station on the East-West Line and Downtown MRT Station on the Downtown Line. It is also a short drive to Marina Bay Sands, VivoCity shopping mall and Sentosa.
Rentals at a similar-sized unit at V on Shenton this year ranged from $4,100 to $5,400 per month, according to URA data.
The most recent transaction at V on Shenton was on July 22, when a 1,518 sq ft unit on the 40th floor changed hands for $3.36 million ($2,214 psf). On July 1, a 1,206 sq ft unit on the 45th floor transacted at $2.99 million ($2,478 psf), based on URA caveats lodged.
Check out the latest listings near V on Shenton, Shenton Way MRT Station, Tanjong Pagar MRT Station, Downtown MRT Station