Bayshore Park unit hits $876 psf

With some high-floor apartments affording views of the sea, the Bayshore area, located across the beach and East Coast Park, has become a popular residential enclave over the years. The 99-year leasehold Bayshore Park by Ocean Front Pte Ltd saw two units changing hands in the first week of June.

On June 1, a 936 sq ft, two-bedroom unit on the third floor was sold for $820,000 ($876 psf). The last transaction of the unit was more than a decade ago, in November 1999, when it was sold for $540,000 ($577 psf); this translates into a capital appreciation of about 51.8%.

Another recent transaction at Bayshore Park involved the sale of a 2,196 sq ft, threebedroom unit on the 26th floor for $1.77 million ($806 psf). The unit was last transacted in June 2009 for $1.38 million ($626 psf), and prior to that, for $850,000 ($387 psf) in May 2000.

Bayshore Park has a total of 1,093 units spread across seven 30-storey blocks. Some of its high-floor units offer views of the sea. It is one of the largest condominiums in the area, with full condo facilities, including tennis courts, clubhouse, cafeteria and even a mini-market. Bayshore Park, completed in 1986, is one of the older properties in the East Coast area.

Chris Pang, associate team director at Propnex Realty, says the condo offers good value to buyers despite its age and shorter lease. “The location is very good. It’s close to the seaside and much cheaper than newer properties in the area. Those who have bought units at Bayshore Park are willing to accept that it’s a little old and that their apartments require some renovation.” The large land area that Bayshore Park occupies is also attractive to buyers, says Pang. Units at Bayshore Park range from 624 sq ft for a studio apartment to 3,799 sq ft for a penthouse. Both owner occupiers and investors have bought units at Bayshore Park, he says. A three-bedroom unit can command a rent of close to $4,000, while its price hovers at $1.1 million, he adds. This gives Bayshore Park a rental yield of about 4.4%.

Costa Del Sol, which is right beside Bayshore Park, is another large 99-year leasehold condo. The project was completed in 2003 and comprises seven 30-storey blocks with a total of 906 units. Unit sizes range from 947 sq ft for a two-bedroom apart- ment to 2,411 sq ft for a penthouse. There were a number of transactions at Costa Del Sol in the first week of June. One was for a 1,346 sq ft, three-bedroom apartment on the seventh floor that changed hands for $1.53 million ($1,133 psf). The unit was last transacted in August 2008, for $1.26 million ($939 psf), and in July 2007, for $942,200 ($700 psf).

Another transaction at the project was for a low-floor, three- bedroom unit of 1,324 sq ft. It was sold for $1.46 million ($1,103 psf). The unit last changed hands in August 2010, for $1.22 million ($918 psf), hence there was a 20% price increase in two years. Costa Del Sol was developed by Hong Kong-based Cheung Kong (Holdings), the property arm of tycoon Li Ka-shing. Units at the condo tend to fetch a higher price than those at other projects in the Bayshore area, namely Bayshore Park and The Bayshore, as it’s much newer, says Pang. At Costa Del Sol, a 1,324 sq ft, three-bedroom apartment commands a rent of about $4,600 a month.

Just off Bayshore Road is Upper East Coast Road, where a number of low-rise boutique freehold condos were completed last year. One of them is the 88-unit Breeze by the East by UOL Group, which was launched in May 2008. The most recent transaction in the fully sold development was the sub-sale of a 1,249 sq ft unit for close to $1.39 million ($1,110 psf) in May.

Meanwhile, at Tong Eng Group’s recently completed 37-unit Balcon East, the most recent transaction was in March, when a 1,195 sq ft unit changed hands for $1.38 million ($1,155 psf). The project was launched in mid-2009 and fully sold.

A few blocks away is MCL Land’s 95-unit Uber 388, which was launched last year and is currently under construction. The developer recently sold a 936 sq ft unit for $1.33 million ($1,416 psf). The developer sold six units last month at a median price E of $1,429 psf. As at end-May, 78 units had been sold.

Source: TheEdge – 2012 Jun 28

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