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DEAL WATCH: Unit at Zenith for sale at $1,689 psf

By Tan Chee Yuen

/ The Edge Property |

March 5, 2017 8:30 AM SGT

Zenith is a 999-year leasehold apartment block on Zion Road developed by niche developer Galaxy Capital. The 13-storey building with 85 units, completed in 2011, is located next to the Alexandra Canal and within walking distance of a bridge leading to the Alexandra Park Connector.

In terms of location, it is ideal as it is across the road from Great World City shopping mall and the upcoming Great World MRT station of the Thomson- East Coast Line, which is expected to commence operations by 2021.

On the market is a 592 sq ft one-bedroom unit at Zenith, listed for sale at $1 million on TheEdgeProperty.com. The apartment is currently leased at $2,500 per month until October, says Anthea Yeo of PropNex Realty, who is marketing the unit.

A 592 sq ft, one-bedroom unit at Zenith is being listed for sale at $1 million on TheEdgeProperty.com

As the majority of buyers today has been owner-occupiers, the preference is for two-bedroom units. This was also evident at Zenith, where the most recent transaction was for a two-bedroom-plus- study unit of 1,130 sq ft on the sixth floor. It changed hands for $1.52 million ($1,345 psf) in December. Two months before that, a two-bedroom unit of 743 sq ft and located on the 12th floor was sold for $1.3 million ($1,750 psf).

The last transaction of a one-bedroom unit was the resale of a 560 sq ft unit on the fourth floor that changed hands for $990,000 ($1,769 psf) in April 2015.

Next door to Zenith is a 20-storey apartment block with 108 units called Mill Point, developed by Soilbuild Group and completed in 2004. The 999-year leasehold project contains studio units from 524 sq ft, two-bedroom units from 915 sq ft, penthouses from 1,324 sq ft and maisonettes from 3,326 sq ft.

The last recorded transaction at Mill Point was in February 2015, when a 915 sq ft, two-bedroom unit was sold for $1.425 million ($1,557 psf), according to URA Realis.

However, since 2H2016, investors have also returned to the property market, especially the prime districts. The one-bedroom unit at Zenith currently on the market is therefore ideal for those who want to buy into a prime location with long-term capital appreciation, especially when the Great World MRT station is completed four to five years from now.

This article appeared in The Edge Property Pullout, Issue 769 (Mar 6, 2017) of The Edge Singapore

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