DEAL WATCH: St Thomas Suites unit for $3.35 mil

At St Thomas Suites, a freehold 176-unit project on St Thomas Walk, a 1,819 sq ft, three-bedroom unit was put on the market for sale at $3.35 million ($1,842 psf).

Developed by Frasers Centrepoint, St Thomas Suites was launched in early 2007 at prices ranging from $1,750 to $1,870 psf. The project was fully sold and completed in 2010. Typical apartments in the project are three-bedroom units of 1,819 sq ft and four-bedroom units from 2,013 sq ft. The twin 33-storey towers are located in a quiet enclave on St Thomas Walk.

At $1,842 psf, the selling price is equivalent to levels of a decade ago. Hence, the three-bedroom unit at St Thomas Suites represents a value buy, says property agent Remus Sim of ERA Realty, who is marketing the property. The owner, believed to be an Indonesian, is said to be looking to exit in order to invest elsewhere.

At $1,842 psf, the selling price of the 1,819 sq ft, three-bedroom unit at St Thomas Suites is equivalent to levels of a decade ago

The unit is currently leased to an expatriate tenant at a monthly rental rate of $7,000. This translates to a gross yield of 2.5% based on the asking price, says Sim. Rental rates in the project hover in the range of $7,000 to $8,000 a month, according to rental contracts lodged in September with URA.

There have been very few transactions at St Thomas Suites, with only two units changing hands in 2016. A 2,605 sq ft, four-bedroom unit on the 16th floor fetched $4.4 million ($1,689 psf) in September, while a 2,013 sq ft four-bedder on the 13th floor was sold for $3.75 million ($1,863 psf). The latest transaction of a three-bedder at St Thomas Suites was in October 2015, when a 1,819 sq ft unit on the 19th floor fetched $3.45 million ($1,897 psf).

At the peak of the market, one of the two 7,685 sq ft penthouses changed hands for $22.33 million ($2,905 psf) in September 2011 — an all-time high for the project in terms of absolute price and price per sq ft. The penthouse was purchased for $14.49 million ($1,885 psf) in February 2007, when the project was first launched, according to a caveat lodged then.

This article appeared in The Edge Property Pullout, Issue 763 (Jan 23, 2017) of The Edge Singapore.

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