DEAL WATCH: $1.49 mil for a unit at Clover By The Park

A 1,300 sq ft, three-bedroom unit at Clover By The Park was listed on TheEdgeProperty.com for $1.49 million ($1,145 psf). “The unit is currently owner-occupied and in good condition,” says Ron Teo of PropNex Realty, who is marketing the property. The owner is said to be a Singaporean.

Clover By The Park is a 99-year leasehold condominium on Bishan Street 25. Developed by Sim Lian Group and completed in 2011, it contains two 39-storey blocks with a total of 616 units. Typical units in the development are three- and four-bedroom apartments, in addition to suites and penthouses.

The main attraction of the project is its location next to the Bishan-Ang Mo Kio Park, as well as its proximity to top schools such as Ai Tong Primary School, Catholic High School and Raffles Institution.

Clover By The Park’s key attraction is that it is located next to the Bishan-Ang Mo Kio Park and close to various top schools

“A unit facing the park commands a premium of about $200,000 over another similar-sized one that does not offer a park view,” says Teo. “However, the price difference also depends on other attributes, such as floor level and the condition of the property.”

The latest transaction at Clover By The Park was for a 1,216 sq ft, three-bedroom unit that fetched $1.53 million ($1,254 psf), according to a caveat lodged on March 28. On Feb 24, a 1,765 sq ft, four-bedroom unit changed hands for $2.2 million ($1,246 psf). A 1,292 sq ft, three-bedroom unit fetched $1.6 million ($1,239 psf) that same month.

There were two other transactions this year: A 1,733 sq ft, four-bedroom unit fetched $2 million ($1,154 psf) on Feb 6 and a 1,281 sq ft, three-bedroom unit was sold for $1.6 million ($1,249 psf) on Jan 31.

Five 1,200 to 1,300 sq ft, three-bedroom units were leased for monthly rents of between $3,000 and $4,050 in January and February, according to URA rental data. Based on the monthly rate, this translates into a gross rental yield of 2.4% to 3.3% per annum. Given the development’s location near top schools, it is likely to attract owner-occupiers, especially families.

This article appeared in The Edge Property Pullout, Issue 775 (Apr 17, 2017) of The Edge Singapore.