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DEAL WATCH: Penthouse at DLV selling at $1.95 million

By Tan Chee Yuen

/ The Edge Property |

December 2, 2016 11:00 AM SGT

DLV is a boutique freehold condominium located on the site of the former Chinese Embassy. The site was purchased by listed property group Heeton Holdings which gutted the building and undertook extensive addition and alteration works, which were completed in 2005.

The low-rise condo block has four storeys and only 25 units. It is situated within a 500m walk from the Stevens MRT station on the Downtown line, which will also be the interchange station for the upcoming Thomson-East Coast Line, scheduled to be completed in 2021.

DLV has a mix of unit types ranging from studios of 667 to 1,087 sq ft, to two- and three-bedders ranging from 871 to 1,432 sq ft. There are also two- and three-bedroom duplex penthouses sized from 1,755 sq ft to 3,714 sq ft, including the rooftop terraces.

A 1,755 sq ft, two-bedroom penthouse at DLV has been listed for sale with a price tag of $1.95 million ($1,111 psf)

A 1,755 sq ft, two-bedroom penthouse at DLV has been listed on TheEdgeProperty.com for sale with a price tag of $1.95 million ($1,111 psf). The duplex penthouse also comes with a roof terrace. It has been renovated and is in good condition, according to Margaret Chua, a property agent with OrangeTee.com who is marketing the unit. The penthouse is said to have views of greenery.

The owner of the penthouse is said to be a Singaporean investor. The unit was previously leased out at a monthly rental rate of $4,100, which Chua says is on the low side. This is because recent rental contracts show similar-sized units at DLV leased at a monthly rental rate of $7,600, according to URA data.

There have been very few transactions at DLV, given that most of the units were purchased by owner occupiers, according to Chua. The most recent transaction at DLV was for a 1,410 sq ft three-bedder on the first level that changed hands for $2.3 million ($1,631 psf) in January 2013.

Meanwhile, the last transaction of a two-bedroom penthouse of 1,755 sq ft was in December 2007, when a unit changed hands for $2.168 million ($1,236 psf). Just a year earlier, the unit was purchased for $1.38 million ($787 psf), according to a caveat lodged in October 2006. Hence, the seller gained $788,000 by flipping the unit in just over a year.

The price tag of $1,111 psf for the penthouse that is on the market is therefore considered attractive as it is even lower than prices achieved a decade ago. The highest price psf achieved in the development was $1,787 psf — in September 2011, for a 1,119 sq ft, two-bedroom unit on the second level that changed hands for $2 million, and another two-bedroom unit of 1,130 sq ft, also on the second level, that was sold for $2.02 million in May 2012, according to caveats lodged then.

For more information, visit tinyurl.com/ DealWatch-757.

This article appeared in The Edge Property Pullout, Issue 757 (Dec 5, 2016) of The Edge Singapore.

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