DEAL WATCH: Freehold unit in District 15 on the market for $1,128 psf

By Tan Chee Yuen / The Edge Property | October 27, 2015 10:27 AM SGT
A 1,108 sq ft unit at iSuites@ Marshall has been listed for sale on TheEdgeProperty.com for $1.25 million, or $1,128psf. Indicative valuation puts the property value at more than $1.3 million. iSuites@Marshall is a freehold apartment in District 15 comprising just 32 units. Completed in 2012, the property is located within1km of Tanjong Katong Primary School and Haig Girls’ School, as well as Chatsworth International School.
Indicative valuation puts the property value at more than $1,173 psf
 - EDGEPROP SINGAPORE
There is no recent comparable transaction in the development. In August this year, a much smaller 592 sq ft unit was sold for $845,000 ($1,427 psf). The next transaction took place in January 2013 when another 592 sq ft unit changed hands at $880,000 ($1,486psf). According to the Urban Redevelopment Authority, the price index for private non-landed homes in Rest of Central Region declined 9.1% from 1Q2013 to 3Q2015.
Based on these transactions, the value of the subject property should be at least $1.3 million, or $1,173 psf, after adjusting for size and price movement.
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A location scan of properties within 500m of iSuites@Marshall shows that average prices range from $822 to $1,441 psf depending on the property’s age and other attributes. Gross rental yields were generally around 4% and above.
Location scan of properties within 500m of iSuites@Marshall
Project Name
Tenure
Completion
Avg Price (S$ psf)
Sales Volume
Avg Rent (S$ psf pm)
Rental Volume
Rental Yield (%)
EAST MEWS
Freehold
2007
822
1
3.4
2
5
Freehold
2009
955
2
3.6
1
4.6
THE BEACON EDGE
Freehold
2009
1,340
2
3.7
8
3.3
Freehold
2012
1,344
2
4.3
2
3.9
Freehold
2012
1,427
1
5.1
14
4.3
Freehold
2014
1,469
2
5.1
13
4.2
Freehold
2013
1,633
2
5.2
45
3.8

Source: URA, The Edge Property

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This article appeared in The Edge Property Pullout, Issue 700 (October 26, 2015) of The Edge Singapore.