Buyer activity returns to District 15 and Scotts Square in District 9

By
Michael Lim
,
Tay Hock Meng
|
October 30, 2015 10:00 AM SGT
District 15 in the East Coast is considered the most prestigious residential neighbourhood after Orchard Road’s prime Districts 9, 10 and 11 as well as Sentosa Cove and Marina Bay. It appears that the East Coast has been on the radar of value hunters with at least a dozen resale transactions in District 15 over the week of Sept 13 to 20, based on caveats lodged with URA Realis. Eight of these transactions were centred around the Tanjong Rhu and Meyer Road enclave, and the rest in the Siglap-Marine Parade area.
“The Tanjong Rhu/Amber/Meyer area remains a top draw for homebuyers as it is considered the prime private residential area within District 15,” says Samuel Eyo, managing director of Singapore Christie’s Homes. “The neighbourhood is just a 10-minute drive to the CBD and is also near East Coast Park, with some units offering ‘million-dollar sea views’.”
However, if there are competitively priced options within these three enclaves, buyers will choose the Amber/Meyer Road neighbourhood, which is viewed as more prestigious, and for the simple reason that most of the private condominiums there tend to be freehold, whereas Tanjong Rhu has mainly 99-year leasehold condos, adds Eyo.
A 904 sq ft unit on the fifth floor of Meyer Residence was sold for $1.49 million ($1,646 psf). The seller bought the unit in March 2006 for $700,000 ($774 psf), realising a profit of 113% after owning the unit for nine years. The 68-unit freehold condo was developed by Sing Holdings and completed in 2009.
It was also good news for the owner of a unit at the freehold The Atria at Meyer whore cognised a capital gain of 69% on the sale of his 2,949 sq ft four-bedroom unit on the 24th floor for $3.55 million ($1,204 psf). The seller purchased the unit for $2.1 million ($712 psf) in 2003. The 157-unit condo was developed by Hong Leong Holdings and completed in 1996.
However, it was a contrasting fortune for the owner of a unit at The Seafront on Meyer. The seller of the 1,604 sq ft three-bedroom unit on the fourth floor booked a 8.7% loss when it was sold for $2.1 million ($1,309 psf) recently. The unit was purchased eight years ago when the project was first launched, and at the time, it fetched $2.3 million ($1,433 psf). Developed by CapitaLand, the 327-unit freehold condo was completed in 2011.
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