Unit at VisionCrest going for $1.45 mil

By Tan Chee Yuen / The Edge Property | July 31, 2017 9:00 AM SGT
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VisionCrest is a freehold mixed-use development in prime District 9. The project by Wing Tai Holdings was completed in 2007 and comprises four 12-storey residential blocks with a total of 265 units. The apartments are adjacent to a 12-storey office block, VisionCrest Commercial. VisionCrest has a wide array of unit types: from studios of 603 sq ft to two-bedroom units of 947 sq ft, three-bedroom units of up to 1,475 sq ft and penthouses of 1,528 to 2,131 sq ft.
A 732 sq ft, one-bedroom unit at VisionCrest has been put up for sale on TheEdgeProperty.com at $1.45 million ($1,981 psf). The owner is a Singaporean who has rented it to a corporate entity until mid-2018, says Elson Tan, a property agent from PropNex Realty who is marketing the unit.
VisionCrest is located close to the Dhoby Ghaut MRT station. Schools located within a 1km radius of the property include River Valley Primary School and St Margaret’s Primary School.
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Completed in 2007, VisionCrest is a freehold mixed-use development in prime District 9
When VisionCrest was launched in 2003, prices ranged from $1,000 to $1,200 psf. The highest price achieved at the project was for a 1,227 sq ft unit on the 10th floor that fetched $3.3 million ($2,700 psf) in January 2008. The first buyer paid $3.1 million ($2,500 psf) for the unit in August 2007 and sold it in a sub-sale five months later. The latest transaction at VisionCrest was that of a 947 sq ft unit, which was sold for $1.7 million ($1,798 psf) on July 18.
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According to URA data, there were seven rental transactions for units measuring 700 to 800 sq ft at VisionCrest in 2Q2017. The average monthly rent was $3,729, translating into a potential gross rental yield of 3.1%, based on the asking price.
Located adjacent to VisionCrest is The Rise @ Oxley, another mixed-use development. It comprises 120 apartments and two levels of retail and F&B space. Developed by Oxley Holdings, the freehold project is expected to receive Temporary Occupation Permit by end-2022.
The most recent transactions at The Rise @ Oxley — Residences were on July 9 when a 667 sq ft unit was sold at $1.58 million ($2,371 psf); and July 10, when a 710 sq ft unit was sold at $1.66 million ($2,334 psf). As at end-June, 113, or 94%, of the 120 units at The Rise @ Oxley — Residences had been sold, according to URA data on developer sales.
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This article appeared in The Edge Property Pullout, Issue 790 (July 31, 2017) of The Edge Singapore.

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