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Unit at VisionCrest going for $1.45 mil

By Tan Chee Yuen

/ The Edge Property |

July 31, 2017 9:00 AM SGT

VisionCrest is a freehold mixed-use development in prime District 9. The project by Wing Tai Holdings was completed in 2007 and comprises four 12-storey residential blocks with a total of 265 units. The apartments are adjacent to a 12-storey office block, VisionCrest Commercial. VisionCrest has a wide array of unit types: from studios of 603 sq ft to two-bedroom units of 947 sq ft, three-bedroom units of up to 1,475 sq ft and penthouses of 1,528 to 2,131 sq ft.

A 732 sq ft, one-bedroom unit at VisionCrest has been put up for sale on TheEdgeProperty.com at $1.45 million ($1,981 psf). The owner is a Singaporean who has rented it to a corporate entity until mid-2018, says Elson Tan, a property agent from PropNex Realty who is marketing the unit.

VisionCrest is located close to the Dhoby Ghaut MRT station. Schools located within a 1km radius of the property include River Valley Primary School and St Margaret’s Primary School.

Completed in 2007, VisionCrest is a freehold mixed-use development in prime District 9

When VisionCrest was launched in 2003, prices ranged from $1,000 to $1,200 psf. The highest price achieved at the project was for a 1,227 sq ft unit on the 10th floor that fetched $3.3 million ($2,700 psf) in January 2008. The first buyer paid $3.1 million ($2,500 psf) for the unit in August 2007 and sold it in a sub-sale five months later. The latest transaction at VisionCrest was that of a 947 sq ft unit, which was sold for $1.7 million ($1,798 psf) on July 18.

According to URA data, there were seven rental transactions for units measuring 700 to 800 sq ft at VisionCrest in 2Q2017. The average monthly rent was $3,729, translating into a potential gross rental yield of 3.1%, based on the asking price.

Located adjacent to VisionCrest is The Rise @ Oxley, another mixed-use development. It comprises 120 apartments and two levels of retail and F&B space. Developed by Oxley Holdings, the freehold project is expected to receive Temporary Occupation Permit by end-2022.

The most recent transactions at The Rise @ Oxley — Residences were on July 9 when a 667 sq ft unit was sold at $1.58 million ($2,371 psf); and July 10, when a 710 sq ft unit was sold at $1.66 million ($2,334 psf). As at end-June, 113, or 94%, of the 120 units at The Rise @ Oxley — Residences had been sold, according to URA data on developer sales.

This article appeared in The Edge Property Pullout, Issue 790 (July 31, 2017) of The Edge Singapore.

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