Two-bedder at The Verve on the market for $1.15 mil
By Charlene Chin
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - A two-bedroom unit at The Verve, located along Jalan Rajah, off Balestier Road, will be put up for auction for $1.15 million ($1,406 psf) on Dec 15. This is according to Edmund Tie, which is handling the owner’s auction.
The two-bedroom unit at The Verve, off Balestier Road, will be put up for auction at $1,406 psf (Credit: Samuel Isaac Chua/ The Edge Singapore)
The freehold development has just 106 units in a 19-storey block completed in 2012. The property that will be up for auction is on the 13th floor and spans 818 sq ft. The unit is currently tenanted, according to Joy Tan, head of auction and sales at Edmund Tie.
The unit will be sold with existing tenancy that ends in December 2020, says Tan. Beyond that, the tenancy could be continued on a month-to-month basis. At a monthly rent of $2,590, the owner of the property could enjoy a “healthy” rental yield of 2.7%, she notes.
The unit last transacted in January 2013 for $1.17 million ($1,412 psf), based on caveats lodged with URA.
The development is in a convenient location, says Tan. Located in District 12, it is a five-minute walk to Zhongshan Mall and is close to eateries and amenities along Balestier Road. Toa Payoh Swimming Complex and HDB Hub are within a 12-minute walk from the development. The Toa Payoh MRT Station on the North-South Line is a 10-minute walk from the condo.
The unit spans 818 sq ft and is on the 13th floor (Credit: Edmund Tie)
Potential owners of the unit would be able to enjoy healthy tenant demand, as it is situated near medical institutions in Novena and educational institutions like Curtin Singapore and EASB Institute of Management, says Tan. Hospitals in Novena include Tan Tock Seng Hospital, Novena Medical Centre and Mount Elizabeth Novena.
“We have been receiving interest from young investors and those looking for their own stay due to its quantum affordability of about $1 million for a freehold property,” Tan shares.
The most recent transaction at The Verve was on July 13, when an 818 sq ft unit on the 18th floor changed hands for $1.06 million ($1,293 psf), based on caveats lodged with URA. Prior to that, a 441 sq ft unit on the fifth floor transacted at $615,000 ($1,394 psf) on March 12.
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