MCST selling penthouse at Cradels for $1.18 mil

By Valerie Kor / EdgeProp Singapore | August 14, 2020 6:00 AM SGT
SINGAPORE (EDGEPROP) - A penthouse at Cradels has been put up for sale by its Management Corporation Strata Title (MCST) Board. Under Section 43 of the Building Maintenance and Strata Management Act, this can happen when an owner has repeatedly failed to pay the conservancy and sinking fund charges.
Cradels - EDGEPROP Singapore - EDGEPROP SINGAPORE
The 1,173 sq ft unit is among five duplex penthouses at Cradels (Photo: Albert Chua/The Edge Singapore)
The penthouse in question is a 1,173 sq ft, two-bedroom duplex which will be put up for auction by Knight Frank on Aug 18. The asking price is $1.18 million. Attendance at the auction will be by registration only.
The freehold Cradels is a 125-unit condominium block on Lorong Limau, located off Balestier Road. Completed in 2015, the 21-storey development has a mix of one-bedroom units sized from 441 to 581 sq ft; and two-bedroom units from 678 to 786 sq ft. There is also a sole one-bedroom unit of 797 sq ft on the 20th floor just below the penthouse level.
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The duplex penthouse to be auctioned is the only one at Cradels with the two-bedroom layout. The other four penthouses are one-bedroom-plus-study duplex units, measuring between 1,033 sq ft and 1,313 sq ft in size.
The units at Cradels are likely to appeal to investors who want to lease to international students studying in schools in the Balestier area. It is in the vicinity of Curtin Singapore, Global Indian International School Balestier campus, Maple Bear School (Canadian curriculum), private Christian school San Yu Adventist School, and Zesprion School of Learning, a preparatory school for foreign students.
The apartments are also expected to appeal to those who are working at Healthcity Novena, given that it is in the neighbourhood of the Novena medical cluster, with the likes of Tan Tock Seng Hospital, Novena Medical Centre, Mount Elizabeth Novena Hospital and Specialist Centre.
Recent transactions at Cradels - EDGEPROP Singapore - EDGEPROP SINGAPORE
Source: URA Realis
Under the Master Plan for Healthcity Novena, some 600,000 sq m (6.46 million sq ft) of space will be used for learning, teaching and integrated healthcare. Five new healthcare buildings will include a new national centre for infectious diseases to replace the current Communicable Disease Centre. This will increase the healthcare space in Novena by 150% by 2030.
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The area is also near traditional eateries such as House of Tau Sar Piah, Founder Bak Kut Teh and Boon Tong Kee Chicken Rice; Whampoa Keng Restaurant; Balestier Food Centre; Balestier Market; as well as Whampoa Hawker Centre. There are also cafes in the vicinity of Balestier Road.
Cradels is a redevelopment of the former Melrose Court, which was purchased en bloc for $44 million in August 2010 by boutique developer Melrose Land.
When Cradels was first launched, units were sold at an average of $1,412 psf from May to July 2012. The project is 100% sold to date.
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The latest transactions at Cradels this year were for a 463 sq ft, one-bedroom unit on the sixth floor that fetched $726,000 ($1,569 psf) in July; and a 786 sq ft, two-bedroom unit on the 20th floor that changed hands for $1.19 million ($1,514 psf) in February, based on caveats lodged.
The MCST’s asking price of $1.18 million ($1,006 psf) for the duplex penthouse is about 19% below the owner’s purchase price of $1.45 million ($1,239 psf) in July 2012, when the project was first launched.
Recent rental transactions at Cradels involved mostly the one-bedroom units of 400 to 500 sq ft, which fetched monthly rents of between $1,850 and $2,000.
Check out the latest listings near Cradels
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