DEAL WATCH: RV Edge unit for sale at $1,756 psf

By Delicia Lim,

Tan Chee Yuen

/ The Edge Property |

July 24, 2017 9:00 AM SGT

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RV Edge is a freehold project located in prime District 10. The development on Shanghai Road, off River Valley Road was completed in 2013 and has 108 units. RV Edge has one-bedroom units ranging from 366 to 484 sq ft, two-bedroom units at 495 sq ft and two-bedroom penthouses ranging from 646 to 1,066 sq ft.

A 484 sq ft, one-bedroom unit has been put up for sale at $850,000 ($1,756 psf) on TheEdgeProperty.com. The owner is a Singaporean who is looking to invest in other areas, according to Rion Ong, a property agent with KF Property Network. The unit is rented out at $2,500 per month until March 2018, which translates into a 3.5% gross rental yield based on the asking price.

RV Edge is close to the upcoming Great World MRT station, and also accessible from the Orchard and Somerset MRT stations on the North-South Line, according to Ong. The nearest schools are Alexandra Primary School, River Valley Primary School and Gan Eng Seng School.

There have been two transactions at RV Edge this year. A 474 sq ft, one-bedroom unit on the fifth level fetched $870,000 ($1,837 psf) in March 2017. In January, a 936 sq ft, two-bedroom unit on the seventh level was sold for $1.35 million ($1,442 sq ft).

Prices at RV Edge peaked in June 2014, when a 366 sq ft, one-unit bedroom was sold for $830,000 ($2,268 psf). In the last two years, prices have fallen below $2,000 psf.

Located across Shanghai Road from RV Edge are Shanghai One and Queensberry Lodge.

Shanghai One is a freehold project completed in 2007. The latest transaction saw an 883 sq ft, two-bedroom unit sold for $1.31 million ($1,484 sq ft) on June 1.

Meanwhile, a 614 sq ft, one-bedroom unit at Queensberry Lodge fetched $840,000 ($1,369 psf) in May. Queensberry Lodge is a 12-unit freehold project completed in 2002.

Rents for RV Edge units from 400 to 500 sq ft held steady between 2H2016 and 1H2017. There were 16 rental transactions at an average monthly rent of $2,438 in 2H2016. The monthly rent averaged $2,419 for the 13 rental transactions in 1H2017, based on URA data.