BELOW $1 MILLION: Freehold apartment in Novena

By Tan Chee Yuen / The Edge Property | January 6, 2016 5:45 PM SGT
A 624 sq ft freehold unit at Lucida is looking for buyer at $ 999,000, or $1,601 psf. According to the marketing agent, Jeen Tan from PropNex, the high-floor unit is currently vacant and in good condition.
Sited 500m from Novena MRT of the North-South Line, Lucida is a freehold apartment development that was completed in 2011. Schools within 1km from the property include St. Joseph Institution Junior and Anglo-Chinese School (Junior). Major shopping malls located nearby are United Square Shopping Mall and Velocity @ Novena Square.
There were six rental contracts for units measuring from 600 to 700 sq ft for the past six months. Average monthly rent stood at $2,811, which translates into a potential rental yield of 3.4% based on the listing price of $ 999,000.
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The latest comparable transaction was in June 2015 when a 624 sq ft unit fetched $975,000, or $1,562 psf. This is the first time that prices have fallen below $1 million since March 2012 when a similar-sized unit was sold for $990,000, or $1,586 psf in a sub-sale transaction
In 2013, there were four transactions involving similar-sized units, sold at an average price of $1,862 psf. Generally, prices of similar-sized units hovered between $1.1 million and $1.2 million.
Historical transactions of similar-sized units at Lucida
Contract date
Area (sq ft)
Price ($)
Price ($ psf)
15-Jun-15
624
975,000
1,562
20-Aug-13
624
1,130,000
1,810
14-Jun-13
624
1,190,000
1,906
21-May-13
624
1,143,000
1,831
15-Apr-13
624
1,185,600
1,899

Source: URA, The Edge Property

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