DEAL WATCH: Penthouse at Parc Elegance put up for mortgagee’s sale at below $1 mil
By Tan Chee Yuen
/ The Edge Property |
A 1,054 sq ft, one-bedroom duplex penthouse at Parc Elegance was put up for auction twice in the past two months by Colliers International. The first time was on Sept 21, when the unit had an opening price of $1 million. However, as there were no bids, the property was withdrawn. The second time it was put up for auction was on Oct 27, again by Colliers. This time, the opening price was lowered to $950,000. As there were still no bids, the property was subsequently withdrawn.
The penthouse is now available for sale and is open to all agents. It is listed on TheEdgeProperty.com for sale at $950,000 ($901 psf) by Cassia Leong, a property agent with Dennis Wee Realty who is marketing the property. The asking price is pegged to the opening price at the last auction.
The penthouse is on the top level of one of the three five-storey blocks at the 157-unit condominium. Developed by listed property developer Fragrance Group, the project was completed in 2013. The majority of the units at Parc Elegance are studio units of 377 to 506 sq ft and compact two-bedroom units of 495 to 721 sq ft; the rest is a mix of one- to four-bedroom penthouses ranging from 786 to 1,539 sq ft.
A one-bedroom duplex penthouse at Parc Elegance is on the market with a price tag of $950,000, or $901 psf
Parc Elegance is a freehold condo on Telok Kurau Road in prime District 15. It is in a relatively quiet neighbourhood and conveniently located near famous eateries in the Joo Chiat and Geylang areas, according to Dennis Wee Realty’s Leong.
The 1,054 sq ft unit up for sale is a duplex with a bedroom, bathroom and roof terrace on the upper level and a living room with an open-concept kitchen, a bomb shelter-cum-storeroom and a bathroom as well as a balcony overlooking the swimming pool on the lower level.
“The upper level of the penthouse commands an amazing view despite the project being a low-rise development,” says Leong. The unit is unoccupied and in a move-in condition. The property agent reckons the unit will appeal to singles or young couples with no children.
When Parc Elegance was first launched for sale, unit prices averaged $1,245 psf, according to caveats lodged from April to June 2010. At the peak of the market, a 441 sq ft studio unit on the fourth floor hit a high of $1,677 psf in May 2012, according to a caveat lodged with URA Realis.
The $950,000 price tag for the one-bedroom penthouse is attractive as it is below even the original price that the former owner paid for five years ago.
The most recent transaction of a unit at Parc Elegance was in February, when a 431 sq ft studio unit on the second level changed hands for $600,000 ($1,394 psf). The unit was last purchased for $546,000 ($1,268 psf) in May 2011, according to a caveat lodged with URA Realis.
The two most recent rental contracts for units of 900 to 1,000 sq ft at Parc Elegance were done at $2,650 to $3,000 a month, according to URA data. Based on the asking price of $950,000, the gross rental yield is estimated to be in the range of 3.3% to 3.8%.
This article appeared in The Edge Property Pullout, Issue 755 (Nov 21, 2016) of The Edge Singapore.
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