A 1,249 sq ft unit at The Richmond on St. Michael’s Road is looking for buyers on TheEdgeProperty.com at $1.10 million, or $881 psf. The Edge Fair Value, a valuation tool on TheEdgeProperty.com, puts the indicative value of the property at $961 psf.
The last time prices of comparable units dipped below $890 psf was in Feb 2012 when a 1,238 sq ft unit on the seventh floor changed hands at $1.1 million, or $889 psf. Separately, a 1,238 sq ft on the fifth floor went for $1.36 million, or $1,095 psf in August 2014. In December 2015, a 1,292 sq ft unit on the second floor was sold for $1.16 million, or $898 psf.
The Richmond is freehold apartment development located near Whampoa and was completed in 1999. Schools within 1km from the property include Bendemeer Primary School, Hong Wen School and St. Andrew’s Junior School.
There were four rental contracts in 2015 for three-bedroom units between 1,200 and 1,300 sq ft. Monthly rents averaged $3,225, or $2.60 psf, which translates into a potential gross rental yield of 3.5% based on the listing price of $1.1 million.
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Historical transactions for 1,200 to 1,300 sq ft units at The Richmond
Rental contracts for 1,200 to 1,300 sq ft units at The Richmond in 2015
This article appeared in The Edge Property Pullout, Issue 714 (February 8, 2016) of The Edge Singapore.