Ground-floor unit at eCO going for $770,000

By Valerie Kor

/ EdgeProp Singapore |

May 14, 2020 6:00 AM SGT

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SINGAPORE (EDGEPROP) - A one-bedroom-plus-study unit at eCO, a 748-unit private residential project in Bedok, is on the market for sale by private treaty. The 667 sq ft unit is located on the ground floor and comes with a private enclosed space with a gate that opens directly to the swimming pool. A bank sale, the unit has a guide price of $770,000 ($1,154 psf) and is marketed by Edmund Tie.

Located along Bedok South Avenue 3, eCO is a 99-year leasehold residential development with a mix of small office home office (SOHO) apartments, suites, condominiums and townhouses with sizes ranging from 470 sq ft to 2,200 sq ft. Developed by a consortium made up of Far East Organization, Frasers Property and Sekisui House, eCO was launched for sale in 2012 and fully sold when completed in early 2017. The project was designed by established architectural firm DP Architects, with landscaping by renowned Malaysian landscape architect Ken Yeang. Facilities at the development include a clubhouse, two 50m lap pools, playground, tennis courts, fitness corner, barbecue pits and even a minimart.

As the project was completed three years ago, the ground-floor unit — which has a 3m high ceiling and fronts the swimming pool — is in move-in condition, says Edmund Tie’s head of auctions and sales Joy Tan. The next owner will only need to give it a fresh coat of paint, she adds.

EDGEPROP SINGAPORE - eco unit bedok south avenue The one-bedroom unit has a high ceiling height that makes it look spacious and it has an outdoor patio (Photo: Edmund Tie)

The one-bedroom unit has a high ceiling height that makes it look spacious and it has an outdoor patio (Photo: Edmund Tie)

Tan expects the one-bedroom-plus-study unit to appeal to both owner-occupiers — singles and young couples — and investors. It will also appeal to those who are looking to downsize, she adds. It is conveniently located within a five to seven-minute walk from Tanah Merah MRT Station on the East-West Line, which is also the interchange for those going to Changi Airport.

The development is a short driving distance of amenities such as Bedok Mall, Parkway Parade shopping centre, Jewel Changi Airport and East Coast Park. It is also near Changi Business Park and schools such as Temasek Primary, Temasek Secondary, Anglican High School, Temasek Junior College as well as the Singapore University of Technology and Design.

The previous owner purchased the unit in 2012 during the launch at $866,000 ($1,298 psf). Tan says the unit is now “attractively priced” at $770,000.

The latest transaction at eCO was for a 549 sq ft, one-bedder on the third floor that changed hands in the resale market for $740,000 ($1,348 psf) in April.

EDGEPROP SINGAPORE - interior of ground floor unit The ground-floor unit — which has a 3m high ceiling and fronts the swimming pool — is in move-in condition (Photo: Edmund Tie)

The ground-floor unit — which has a 3m high ceiling and fronts the swimming pool — is in move-in condition (Photo: Edmund Tie)

Recent rental transactions of one-bedroom units at eCo have ranged between $1,800 and $2,800 per month. per month. “Even at a conservative monthly rent of $2,000, the gross rental yield of the one-bedroom-plus-study unit will be above 3%,” says Tan.

Recent rental transactions of one-bedroom units at eCO

Lease month	Unit size (sq ft)	Monthly rent ($)
March 2020	500 to 600	2,200
March 2020	600 to 700	2,800
March 2020	500 to 600	1,800
March 2020	700 to 800	2,000

Source: EdgeProp Singapore

Low floor units in surrounding developments such as The Glades and Grandeur Park Residences have changed hands at prices ranging from $1,237 psf and $1,583 psf respectively.

Linked directly to Tanah Merah MRT Station, the upcoming 720-unit Grandeur Park Residences by Chip Eng Seng’s property arm CEL Development is a 99-year leasehold project scheduled to be completed by 3Q2020. Last month, a 1,453 sq ft, five-bedroom unit on the ninth floor was sold for $2.22 million ($1,526 psf).

Meanwhile, The Glades by Keppel Land is a 726-unit, 99-year leasehold private condo located within walking distance from Tanah Merah MRT Station. The project, completed in 2016, was developed in a joint venture between Keppel Land and Chinese developer China Vanke. The latest transaction there was for an 840 sq ft, three-bedroom unit on the 11th floor, which sold for $1.308 million ($1,558 psf) in February.

Finally, the 582-unit condo Urban Vista is also located nearby at Tanah Merah Kechil Link. Developed jointly by Fragrance Group and Aspial Corp property arm World Class Land, the 99-year leasehold condo was completed in 2016. In February, a 1,044 sq ft, three-bedroom unit on the fifth floor at Urban Vista was sold for $1.3 million ($1,245 psf).