DEAL WATCH: Freehold district 10 condo selling at 2010 prices
By Metta Lee
/ The Edge Property |
A 786 sq ft, one-bedroom unit at Spanish Village on Farrer Road has been listed on TheEdgeProperty.com at $1.1 million, or $1,399 psf. The Edge Fair Value, a valuation tool on The EdgeProperty.com, puts the indicative value of the property at $1,514 psf. An asking price of $1,399 psf is on par with 2010 prices. In April 2010, a comparable unit was sold for $1,400 psf.
The property’s latest transaction for a similar size unit was in March 2014, when another 786 sq ft unit the same floor level was sold for $1.22 million, or $1,553 psf. This represents an 11% premium above the subject property’s asking price of $1,399 psf.
A 786 sq ft unit at Spanish Village on Holland Road is being put up for sale at $1.1 million.
Click here for more listings at Spanish Village and nearby projects
Spanish Village is a freehold apartment in district 10 which was completed in 1987. The 226-unit development is located just across the road from Farrer Road MRT station of the Circle Line and Empress Road Market and Food Centre. More amenities may be found in Holland Village, which is within 1 km of the development.
Schools within a 1km radius of the property include Nanyang Primary School, St Margaret's Secondary School and Anglo-Chinese School (International) Singapore.
There were seven rental contracts for 600 to 700 sq ft units at Spanish Village from December 2015 to January 2016. Monthly rents for these contracts averaged $2,440, or $3.74 psf. The subject property is understood to be tenanted at $2,700 per month.
For more information, call marketing agent Danis E T Lim at 9222 8999.
Historical transactions of 700 to 800 sq ft units at Spanish Village
Contract date | Price ($) | Price ($ psf) |
|---|---|---|
Mar 25 , 2014 | 1,220,000 | 1,553 |
Nov 15, 2013 | 1,200,000 | 1,527 |
Aug 19, 2013 | 1,000,000 | 1,429 |
Apr 25, 2013 | 1,270,000 | 1,639 |
Jan 23, 2013 | 1,100,000 | 1,572 |
Apr 5, 2010 | 1,100,000 | 1,400 |
Source: URA, The Edge Property
Recent rental contracts for 600 to 700 sq ft units at Spanish Village
Lease date | Monthly Rent | |
|---|---|---|
($) | () | |
Jan 2016 | 2,500 | 3.80 |
Jan 2016 | 2,550 | 3.90 |
Jan 2016 | 2,400 | 3.70 |
Dec 2015 | 2,500 | 3.80 |
Dec 2015 | 2,250 | 3.50 |
Dec 2015 | 2,600 | 4.00 |
Dec 2015 | 2,550 | 3.90 |
Source: URA, The Edge Property
Editor: To real estate agents – if you have secured an interesting listing recently, we would love to hear from you! Contact us at propertyeditor.sg@bizedge.com
This article appeared in The Edge Property Pullout, Issue 723 (April 11, 2016) of The Edge Singapore.
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