DEAL WATCH: Costa del Sol unit for sale below $1,100 psf

By Tan Chee Yuen / The Edge Property | October 28, 2016 11:00 AM SGT
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A four-bedroom unit at Costa del Sol has been put on the market for $1.51 million ($1,024 psf), according to a listing on TheEdge- Property.com. Costa del Sol is a 906-unit condominium on Bayshore Road whose amenities include a poolside café and minimart. The unit for sale is 1,475 sq ft, on a low floor and faces a landscaped garden. It is currently occupied by the owner, says Alvin Lim, a senior sales associate director with Huttons Asia who is marketing the property.
Costa Del Sol has seven 30-storey blocks and many of the mid- to high-floor units have a view of the East Coast Park and the sea beyond. The project was developed by Hong Kong property giant Cheung Kong Property Holdings and completed in 2004. There is a mix of two- to four-bedroom apartments and penthouses. Unit sizes start from 947 sq ft for a two-bedder to 2,196 sq ft for a four-bedder on the ground floor with a private garden.
The prospect of the future Bayshore MRT station on the Thomson-East Coast Line located just across the road from Costa Del Sol presents exciting new opportunities for potential owner-occupiers and investors looking to buy in and existing owners looking to exit. The result is that there has been a flurry of activity at Costa Del Sol, with three-bedroom units of 1,324 to 1,313 sq ft changing hands from $1.4 million ($1,057 psf) to $1.59 million ($1,210 psf), based on transactions from July to September. Meanwhile, a 1,755 sq ft, four-bedroom, mid-floor unit with a sea view was sold for $2.25 million ($1,282 psf), according to a caveat lodged in July; and a 1,798 sq ft, three-bedroom penthouse was sold for $2.15 million ($1,196 psf) in August.
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Costa del Sol was developed by Hong Kong property giant Cheung Kong Property Holdings and completed in 2004
The most recent transaction of a 1,475 sq ft, four-bedroom unit was in June, when a second-level unit in another block changed hands for $1.4 million ($949 psf), according to a caveat lodged then.
Typical four-bedroom units of 1,475 to 1,561 sq ft at Costa del Sol have been leased at an average monthly rent of $4,563 over the past three months. Based on the latest asking price of $1,024 psf, it translates into a potential gross rental yield of 3.6%, which is attractive in today’s market, and this is even before the MRT station is ready, notes Huttons’ Lim.
For more information, call marketing agent Alvin Lim at 9660 2828.
This article appeared in The Edge Property Pullout, Issue 752 (Oct 31, 2016) of The Edge Singapore.

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