Penthouse at One Balmoral sold for $4.48 mil

By Tan Chee Yuen / The Edge Property | May 28, 2017 8:30 AM SGT
At the junction of Balmoral Road and Stevens Road is Hong Leong Holdings’ One Balmoral in prime District 10. On May 16, a 2,228 sq ft, three-bedroom penthouse changed hands for $4.48 million ($2,012 psf), the largest transaction in the development so far in terms of absolute price. The sale was brokered by Aaron Wan, associate division director of ERA Realty Network, who has been marketing units at One Balmoral since 2014.
The buyer of the penthouse is believed to be a Singaporean investor, who opted for the deferred payment scheme. Hong Leong Holdings has offered buyers the option of a DPS since last November. Those who opt for it will enjoy an 11% discount instead of the 13% offered to those who take up the normal payment scheme. Under DPS, the buyer only needs to pay a 20% down payment, with the remaining 80% payable 24 months later. ERA’s Wan reckons the penthouse can fetch a monthly rent of $10,000, which translates into a gross rental yield of 2.7% for the buyer.
Since launching the DPS at One Balmoral, the developer has sold 33 units, excluding a resale unit. Prices ranged from $1.34 million ($2,258 psf) for a 592 sq ft, one-bedroom unit to $4.48 million ($2,012 psf) for the penthouse sold on May 16. So far, the developer has sold over 70% of the units at the freehold, 91-unit project which previewed in July 2013 and was completed in September 2016.

Source: ERA Realty

A 270-degree view from a bedroom at the penthouse at One Balmoral
The resale transaction at One Balmoral was for a 969 sq ft, two-bedroom unit that fetched $2.06 million ($2,124 psf) in April. The unit was purchased from the developer for $2.11 million ($2,175 psf) last November.
Also in prime District 10 is Cluny Park Residence, located across the road from the Singapore Botanic Gardens and the Botanic Gardens MRT station on the Circle Line. A 1,507 sq ft, three-bedroom unit at the project was sold for $3.45 million ($2,289 psf), according to a caveat lodged on May 11. Two other...