DEAL WATCH: One-bedroom unit at Cote D’Azur selling at $1,106 psf
By Tan Chee Yuen
/ The Edge Property |
Prospective homebuyers seeking seaside living may find this listing attractive. A 904 sq ft unit at Cote D’Azur is listed on TheEdgeProperty.com at $1 million, or $1,106 psf. The Edge Fair Value, a valuation tool on TheEdgeProperty.com, estimates the value of the property at $1,173 psf, assuming it is on the ground floor as the floor level is not stated in the listing.
Based on historical transactions, the subject property’s asking price of $1,106 psf is now at 2011 levels. In April 2011, a 904 sq ft unit on the 14th floor was transacted at $1,150 psf. Meanwhile, all the transactions in Cote D’Azur in 2015 involved large units of at least 1,100 sq ft, with an average price of $1,302 psf.
Cote D’Azur is a 99-year-leasehold condominium located next to Parkway Parade in the Marine Parade area. The 612-unit condominium was completed in 2004 and is located within 1km of popular schools such as CHIJ (Katong) Primary, Tanjong Katong Primary and Tao Nan School.
Cote D’Azur is a 99-year-leasehold condominium located next to Parkway Parade in the Marine Parade area
In 2015, there were five rental contracts involving one-bedroom units measuring between 800 and 900 sq ft at the development. The average monthly rent for these units worked out to be $3,480, or $4.10 psf. This translates into a potential gross rental yield of 4.2% based on the unit’s asking price of $1 million.
Historical transactions of similar-sized units at Cote D’Azur
Contract date | Floor | Area (sq ft) | Price ($) | Price ($ psf) |
|---|---|---|---|---|
15-Nov-13 | Mid | 904 | 1,130,000 | 1,250 |
18-May-12 | Low | 904 | 1,050,000 | 1,161 |
28-Mar-12 | Low | 904 | 1,068,000 | 1,181 |
15-Apr-11 | Mid | 904 | 1,040,000 | 1,150 |
Source: URA, The Edge Property
Rental contracts for 800 to 900 sq ft at Cote D’Azur in 2015
Lease date | Monthly rent | |
|---|---|---|
($) | ($psf) | |
Jun-15 | 3,400 | 4.0 |
May-15 | 3,400 | 4.0 |
Apr-15 | 3,800 | 4.5 |
Apr-15 | 3,000 | 3.5 |
Jan-15 | 3,800 | 4.5 |
Source: URA, The Edge Property
Looking for value deals at Cote D’Azur and nearby projects? Click here
This article appeared in The Edge Property Pullout, Issue 711 (January 18, 2016) of The Edge Singapore.
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