DEAL WATCH: Unit at Dorsett Residences selling at 2011 price level
By Tan Chee Yuen
/ The Edge Property |
Investors looking for rental properties might be interested in this listing. A 689 sq ft two-bedroom unit at Dorsett Residences is put up for sale on TheEdgeProperty.com at $1.35 million, or $1,959 psf. The Edge Fair Value, a valuation tool on TheEdgeProperty.com, puts the indicative value of the property at above $2,100 psf.
The unit is understood to be tenanted at $4,200 a month, which works out to a gross rental yield of 3.7% based on the asking price of $1.35 million.
There were six rental contracts involving 600 to 700 sq ft two-bedroom units in the project. Monthly rents generally hovered in the $4,100 to $4,400 region, although one unit was let for $5,300 a month.
Dorsett Residences is a 68-unit residential project located next to Outram Park MRT station and Dorsett Singapore Hotel. Its immediate vicinity comprises historic shophouses along Bukit Pasoh Road housing a boutique hotel and F&B outlets. Schools within 2km from the property include CHIJ (Kellock) and River Valley Primary School.
Dorsett Residences and Dorsett Hotel. The listed property is understood to be tenanted at $4,200 a month
Prices at the project appear to be returning to 2011 levels. The listed price of $1,959 psf bears resemblance a transaction in October 2011 when a comparable unit was sold for $1,989 psf. In April 2015, another comparable unit changed hands at $1,894 psf.
Separately, prices in the property have also breached the $2,000 psf mark. A 689 sq ft unit on the fifth floor found buyer at $2,250 psf back in October 2012.
Historical transactions for 689 sq ft units at Dorsett Residences
Contract date | Floor | Price ($) | Price ($ psf) |
|---|---|---|---|
27-Apr-15 | Low | 1,305,000 | 1,894 |
31-Oct-12 | Low | 1,550,250 | 2,250 |
11-Oct-11 | Low | 1,370,000 | 1,989 |
8-Apr-11 | Low | 1,208,000 | 1,754 |
8-Apr-11 | Low | 1,208,000 | 1,754 |
21-Jan-11 | Low | 1,208,000 | 1,754 |
*Low floors: L1 to 7, Mid floors: L8 to 15, High floors: L16 & above
Source: URA, The Edge Property
Rental contracts for 600 to 700 sq ft units at Dorsett Residences in 2H2015
Lease date | Monthly rent | |
|---|---|---|
($) | ($psf) | |
Dec-15 | 4,400 | 7 |
Dec-15 | 4,100 | 6 |
Nov-15 | 5,300 | 8 |
Oct-15 | 4,400 | 7 |
Sep-15 | 4,300 | 7 |
Jul-15 | 4,300 | 7 |
Source: URA, The Edge Property
Looking for value deals at Dorsett Residences and nearby projects? Click here
This article appeared in The Edge Property Pullout, Issue 712 (January 25, 2016) of The Edge Singapore.
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