FoundOnEdgeProp: Condos below $1.2 million near River Valley
By Elizabeth Choong
/ EdgeProp Singapore |
Clusters of opportunities near River Valley (Source: EdgeProp Singapore)
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Singapore (EDGEPROP) – River Valley is a neighbourhood that many aspire to live in, allowing the condos in the area to command a premium. However, there are a few nearby clusters of condos that are more affordable. We searched through the sales listings for condos on EdgeProp and identified several listings of these hidden gems with asking prices below $1.2 million.
Variety of choices in District 3
At the time of writing, there were six listings for Alex Residences, and seven listings each for Echelon and Principal Garden. All three condos are located within a 500m radius of each other. Nearby amenities include Redhill MRT Station, Redhill Market and Food Centre, Alexandra Primary School, and Gan Eng Seng Primary School.
Source: EdgeProp LandLens (as at 17 October 2023)
All three condos are 99-year leasehold developments that obtained temporary occupation permit (TOP) within a few years of each other. Echelon obtained TOP in 2016, followed by Alex Residences in 2017 and Principal Garden in 2018.
Among the listings for Alex Residences, the listing with the lowest asking price was almost $1.05 million ($2,213 psf) while the highest asking price was $1.15 million ($2,426 psf). Both listings were for one-bedroom units that are 474 sq ft in size and on a high floor.
The unit in Alex Residences with an asking price of $1,048,888 (Photo: EdgeProp Singapore)
Buyers with a more modest budget might want to consider the nearby Echelon. At the time of writing, the development had listings with asking prices ranging from $960,000 ($2,124 psf) to $1.18 million ($2,611 psf). The listings with the lowest and highest asking prices are for one-bedroom units that are 452 sq ft in size. However, the cheapest listing was for a mid-floor unit, while the most expensive listing was for a high-floor unit.
The unit in Echelon with an asking price of $1.18 million (Photo: EdgeProp Singapore)
Principal Garden is located furthest from Redhill MRT Station, which could be the reason for its comparatively lower asking prices. The listings for Principal Garden had asking prices ranging from $950,000 ($1,963 psf) to $1.1 million ($2,222 psf). The listings with the lowest and highest asking prices are for one-bedroom units on a high floor. However, the listing with the lowest asking price is for a smaller 484-sq ft unit, while the listing with the highest asking price is for a larger 495-sq ft unit.
The unit in Principal Garden with an asking price of $1.1 million (Photo: EdgeProp Singapore)
Price trends of Alex Residences, Echelon and Principal Garden
Since 2016, the average price for condo units under 500 sq ft in Alex Residences dipped by 4% to the current price of $1,985 psf, while the average price for similar units in Echelon rose by 4% to the current price of $2,089 psf. Principal Garden achieved the strongest price growth of 17% to the current price of $1,924 psf.
Source: EdgeProp Market Trends (as at 17 October 2023)
Freehold condos in Districts 9 and 10
At the time of writing, there were seven listings for Loft @ Nathan in District 10 and 13 listings for Espada in District 9. Both condos are freehold developments.
Loft @ Nathan is a 121-unit development along Nathan Road that obtained TOP in 2014. Nearby amenities include Alexandra Primary School, Valley Point, Great World City and Zion Riverside Food Centre. There is also a row of shops on the ground floor of the development.
Source: EdgeProp LandLens (as at 17 October 2023)
The listings for Loft @ Nathan had asking prices ranging from $908,000 ($2,009 psf) to $1.02 million ($2,016 psf). The listings with the lowest and highest asking prices are for one-bedroom units. However, the listing with the lowest asking price is for a smaller unit (452 sq ft), while the listing with the highest asking price is for a larger unit (506 sq ft).
The unit in Loft @ Nathan with an asking price of $1.02 million (Photo: EdgeProp Singapore)
Espada, with 232 units, is a larger development compared to Loft @ Nathan. However, Espada is slightly older, having obtained TOP in 2013. The condo is located along St. Thomas Walk and is within walking distance of Somerset and Great World MRT Stations, Orchard Gateway, 313 @ Somerset, 111 Somerset and River Valley Primary School.
Source: EdgeProp LandLens (as at 17 October 2023)
Asking prices for Espada ranged from $980,000 ($2,761 psf) to $1.19 million ($3,352 psf). The listings with the lowest and highest asking prices were for one-bedroom units, each measuring 355 sq ft in size.
The unit in Espada with an asking price of $1.19 million (Photo: EdgeProp Singapore)
Price trends of Loft @ Nathan and Espada
The pace of price growth for units of 500 sq ft and below in Loft @ Nathan (1%) and Espada (3%) is significantly slower than their counterparts in Districts 9 and 10 (18%).
While there is a wide price gap between the average price for small units in Loft @ Nathan and its counterparts in Districts 9 and 10, the price gap is narrower for Espada. The current average prices for Espada and freehold condos in Districts 9 and 10 are $2,628 psf and $2,439 psf, respectively, which is significantly higher than the average price of $1,992 psf for Loft @ Nathan.
Source: EdgeProp Market Trends (as at 17 October 2023)
Check out the latest listings for Alex Residences, Echelon, Principal Garden, Loft @ Nathan, Espada properties
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