DEAL WATCH: Penthouse at The Beverly going for $2.09 mil

/ EdgeProp
May 27, 2018 8:00 AM SGT
On the market is a two-bedroom penthouse at The Beverly on Toh Tuck Road in District 21. The 2,131 sq ft unit is being sold for $2.09 million ($980 psf). It sits on the topmost floor of one of the two 5-storey blocks in the freehold condominium. And it comes with a private roof terrace and pool.
The 118-unit The Beverly was developed by Wah Hoe Development, a wholly-owned subsidiary of Singapore-listed Hiap Hoe Ltd, and was completed in 2012.
The unit that is for sale belongs to a couple who has lived there since 2013. They purchased the unit from the developer for $1.77 million ($830 psf). The owners have decided to sell because they are looking for a new home, says marketing agent Hillda Yap, associate division director at ERA Realty Network.
Units on the fifth floor are all penthouses with roof terraces, and they range from two- to four-bedroom units of 2,099 to 3,757 sq ft. The most recent transaction of a penthouse at the development was that of a 3,660 sq ft, four-bedroom unit that changed hands for $2.85 million ($779 psf) in January, according to a caveat lodged with URA Realis.
However, the latest transactions at The Beverly were for two 1,119 sq ft, two-bedroom units that went for $1.5 million ($1,340 psf) each. Both units are in the same block — one on the second floor, the other on the fourth.
Interest in the Toh Tuck Road neighbourhood has certainly picked up since March, when the 210-unit, freehold Goodluck Garden was sold en bloc to Qingjian Group of Companies and Perennial Real Estate Holdings for $610 million ($1,210 psf per plot ratio). Nearby is the upcoming Daintree Residence, a 327-unit project by Malaysia-listed developer S P Setia that is expected to be launched in the coming months. The project sits on a 99-year leasehold site of 201,515 sq ft that was purchased in a government land tender in April last year for $265 million ($939 psf ppr). The site received a record number of 24 bids.
The penthouse at The Beverly that is currently on the market at just below $1,000 psf is “very favourably priced”, according to ERA Realty’s Yap. With an absolute price of $2.09 million, it also appeals to young couples, she adds. The project is located next to Bukit Timah Primary School.
This article appeared in the EdgeProp Pullout Issue #832 (May 28, 2018)