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DEAL WATCH: Costa del Sol unit for sale below $1,100 psf

By Tan Chee Yuen

/ The Edge Property |

October 28, 2016 11:00 AM SGT

A four-bedroom unit at Costa del Sol has been put on the market for $1.51 million ($1,024 psf), according to a listing on TheEdge- Property.com. Costa del Sol is a 906-unit condominium on Bayshore Road whose amenities include a poolside café and minimart. The unit for sale is 1,475 sq ft, on a low floor and faces a landscaped garden. It is currently occupied by the owner, says Alvin Lim, a senior sales associate director with Huttons Asia who is marketing the property.

Costa Del Sol has seven 30-storey blocks and many of the mid- to high-floor units have a view of the East Coast Park and the sea beyond. The project was developed by Hong Kong property giant Cheung Kong Property Holdings and completed in 2004. There is a mix of two- to four-bedroom apartments and penthouses. Unit sizes start from 947 sq ft for a two-bedder to 2,196 sq ft for a four-bedder on the ground floor with a private garden.

The prospect of the future Bayshore MRT station on the Thomson-East Coast Line located just across the road from Costa Del Sol presents exciting new opportunities for potential owner-occupiers and investors looking to buy in and existing owners looking to exit. The result is that there has been a flurry of activity at Costa Del Sol, with three-bedroom units of 1,324 to 1,313 sq ft changing hands from $1.4 million ($1,057 psf) to $1.59 million ($1,210 psf), based on transactions from July to September. Meanwhile, a 1,755 sq ft, four-bedroom, mid-floor unit with a sea view was sold for $2.25 million ($1,282 psf), according to a caveat lodged in July; and a 1,798 sq ft, three-bedroom penthouse was sold for $2.15 million ($1,196 psf) in August.

Costa del Sol was developed by Hong Kong property giant Cheung Kong Property Holdings and completed in 2004

The most recent transaction of a 1,475 sq ft, four-bedroom unit was in June, when a second-level unit in another block changed hands for $1.4 million ($949 psf), according to a caveat lodged then.

Typical four-bedroom units of 1,475 to 1,561 sq ft at Costa del Sol have been leased at an average monthly rent of $4,563 over the past three months. Based on the latest asking price of $1,024 psf, it translates into a potential gross rental yield of 3.6%, which is attractive in today’s market, and this is even before the MRT station is ready, notes Huttons’ Lim.

For more information, call marketing agent Alvin Lim at 9660 2828.