Devonshire Residences (centre) is a freehold 84-unit condominium that was completed in 2015. (Picture: Samuel Isaac Chua/The Edge Singapore)
SINGAPORE (EDGEPROP) - A one-bedroom loft apartment at Devonshire Residences is on the market for $1.45 million. The guide price for the 829 sq ft unit translates to about $1,749 psf based on the floor area. An owner’s sale, the unit is marketed by the auctions team at Singapore Realtors Inc (SRI). SRI will also feature the apartment at its next auction event on July 22.
The one-bedroom unit is located on the 23rd floor and features a regular layout. An open-concept kitchen is connected to the living and dining room where the double-volume ceiling can be found. Meanwhile, the bedroom is directly connected to a balcony which has an unblocked view of the River Valley area.
Devonshire Residences is a freehold luxury condominium located at 55 Devonshire Road in prime District 9. The 84-unit condominium was completed in 2015 and comprises a single 25-storey residential tower. It features a mix of one-bedroom units that range from 495 sq ft to 829 sq ft, as well as two penthouses of 947 sq ft and 1,055 sq ft respectively.
A screenshot taken of EdgeProp's price comparison tool of the prices of residential developments around Devonshire Residences. (Credit: EdgeProp Singapore)
The development is within a prime residential neighbourhood that is bounded by River Valley Road, Killiney Road and Leonie Hill Road. Other luxury condominiums in the area include Grange Infinite on Grange Road, New Futura on Leonie Hill Road, 8 Saint Thomas on St Thomas Walk and One Devonshire, which is located on Devonshire Road.
The enclave is close to the Orchard Road shopping belt, and is near shopping malls like 111 Somerset, Orchard Central, 313 Somerset and The Centrepoint, all of which are located on Somerset Road. Devonshire Residences is also a four-minute walk to Somerset MRT Station on the North-South Line.
The unit that is up for sale is tenanted until February 2023. Based on a compilation of rental data over the past 12 months by EdgeProp Singapore, the units in the development fetch an average monthly rental rate of about $5.60 psf. So far this year, 24 units have been leased out at Devonshire Residences and monthly rents have ranged from $2,600 to $3,896.
Historic rental data for Devonshire Residences shows an upward trend in rents over the past few quarters. (Credit: EdgeProp Singapore)
EdgeProp Singapore data also shows that landlords at Devonshire Residences typically enjoy an average rental yield of about 2.7%. This is on a par with neighbouring Devonshire Road developments like The Metz (2.7%), The Suites at Central (2.8%), and St Thomas Suites (2.6%), which is located on St Thomas Walk. The only condominium in the vicinity that commands a higher average rental yield is The Espada, which has an average of 3.5%. The latter is located on St Thomas Walk.
Based on URA resale caveats, there were no resale transactions at Devonshire Residences this year. However, there were two resales last year and one in 2020. Last year, a 506 sq ft unit on the third floor was sold for $1.07 million ($2,115 psf) on Jan 21, while a 495 sq ft unit on the 12th floor fetched $1.08 million ($2,181 psf) on June 18. In October 2020, another 495 sq ft unit on the ninth floor was sold for $1.11 million ($2,239 psf).