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DEAL WATCH: One-North Residences unit going for $1,248 psf

cheeyuen.tan@bizedge.com
Updated

One-North Residences, located on One-North Gateway, is a 99-year leasehold project by UOL/Kheng Leong that was completed in 2009. The 405-unit development is located within 500m of Fusionopolis and the One-North MRT station on the Circle Line. It is also within walking distance of the Buona Vista MRT interchange station, which is on both the Circle and East-West Lines.

The development is ideal for families with schoolgoing children, as it is located within 1km of Fairfield Methodist Primary and Secondary Schools. It is also near Insead, a graduate business school with campuses in Europe, Asia and the Middle East.

A check on TheEdgeProperty.com shows that a 1,442 sq ft, three-bedroom unit on the ground floor of one of the blocks at One-North Residences has been put up for sale at $1.8 million ($1,248 psf). The unit is being leased at $5,500 a month until September, says Rebecca Lee, a property agent at ERA Realty. The rent translates into a gross rental yield of 3.7%, which is rare and highly attractive in the current market, Lee adds. Based on URA data, four rental contracts for units of between 1,400 sq ft and 1,500 sq ft have been signed since last October. Their rents ranged from $5,300 to $6,100 a month.

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A 1,442 sq ft, three-bedroom unit on the ground floor of one of the towers at One-North Residences has been put up for sale at an indicative price of $1.8 million ($1,248 psf)

The latest transaction of a 1,335 sq ft, three-bedroom unit at One-North Residences was the sale last August of a unit on the fifth floor for $1.8 million ($1,349 psf). Prices at One-North Residences peaked in 2013, when a 592 sq ft unit fetched $1,706 psf. Prices have since softened and were generally holding above the $1,300 mark from 2015 to 2016. The latest transaction was the sale of a 517 sq ft unit for $828,000 ($1,603 psf) on Feb 1.

This article appeared in The Edge Property Pullout, Issue 770 (Mar 13, 2017) of The Edge Singapore.

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