DEAL WATCH: Apartment in prime district 9 selling below $1,500 psf

By Tan Chee Yuen / The Edge Property | February 27, 2016 10:00 AM SGT
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A 1,345 sq ft river-facing unit at The Quayside is on the market for $1.95 million, or $1,450 psf, as listed on TheEdgeProperty.com. The Edge Fair Value, a valuation tool on TheEdgeProperty.com, puts the indicative value of the property at slightly above $1,500 psf.
In the latest transaction, a 1,313 sq ft unit on the fourth floor was sold for $1,477 psf last September. Prior to that, the last transaction involving a 1,300 to 1,400 sq ft unit took place in December 2012 when a 1,367 sq ft unit on the fourth floor fetched $1,514 psf. Earlier that year in August, a 1,345 sq ft unit, also on the fourth floor, changed hands at $1,464 psf.
The Quayside is a 99-year-leasehold apartment project in prime district 9. It fronts the Singapore River.
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The Quayside is a 99-year-leasehold apartment project in prime district 9. The 79-unit development, completed in 1998, fronts the Singapore River. In its immediate vicinity are Clarke Quay and Robertson Quay, which are known for al fresco dining, bars and cafés. Schools within2km of the property include River Valley Primary School and St Margaret’s Primary School.
There were four rental contracts for three-bedroom units of between 1,300 and 1,400 sq ft in 4Q2015. Monthly rents averaged $5,730, or $4.22 psf, in that period, which translates in to a potential rental yield of 3.5%.
Historical transactions for 1,300 to 1,400 sq ft units at The Quayside
Contract date
Area (sq ft)
Price ($)
Price ($ psf)
8-Sep-15
1,313
1,939,800
1,477
12-Dec-12
1,367
2,070,000
1,514
21-Aug-12
1,346
1,969,500
1,464

Source: URA, The Edge Property

Rental contracts for 1,300 to 1,400 sq ft units at The Quayside in 4Q2015
Lease date
Monthly rent
($)
($psf)
Dec-15
6,000
4.40
Nov-15
5,000
3.70
Oct-15
6,250
4.60
Oct-15
6,400
4.70
Oct-15
5,000
3.70

Source: URA, The Edge Property

This article appeared in The Edge Property Pullout, Issue 717 (February 29, 2016) of The Edge Singapore.

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