Meanwhile, at the neighbouring block of the twin-tower development, a 1,722sqft, three-bedroom apartment on the 31st floor changed hands for $3.7 million ($2,150psf). The seller had paid $2.87 million ($1,664psf) when it was purchased in August 2009, hence, recognizing a 29.2% price gain in two years.
According to Benson Koh, senior group district partner of SLP Real Estate Empire, the 1,722sqft, three-bedroom units have seen prices escalating on the secondary market, with owners asking prices in the range of $1,900 to $2,200psf, despite the uncertainty hanging over the global economy in recent months.
The riverfront neighbourhood of River Valley- Mohamad Sultan-Robertson Quay has become a sought-after residential district, given the short driving distance to both the CBD and Orchard Road, say property agents. There’s also the waterfront lifestyle, with the waterfront promenade so that people can enjoy a pleasant walk along the Singapore River, and the numerous retail and F&B enclaves at Boat Quay, and Clarke Quay.
Projects such as Martin Place Residences therefore appeal to local and foreign investors, especially those from China and Indonesia. “Three-bedroom apartments in the area tend to fetch good rentals, ranging from $7,500 to $9,500 per month,” says Koh.
Meanwhile, across the street on Martin Road is the 545-unit RiverGate, which has restaurants overlooking the Singapore River, as well as a grocery store. The
Rental rates for three-bedroom apartments at Martin Place Residences are likely to be comparable with those at RiverGate, says a property agent who declined to be named. The latter is sought after by families owing to the facilities, landscaping and direct access to the promenade as well as the restaurants along the Singapore River.
At the 186-unit freehold Robertson 100 by MCL Land, which was completed in 2004, an 872sqft unit was sold last month for $1.46 million ($1,675psf). This was the third time that the unit has changed hands on the resale market. The original owner, who bought it from the developer, paid $797,400 ($915psf) for the unit in 2004. He then sold it in 2007 for $1.1 million ($1,262psf), realising a gain of 37.9% in three years. The buyer then sold it two years later for a slightly higher price of $1.2 million ($1,376psf) in 2009. The recent seller who purchased the unit for $1.2 million in 2009 and sold it for $1.46 million ($1,675psf) enjoyed a 21.7% appreciation over the last two years.
Source: THEEDGE SINGAPORE
With some time in our hands yesterday, the wife and I decided to drive down to the Robertson Quay/Martin Road area to take photos of the various developments mentioned in the above article. We were quite impressed with Martin Place Residences... from the outside at least. We also liked what we saw at RiverGate although we were not real impressed with the food from one of the restaurants located within the condominium, which we found a tad over-rated.