DEAL WATCH: Chancery Court unit selling below $1,000 psf

By Tan Chee Yuen / The Edge Property | November 7, 2015 9:00 AM SGT
A 2,034 sq ft five-bedroom unit at Chancery Court in prime district 11 is listed on TheEdgeProperty.com for $1,980,000 or $974 psf. The Edge Fair Value puts the value of the property at $1,165 psf.
Chancery Court is a 99-year leasehold condominium on Dunearn Road comprising 136 units. Completed in 1981, the development is located within 500m from Newton MRT station and 1km from popular schools such as Anglo-Chinese School (Primary and Junior) and St. Joseph’s Institution Junior.
All the transactions concluded after 2010 at Chancery Court breached the $1,000 psf mark
 - EDGEPROP SINGAPORE
The asking price of $974 psf was unseen since 2010 when three similar-sized units were transacted at an average of $962 psf.
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All the transactions concluded after 2010 breached the $1,000 psf mark. The latest transaction in Chancery Court was in November 2014 involving a 926 sq ft unit on sixth floor which changed hands for $1,350 psf. In February 2014, a 2,271 sq ft unit on ground floor fetched $1,110 psf.
A location scan of properties within 500m of Chancery Court shows that average prices range from $1,260 psf to $1,490 psf for projects completed before 2000. However, properties in the vicinity generally have freehold tenure. According to the Urban Redevelopment Authority, the median rent for private non-landed homes in District 11 was $3.96 psf per month in 3Q2015.
Recent transactions at Chancery Court
Date
Address
Area (sqft)
Price ($)
Price ($ psf)
11-Nov-14
36H Dunearn Road #XX-XX
926
1,250,000
1,350
3-Feb-14
36A Dunearn Road #XX-XX
2,271
2,520,000
1,110
4-Nov-13
36H Dunearn Road #XX-XX
926
1,220,000
1,318
8-Oct-13
36H Dunearn Road #XX-XX
926
1,220,000
1,318
12-Sep-13
36H Dunearn Road #XX-XX
926
1,260,000
1,361

Source: URA, The Edge Property

Location scan of properties within 500m of Chancery Court
Project Name
Tenure
Completion
Average Price ($ psf)
Sales Volume
Average Rent ($ psf pm)
Rental Volume
Rental Yield (%)
Freehold
1997
1490
2
3.8
6
3
Freehold
1999
1460
1
4.5
1
3.7
Freehold
1991
1453
2
3.1
3
2.5
Freehold
1994
1430
3
2.6
6
2.2
Chancery Esquire
Freehold
1996
1260
2
-
-
-

Source: URA, The Edge Property

Interested in value deals at Chancery Court and nearby projects? Click here to start searching!
Editor: To real estate agents – if you have secured an interesting listing or concluded an interesting deal recently, we would love to hear from you! Contact us at propertyeditor.sg@bizedge.com
As we are not party to the contract between the client and agent, we are not able to verify information provided by the agent.
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This article appeared in The Edge Property Pullout, Issue 702 (November 9, 2015) of The Edge Singapore.