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One-bedroom unit at Wallich Residence for sale at $2.36 mil

/ EdgeProp Singapore |

February 16, 2023 5:00 PM SGT

The infinity pool and sun deck on the 39th floor of Wallich Residence. (Picture: Albert Chua/The Edge Singapore)

SINGAPORE (EDGEPROP) - A one-bedroom unit at Wallich Residence in District 2 will be put up for private treaty sale this month. An owner’s sale, the 646 sq ft unit is priced from $2.36 million, which translates to $3,650 psf.

The unit for sale is on the 46th floor. It has an open layout featuring a kitchen and dining area, a living room, and an en suite bedroom.

Wallich Residence is the upmarket residential component of the integrated Guoco Tower at Wallich Street at Tanjong Pagar. It sits on top of Tanjong Pagar MRT Station on the East-West Line. Guoco Tower comprises 38 floors of Grade-A offices. The 181-unit Wallich Residence spans the 39th to 64th floors of the tower. At 290m, Guoco Tower is considered the tallest skyscraper in Singapore.

The integrated development includes a 20-storey block with the 223-room Sofitel Singapore City Centre luxury hotel, a 100,000 sq ft retail space and a 150,000 sq ft urban park. Designed by Skidmore Owings & Merrill (SOM), the project was completed in 2017 and is a landmark in Tanjong Pagar today.

The 646 sq ft, one-bedroom unit at Wallich Residence (centre) will be put up for auction on Feb 22. (Picture: Samuel Isaac Chua/The Edge Singapore)

Prices of units sold in December 2013 — when Wallich Residence previewed averaged $3,064 psf. It was considered a new record for a 99-year leasehold condominium in the CBD back then.

Since the project was completed, it has been hitting new price thresholds. The highest psf achieved was $4,987 psf for a 3,509 sq ft

The latest transaction at Wallich Residence was the sale of a 1,259 sq ft, two-bedroom unit on the 60th floor. It fetched $5.25 million ($4,169 psf), based on a caveat lodged in December 2022. The most recent one-bedroom unit at Wallich Residence sold by the developer was a 646 sq ft unit on the 49th floor that went for $2.1 million ($3,252 psf) on Dec 29, 2021.

Units at Wallich Residence are also commanding high rental rates. Caveats tabulated by EdgeProp Singapore show that the indicative rental range is between $7.40 and $12.40 psf per month (pm) for the 12-month period from January 2022 to January this year, with the average rent coming in at about $9 psf pm. In general, most landlords at Wallich Residence reap rental yields of about 3.2%.