At the 612-unit luxury condominium Cote D’Azur, a two-bedroom, 1,108 sq ft unit on the seventh floor has been put up for sale at $1.39 million, or $1,255 psf. According to marketing agent Vincent Choo from ERA Realty, the owner, who has been staying at the unit for more than five years, is looking to move to another property.
“The buyer can rent out the Cote D’Azur unit at an estimated monthly rate of $3,500 to $4,000,” says Choo. Based on the asking price, this works out to a potential gross rental yield of up to 3.4%. This is comparable with October’s URA figures, where four two-bedroom units at Cote D’Azur of 1,100 sq ft to 1,200 sq ft secured rents of between $3,300 and $4,200 a month.
Located opposite East Coast Park, Cote D’Azur was completed by Singapore-listed international property developer Frasers Centrepoint in 2004. The 99-year leasehold condo is also next to suburban shopping mall Parkway Parade, whose major tenants are Cold Storage, Giant Hypermarket and Marks & Spencer. Tanjong Katong Primary School and Tao Nan School are within 1km of the project.
ERA Realty’s Choo estimates the Cote D’Azur unit could fetch a monthly rent of $3,500 to $4,000 (Credit: Samuel Isaac Chua/The Edge Singapore)
Cote D’Azur will become more accessible when the Marine Parade MRT station on the future Thomson-East Coast Line is completed in 2023.
Designed to mirror the resort-like ambience of the French Riviera, units at Cote D’Azur have uninterrupted sea views, with living rooms that feature floor-to-ceiling windows. Amenities in Cote D’Azur include a main swimming pool at the heart of the project, an adjacent Jacuzzi and a children’s pool with interactive play features.
When the Cote D’Azur was previewed in April 2002, units were sold at an average of $597 psf. So far this year, however, units at the condo have fetched an average of $1,218 psf, according to caveats lodged with URA Realis as at Nov 21.
For about 15 years, the Cote D’Azur site was the sole East Coast Parkway land parcel to be released under the Government Land Sales programme, according to Frasers Centrepoint. This changed in January 2016 when Frasers Centrepoint — with Japanese homebuilder Sekisui House and Singapore-listed construction and property investment and development firm Keong Hong Holdings — bought a GLS site on Siglap Road for $624.18 million ($858 psf per plot ratio) and launched the project in April 2017 as the 843-unit Seaside Residences.
The Katong-East Coast district, where Cote D’Azur is situated, has been transformed over the past decade with the redevelopment of several collective sale sites. For instance, the 383- unit Silversea, which is next to Cote D’Azur, is a redevelopment of the former HUDC Amberville, which Far East Organization purchased in 2006. Adjacent to Silversea is the 546-unit The Sea View, which sits on the historic site of the former The Sea View Hotel. It was developed by Wheelock Properties and completed in 2008.
The area will see more changes when City Developments and Hong Realty launch their upcoming project at the Amber Park collective sale site, which the two firms purchased through a joint-venture partnership for $906.7 million ($1,515 psf ppr).
This article appeared in EdgeProp Pullout, Issue 807 (Nov 27, 2017).
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