DEAL WATCH: Chancery Court unit selling below $1,000 psf
By Tan Chee Yuen
/ The Edge Property |
A 2,034 sq ft five-bedroom unit at Chancery Court in prime district 11 is listed on TheEdgeProperty.com for $1,980,000 or $974 psf. The Edge Fair Value puts the value of the property at $1,165 psf.
Chancery Court is a 99-year leasehold condominium on Dunearn Road comprising 136 units. Completed in 1981, the development is located within 500m from Newton MRT station and 1km from popular schools such as Anglo-Chinese School (Primary and Junior) and St. Joseph’s Institution Junior.
All the transactions concluded after 2010 at Chancery Court breached the $1,000 psf mark
The asking price of $974 psf was unseen since 2010 when three similar-sized units were transacted at an average of $962 psf.
All the transactions concluded after 2010 breached the $1,000 psf mark. The latest transaction in Chancery Court was in November 2014 involving a 926 sq ft unit on sixth floor which changed hands for $1,350 psf. In February 2014, a 2,271 sq ft unit on ground floor fetched $1,110 psf.
A location scan of properties within 500m of Chancery Court shows that average prices range from $1,260 psf to $1,490 psf for projects completed before 2000. However, properties in the vicinity generally have freehold tenure. According to the Urban Redevelopment Authority, the median rent for private non-landed homes in District 11 was $3.96 psf per month in 3Q2015.
Recent transactions at Chancery Court
Date | Address | Area (sqft) | Price ($) | Price ($ psf) |
|---|---|---|---|---|
11-Nov-14 | 36H Dunearn Road #XX-XX | 926 | 1,250,000 | 1,350 |
3-Feb-14 | 36A Dunearn Road #XX-XX | 2,271 | 2,520,000 | 1,110 |
4-Nov-13 | 36H Dunearn Road #XX-XX | 926 | 1,220,000 | 1,318 |
8-Oct-13 | 36H Dunearn Road #XX-XX | 926 | 1,220,000 | 1,318 |
12-Sep-13 | 36H Dunearn Road #XX-XX | 926 | 1,260,000 | 1,361 |
Source: URA, The Edge Property
Location scan of properties within 500m of Chancery Court
Project Name | Tenure | Completion | Average Price ($ psf) | Sales Volume | Average Rent ($ psf pm) | Rental Volume | Rental Yield (%) |
|---|---|---|---|---|---|---|---|
Freehold | 1997 | 1490 | 2 | 3.8 | 6 | 3 | |
Freehold | 1999 | 1460 | 1 | 4.5 | 1 | 3.7 | |
Freehold | 1991 | 1453 | 2 | 3.1 | 3 | 2.5 | |
Freehold | 1994 | 1430 | 3 | 2.6 | 6 | 2.2 | |
Chancery Esquire | Freehold | 1996 | 1260 | 2 | - | - | - |
Source: URA, The Edge Property
Interested in value deals at Chancery Court and nearby projects? Click here to start searching!
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 702 (November 9, 2015) of The Edge Singapore.
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