Prospective homebuyers seeking seaside living may find this listing attractive. A 904 sq ft unit at Cote D’Azur is listed on TheEdgeProperty.com at $1 million, or $1,106 psf. The Edge Fair Value, a valuation tool on TheEdgeProperty.com, estimates the value of the property at $1,173 psf, assuming it is on the ground floor as the floor level is not stated in the listing.
Based on historical transactions, the subject property’s asking price of $1,106 psf is now at 2011 levels. In April 2011, a 904 sq ft unit on the 14th floor was transacted at $1,150 psf. Meanwhile, all the transactions in Cote D’Azur in 2015 involved large units of at least 1,100 sq ft, with an average price of $1,302 psf.
Cote D’Azur is a 99-year-leasehold condominium located next to Parkway Parade in the Marine Parade area. The 612-unit condominium was completed in 2004 and is located within 1km of popular schools such as CHIJ (Katong) Primary, Tanjong Katong Primary and Tao Nan School.
Cote D’Azur is a 99-year-leasehold condominium located next to Parkway Parade in the Marine Parade area
In 2015, there were five rental contracts involving one-bedroom units measuring between 800 and 900 sq ft at the development. The average monthly rent for these units worked out to be $3,480, or $4.10 psf. This translates into a potential gross rental yield of 4.2% based on the unit’s asking price of $1 million.
Historical transactions of similar-sized units at Cote D’Azur
Rental contracts for 800 to 900 sq ft at Cote D’Azur in 2015
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This article appeared in The Edge Property Pullout, Issue 711 (January 18, 2016) of The Edge Singapore.