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DEAL WATCH: Apartment across from East Coast Park selling for $1,204 psf

By Tan Chee Yuen

/ The Edge Property |

November 21, 2015 10:00 AM SGT

East Coast Residences is a freehold apartment located on Upper East Coast Road, 500m across East Coast Park. An 872 sq ft unit in the project is listed on TheEdgeProperty.com for $1,050,000 or $1,204 psf. The Edge Fair Value, a valuation tool on TheEdgeProperty.com, puts the indicative value of the property at slightly below $1,300 psf.

East Coast Residences is a low density development comprising just 59 units. The project was developed by Crescendas Group and completed in 2011. Schools in the vicinity include Temasek Primary School and Temasek Junior College.

An 872 sq ft unit in the project is listed on TheEdgeProperty.com for $1.05 million, or $1,204 psf

The asking price of $1,050,000 or $1,204 psf is exactly the same as the last transaction involving another 872 sq ft unit in May 2012. In 3Q2015, the URA price index for private non-landed homes in Outside Central Region was still 5% higher than in 2Q2012.

In September 2011, another 872 sq ft unit found buyer at $1,246 psf. There was no transaction concluded in the project this year.

Average monthly rent of similar-sized two-bedroom units in the development stood at $2,667 or $3,13 psf. Based on the listing price of $1,204 psf, the average rent translates to a potential gross rental yield of 3.1%.

Table 1: Historical transactions at East Coast Residences

Contract date	Address	Area (sq ft)	Price ($ psf)	Price ($)
21-Oct-14	412 Upper East Coast Road #xx-xx	1,453	963	1,400,000
15-Aug-13	412 Upper East Coast Road #xx-xx	1,023	1,428	1,460,000
11-Mar-13	412 Upper East Coast Road #xx-xx	1,475	949	1,400,000
25-Jan-13	412 Upper East Coast Road #xx-xx	560	1,450	811,800
23-May-12	412 Upper East Coast Road #xx-xx	1,001	1,184	1,185,000
15-May-12	412 Upper East Coast Road #xx-xx	872	1,204	1,050,000

Source: URA, The Edge Property

Table 2: Rental transactions of 800 to 900 sq ft two-bedroom units at East Coast Residences in 2015

Lease date	Monthly rent
	($)	($psf)
Jul-15	2,600	3.1
Apr-15	2,500	2.9
Jan-15	2,900	3.4

Source: URA, The Edge Property

Looking for more value deals at East Coast Residences and nearby projects? Click here to search!

Editor: To real estate agents – if you have secured an interesting listing or concluded an interesting deal recently, we would love to hear from you! Contact us at propertyeditor.sg@bizedge.com

As we are not party to the contract between the client and agent, we are not able to verify information provided by the agent.

This article appeared in The Edge Property Pullout, Issue 704 (November 23, 2015) of The Edge Singapore.

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