The owner of a one-bedroom unit at Lumiere, on Mistri Road in Tanjong Pagar, has put up the property for sale at Knight Frank’s next auction on Dec 12 with an asking price of $1.1 million (or $1,705 psf).

The 645 sq ft unit on the 23rd floor will be sold with an existing tenancy that ends in June next year. The unit features a linear layout with an open-concept kitchen, a shared living and dining area, and a bedroom with an attached balcony.

Lumiere is a 99-year leasehold condo in District 2. The 45-storey condo is located between Anson Road and Shenton Way and is close to landmark buildings in the CBD, such as the mixed-use Guoco Tower on Wallich Street, International Plaza on Anson Road and 100AM shopping mall on Tras Street.

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The 168-unit development comprises a mix of studios of 506 sq ft, one- and two-bedroom units ranging from 624 sq ft to 1,001 sq ft, and duplexes of 2,325 sq ft and 2,551 sq ft. There is also a single 5,091 sq ft penthouse.

The condo has seen four resale transactions this year, two involving one-bedroom units. A 624 sq ft unit on the 32nd floor was sold for $1.13 million ($1,810 psf) on Nov 6, while a 678 sq ft unit on the 13th floor changed hands for $1.06 million ($1,570 psf) on May 11.

Based on URA caveats tabulated by EdgeProp Singapore, the average price at Lumiere is $1,729 psf. This makes it the most affordable condo in the vicinity on an average price basis. For example, neighbouring Eon Shenton on Shenton Way commands an average price of $2,149 psf. Other nearby condos such as 76 Shenton on Shenton Way ($1,986 psf), Skysuites@Anson at Enggor Street ($2,242 psf), Icon Residence on Gopeng Street ($1,831 psf), and Altez on Enggor Street ($1,989 psf) have all recorded higher average resale prices compared to Lumiere.

Rental caveats show a rise in quarterly median rents at Lumiere over the past two years, increasing from $4.62 psf to $6.23 psf monthly. Landlords at Lumiere typically enjoy rental yields comparable to those in neighbouring developments.

Meanwhile, caveats lodged over the past 12 months also show that landlords at Lumiere receive an average rental yield of 4.5% on their investment properties. This is on a par with the other condos in the vicinity. Only Skysuites@Anson commands a significantly higher rental yield of 5.1%.

Completed in 2010, Lumiere is a seven-minute walk from Tanjong Pagar MRT Station. The part of Tanjong Pagar in Lumiere’s vicinity will see several new developments in the next few years, starting with the completion of mixed-use One Bernam on Bernam Street, followed by TMW Maxwell on Tras Street, Newport Residences and Newport Tower on Anson Road, and Skywater Residences on Shenton Way.

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Check out the latest listings for Lumiere properties