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BELOW $1 MILLION: One-bedder in Tanjong Pagar

By Metta Lee

June 15, 2016 9:30 AM SGT

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A 570 sq ft one bedroom unit at Craig Place on Craig Road has been listed on TheEdgeProperty.com at $945,000 or $1,658 psf.

The development’s last comparable transaction was in January 2016, when another 570 sq ft unit on was sold for $970,000 or $1,700 psf.

Craig Place is a 99 year leasehold apartment in Tanjong Pagar. Completed in 2000, the 58 unit development is within 300m from Outram Park MRT station of the East West Line and Tanjong Pagar MRT station of the East West Line. Schools within a 1km radius include Cantonment Primary School.

There were 3 rental contracts for 500 to 600 sq ft units at Craig Place in 2016. Monthly rents for these contracts averaged $3,300 or $6.03 psf. Based on the listing price of $945,000, the average rent translates into a potential gross rental yield of 4.2%.

Recent transactions at Craig Place

Contract date	Area (sq ft)	Price ($)	Price ($ psf)
February 1, 2016	2,196	2,200,000	1,002
January 1, 2016	570	970,000	1,700
January 1, 2016	732	1,110,000	1,516
March 21, 2014	1,152	1,700,000	1,476

Source: URA, The Edge Property

Recent rental contracts for 500 to 600 sq ft units at Craig Place

Lease date	Monthly Rent
	($)	()
February 2016	3,400	6.20
January 2016	3,000	5.50
January 2016	3,500	6.40

Source: URA, The Edge Property

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