DEAL WATCH: Penthouse at Sixth Avenue Residences for sale below $3 mil

At The Sixth Avenue Residences, the most recent transaction of a penthouse was that of a 3,165 sq ft unit that fetched $3.6 million ($1,138 psf) in July, according to a caveat lodged with URA Realis. The penthouse has four bedrooms and a roof terrace.

Listed on TheEdgeProperty.com is a 2,637 sq ft, three-bedroom penthouse at The Sixth Avenue Residences with a price tag of $2.8 million, or $1,062 psf. The sale price is pegged below market valuation, says Linda Ong, team director at PropNex Realty, who is marketing the property.

The 175-unit freehold condominium, located on Sixth Avenue in prime District 10, was developed by Keppel Land and completed in 2009. The project contains seven five-storey blocks. The penthouses are a mix of three- and four-bedroom units measuring from 2,497 to 3,810 sq ft, and they come with a roof terrace.

A 3,165 sq ft penthouse at The Sixth Avenue Residences fetched $3.6 million ($1,138 psf) in July

The highest price achieved for a penthouse — both in absolute and psf terms — at The Sixth Avenue Residences was in April 2011, when a 3,165 sq ft unit was sold for $5.06 million ($1,600 psf).

The three-bedroom penthouse that is on the market for $2.8 million was tenanted until recently and will be sold with vacant possession. The latest monthly rental transactions at The Sixth Avenue Residences for penthouses of 2,600 to 2,700 sq ft averaged $6,900. This translates to a gross rental yield of 3% based on the asking price of $2.8 million. The property is sought after among expatriates because of its location and facilities, especially its two large swimming pools, according to PropNex’s Ong.

The Sixth Avenue Residences is located close to supermarkets and eateries at Jelita Shopping Centre, Holland Village and Guthrie House. It is also near top schools such as Methodist Girls’ School, Raffles Girls’ Primary School and Nanyang Primary School.

For more information, call marketing agent Linda Ong at 9692 9111.

This article appeared in The Edge Property Pullout, Issue 745 (Sep 12, 2016) of The Edge Singapore.