DEAL WATCH: Unit at Concourse Skyline selling at 2012 prices

By Tan Chee Yuen / The Edge Property | December 26, 2015 9:00 AM SGT
Prospective buyers looking for waterside living in the city might be keen on this listing. A 786 sq ft mid-floor unit at Concourse Skyline is listed on TheEdgeProperty.com at $1.25 million, or $1,590 psf. Concourse Skyline is a 99-year leasehold apartment on Beach Road comprising 360 units.
The asking price is on a par with a comparable past transaction in December 2012, when another 786 sq ft unit on the seventh floor changed hands for $1.25million, or $1,591 psf.
Completed in 2014, Concourse Skyline’s immediate vicinity comprises Marina Promenade and Marina Reservoir, Pan Pacific Serviced Suites Beach Road and historic shophouses in Kampong Glam housing ethnic shops, eateries and pubs.
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A 786 sq ft mid-floor unit at Concourse Skyline is listed on TheEdgeProperty.com
at $1.25million, or $1,590 psf
The nearest MRT station is Nicoll Highway of the Circle Line, which is 200m from the development. Concourse Skyline is also within walking distance from the Bugis MRT station and Bugis Junction shopping mall. Schools within 1km of the apartment include St Margaret’s Primary School and Farrer Park Primary School.
There were two rental contracts involving 700 to 800 sq ft units in the development this year. Rents for the two units averaged $3,750, or $5 psf a month. Based on the listing price of $1,590 psf, the average rent translates into a potential gross rental yield of 3.6%.
Historical transactions for 786 sq ft units at Concourse Skyline
Contract date
Floor
Price ($)
Price ($ psf)
14-Dec-12
Low
1,250,000
1,591
8-Dec-10
Mid
1,020,500
1,299
24-Feb-10
High
1,523,795
1,939
2-Feb-10
Mid
1,405,000
1,788

*Low floors: L1 to 7, Mid floors: L8 to 15, High floors: L16 & above

Source: URA, The Edge Property

Rental transactions for 700 to 800 sq ft units at Concourse Skyline in 2015
Lease date
Monthly rent
($)
($psf)
Sep-15
3,700
4.9
Jun-15
3,800
5.1

Source: URA, The Edge Property

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This article appeared in The Edge Property Pullout, Issue 709 (December 28, 2015) of The Edge Singapore.