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DEAL WATCH: Three-bedroom unit at Silversea for sale at $1,387 psf

By Tan Chee Yuen

/ The Edge Property |

December 9, 2016 9:00 AM SGT

Completed in 2014, the 99- year leasehold Silversea is an award-winning condominium by Far East Organization. The 383-unit high-end condo in Marine Parade on the East Coast of Singapore won the Oscar of the real-estate industry, the FIABCI World Prix d’Excellence Award, in the high-rise residential category at the 67th FIABCI World Congress in Panama City in May. It scooped up the award for the mid-rise residential category at the FIABCI Singapore awards in November last year.

Believed to be substantially sold, the project comprises four interlocking 21-storey towers with a mix of two- to four-bedroom units of 969 to 2,766 sq ft. There are also 10 penthouses, which range from 3,552 to 4,962 sq ft.

The project is a redevelopment of Amberville HUDC Estate, which sat on a 218,435 sq ft site. The grounds of the new Silversea condo feature landscaped gardens, swimming pools, spa pools and a wide range of entertainment and recreational areas.

The 99-year leasehold Silversea is an award-winning condominium by Far East Organization completed in 2014

Up for sale is a three-bedroom unit on the second level of one of the four blocks. At 1,572 sq ft, it is said to be the largest of the three-bedroom units at Silversea. The unit has a direct view of the swimming pool. It is on the market for $2.18 million ($1,387 psf), according to a listing on TheEdgeProperty.com.

The unit had been previously leased at a monthly rent of $6,000. The owner, said to be a foreigner, is looking to exit in order to free up capital for overseas investment opportunities, according to Melvyn Xu, district director of Savills Residential, who is marketing the property. The unit will be sold with vacant possession.

The price of $1,387 psf is in line with recent market transactions for other low-floor units. For instance, in August, a neighbouring three-bedroom unit of 1,496 sq ft on the same floor fetched $2.08 million ($1,390 psf). A fourth-floor unit two blocks away was sold for $1.975 million ($1,301 psf), according to a caveat lodged in August. It was a 1,518 sq ft three-bedder.

Prices at Silversea are now on a par with levels seen in 4Q2008 when the project was first launched. In 2011 and 2012, prices of mid- to high-floor units soared above $2,000 psf. The highest psf price achieved in the project was for a 4,338 sq ft penthouse that was sold for $12 million ($2,766 psf) in April 2014.

Savills’ Xu reckons the current pricing is attractive, given the project’s prime District 15 location. The condo is not only within walking distance of the Parkway Parade shopping centre, but also the future Marine Parade MRT station on the Thomson-East Coast Line, which is expected to open in 2023.

According to Xu, the monthly rent for three-bedroom units at Silversea is currently in the range of $5,000 to $6,140. At the current asking prices and prevailing rental rates, gross yield is likely to range between 2.75% and 3.3%.

The unit is likely to attract owner-occupiers, owing to its size and the project’s amenities and location, says Xu.