SINGAPORE (EDGEPROP) - A three-bedroom duplex penthouse at 8M Residences, along Margate Road in District 15, will be auctioned by Knight Frank on Feb 16. An owner’s sale, this 1,841 sq ft unit will be offered with a guide price of $3.55 million, which translates to $1,928 psf on the floor area. This unit is tenanted until August this year.

8M Residences is a freehold condominium that was completed in 2017. The development is within the highly desirable East Coast area, which boasts amenities, transport connectivity, schools and prime residential neighbourhoods — close to the shops and shopping malls along Marine Parade Road and the commercial and retail options in Paya Lebar. (Find Singapore commercial properties with our commercial directory)

The development consists of a 20-storey residential tower with 68 units. The condominium has a mix of one- to three-bedroom units and four penthouses ranging from 517 sq ft to 1,841 sq ft.

The unit that is up for sale is a corner duplex unit that occupies the top floor. The living spaces and bedrooms are on the lower floor, while the upper floor of the unit consists of an open-air private roof terrace with a swimming pool.

The en suite master bedroom and the living room each feature a balcony, and a staircase on the living room balcony leads to the upper floor. The remaining bedrooms share a common bathroom. The unit enjoys a partial view of the sea.

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Read also: Shophouse market sentiment turned cautious in 2H2022: Knight Frank

Last year, a 1,421 sq ft, two-bedroom unit on the fourth floor was sold for $1.88 million ($1,323 psf) in May. According to the floor plan, this unit also has a private pool and terrace. There were also three more two-bedders ranging from 646 sq ft to 775 sq ft sold for between $1.34 million ($2,067 psf) and $1.65 million ($2,129 psf) last year.

Transaction data from EdgeProp Singapore shows that the average price at 8M Residences is about $1,947 psf. Only two nearby projects, namely The View @ Meyer and The Seafront on Meyer, command higher average prices at $1,994 psf and $2,012 psf, respectively. The others record lower average prices than 8M Residences. For example, the neighbouring Rivage has an average price of $1,613 psf, and Santa Fe Mansions has an average of $1,560 psf.

A tabulation of recent rental transactions at 8M Residences by EdgeProp Singapore also shows an indicative rental range of $2.80 to $6.40 psf per month (pm). In 2H2022, three rental leases were signed for three-bedroom units at 8M Residences. In September last year, a three-bedroom unit was let at a monthly rent of $4,100 ($4.82 psf). In August, another three-bedder was let for $7,000 ($3.78 psf), while yet another three-bedroom unit was let for $4,000 ($4.71 psf) in July.

Based on URA rental caveats over the last 12 months, the development has an average rent of $4.60 psf pm, with an average rental yield of about 2.9%. This puts it marginally higher compared to some of the surrounding developments, such as Rivage (2.7%), Arthur 118 (2.6%), and The Seafront on Meyer (2.3%). Only Mountbatten Lodge sees a higher average rental yield of about 3.9%.

The condominium is served by main roads and expressways like Mountbatten Road and the East Coast Parkway. Nearby MRT stations are Mountbatten and Dakota on the Circle Line; and, eventually, Katong Park and Tanjong Katong on the Thomson-East Coast Line (TEL). These two stations on the TEL are expected to be operational next year.

Due to the numerous amenities and conveniences, several prime residential neighbourhoods are also in the area. 8M Residences is in the Meyer Road enclave, where upcoming condominiums such as Liv@MB, One Meyer, Meyer Mansion and MeyerHouse are. Other prime residential neighbourhoods are along Amber Road and the bungalow estates off Mountbatten Road and Tanjong Katong Road.

The property to be sold will appeal to families with school-going children as it is near Geylang Methodist School at Geylang East Central, Kong Hwa School at Guillemard Road and Tanjong Katong Primary School at Seraya Road. Other educational institutions nearby include Dunman High School at Tanjong Rhu Road, Chung Cheng High School at Goodman Road and Tanjong Katong Girls’ School at Dunman Lane.

Check out the latest listings near Chestnut Drive, Bukit Panjang, The View @ Meyer, The Seafront on Meyer, Rivage, Santa Fe Mansions, Mountbatten Lodge, Liv@MB, One Meyer, Meyer Mansion, MeyerHouse, Mountbatten MRT station, Dakota MRT station, Geylang Methodist School, Kong Hwa School, Tanjong Katong Primary School, Dunman High School, Chung Cheng High School, Tanjong Katong Girls’ School

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