DEAL WATCH: Unit at The Metropolitan on the market for $1,287 psf
By Tan Chee Yuen
/ The Edge Property |
A 1,399 sq ft, three-bedroom unit at The Metropolitan Condominium was recently put up for sale on TheEdge Property.com for $1.8 million ($1,287 psf). The unit is currently tenanted at a monthly rent of $4,300 with the lease expiring in January 2019, according to Pamela Lim, a property agent at ERA Realty who is marketing the unit. That translates into a rental yield of 2.9% a year, which is considered attractive in the current market.
The Metropolitan Condominium is a 99-year leasehold development located on Alexandra View that was jointly developed by CapitaLand and Lippo Group. The 382-unit high-rise development with units spread over two 45-storey tower blocks was completed in 2009.
The project is conveniently located, just a 100m walk from Redhill MRT Station on the East-West Line, and in the vicinity of amenities in established HDB estates such as Bukit Merah Town Centre, Redhill market and Tiong Bahru Plaza.
When The Metropolitan was launched for sale in November 2006, average prices were $780 psf
Unit types consist of two- to four-bedroom apartments measuring 721 to 1,894 sq ft, as well as four-bedroom duplex penthouses with roof terraces measuring up to 3,412 sq ft.
When The Metropolitan was launched for sale in November 2006, average prices were $780 psf. At the peak of the market, a 721 sq ft unit changed hands for $1,750 psf in August 2013. Since then, as more new condo projects have been launched in the vicinity and, owing to the property cooling measures, prices have softened to an average of $1,388 psf in 2014 and $1,292 psf last year.
The most recent transaction of a three-bedroom unit was that of a 1,421 sq ft apartment on the 28th floor that fetched $1.82 million ($1,281 psf), according to a caveat lodged earlier this month.
This article appeared in The Edge Property Pullout, Issue 767 (Feb 20, 2017) of The Edge Singapore
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