Receivers’ sale of seven residential units at The Centrepoint from $2.34 mil
The Centrepoint comprises a seven-storey shopping mall and a residential component that has 66 apartments. (Picture: Albert Chua/The Edge Singapore)
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SRI is handling the sale of seven residential units at Centrepoint, including five one-bedroom and two two-bedroom apartments.
The units are part of a receivership sale and will be offered through a tender that closes on June 6.
In a receivership sale, the court appoints someone (a receiver) to take over and sell the property, usually to help recover money owed to lenders.
The portfolio of seven units is priced at $18.68 million. However, the units are also available for individual purchase. The apartments range in size from 732 to 1,173 sq ft. They will be sold with existing tenancies, with monthly rents ranging from $3,036 to $3,923.
The smallest-sized units are two 732 sq ft, one-bedroom units on the sixth floor, each priced from $2.34 million ($3,196 psf). A 743 sq ft one-bedder on the fifth floor is going for $2.38 million ($3,203 psf), while two 775 sq ft, one-bedroom units on the fourth floor are each priced from $2.46 million ($3,174 psf).
The remaining units are a 1,173 sq ft, two-bedroom unit on the fourth floor priced from $3.47 million ($2,958 psf), and a 1,119 sq ft two-bedroom on the sixth floor with a guide price of $3.41 million ($3,047 psf).
There have been several residential resale transactions at The Centrepoint over the past three years. Last year, five units changed hands and prices ranged from $2.5 million ($2,233 psf) to $2 million ($2,693 psf). Another seven units were transacted in 2023, and prices ranged from $3.05 million ($2,600 psf) to $2.1 million ($2,827 psf).
The strata-titled owners of The Centrepoint — including the 66 apartments on the fourth to seventh floors and the rear-block of the mall at 176A Orchard Road — are in the early stages of a collective sale attempt. The reserve price is said to be $350 million.
There are a few 99-year leasehold private residential developments in the vicinity of The Centrepoint. The closest is the 268-unit Cairnhill Nine, on Cairnhill Road. A compilation of resale transactions shows that the average price at Cairnhill Nine is about $2,525 psf.
Meanwhile, there have been eight rental transactions at The Centrepoint so far this year, with monthly leases ranging from $3,500 (3.04 psf) to $4,700 ($6.27 psf). A compilation of rental caveats shows that indicative average rent is about $4.80 psf per month, with some landlords reaping an average rental yield of about 2.2%.
Although the Centrepoint is best known for its seven-storey shopping mall that faces Orchard Road, its residential component has 66 apartments. Completed in 1983, the development’s prominent frontage along the Orchard Road shopping belt has established it as a landmark of the area. The shopping mall also enjoys proximity to Somerset MRT Station on the North-South Line.
The residential units in The Centrepoint span the fourth to seventh floors and range from one- to three-bedroom units sized from 732 to 3,003 sq ft. These residential units have a 99-year leasehold tenure from 1979, with 53 years left on the tenure.
Check out the latest listings for The Centrepoint properties
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