DEAL WATCH: Condo near East Coast Park selling slightly above $1,100 psf
A 1,582 sq ft unit at The Makena is looking for a buyer on TheEdgeProperty.com at $1.78 million, or $1,125 psf.
The Edge Fair Value, a valuation tool on TheEdgeProperty.com, puts the indicative value of the property at slightly above $1,150 psf. Last month, another 1,582 sq ft unit on the seventh floor changed hands for $1.95 million, or $1,232 psf. There were three transactions involving similar-sized units this year with prices ranging from $1,194 to $1,340 psf.
The listed price of $1,125 psf has not been seen since 2012 when two 1,582 sq ft units were sold for that exact same price.
In the past three months, there were eight rental contracts involving three-bedroom units measuring 1,500 to 1,600 sq ft at The Makena. The average rent for these units was $4,025, or $2.61 psf a month. Based on the listing price of $1.78 million, the average rent translates into a potential gross rental yield of 2.7%.
Historical transactions for 1,500 to 1,600 sq ft units at The Makena
Contract date | Floor | Area (sq ft) | Price ($) | Price ($ psf) |
|---|---|---|---|---|
11-Nov-15 | Low | 1,582 | 1,950,000 | 1,232 |
10-Jul-15 | High | 1,582 | 2,120,000 | 1,340 |
3-Jun-15 | Mid | 1,507 | 1,800,000 | 1,194 |
4-Dec-14 | Mid | 1,582 | 1,812,000 | 1,145 |
17-Apr-14 | Mid | 1,518 | 2,100,000 | 1,384 |
2-Apr-14 | Mid | 1,582 | 2,150,000 | 1,359 |
21-Feb-14 | High | 1,582 | 2,300,000 | 1,454 |
8-Jan-14 | Mid | 1,582 | 2,008,888 | 1,270 |
*Low floors: L1 to 7, Mid floors: L8 to 15, High floors: L16 & above
Source: URA, The Edge Property
Rental contracts for 1,500 to 1,600 sq ft units at The Makena
Lease date | Monthly rent | |
|---|---|---|
($) | ($psf) | |
Oct-15 | 4,200 | 2.7 |
Oct-15 | 3,600 | 2.3 |
Sep-15 | 3,800 | 2.5 |
Sep-15 | 4,300 | 2.8 |
Aug-15 | 4,000 | 2.6 |
Aug-15 | 3,500 | 2.3 |
Aug-15 | 4,300 | 2.8 |
Aug-15 | 4,500 | 2.9 |
Source: URA, The Edge Property
The Makena is a 504-unit freehold condominium development at Meyer Road
The Makena is a 504-unit freehold condominium development at Meyer Road. Completed in 1998, it is located across East Coast Park. Nearby schools include Haig Girls’ School, Kong Hwa School, Canadian International School and Chatsworth International School.
Looking for more deals at The Makena and nearby projects. Click here
This article appeared in The Edge Property Pullout, Issue 708 (December 21, 2015) of The Edge Singapore.
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