DEAL WATCH: Two-bedder at Dakota Residences going for $1.4 mil
By Tan Chee Yuen
/ The Edge Property |
The Dakota neighbourhood has become a popular residential area. Dakota Residences is a 99-year leasehold condominium that was completed in 2010. The 348-unit development faces the picturesque Geylang River and residents can also get a view of the landed homes in the prime Goodman Road neighbourhood in District 15, across the river.
The project’s attraction is its city-fringe location and proximity to the Dakota MRT station. There is also the popular Old Airport Road Market and Food Centre. Kong Hwa School is located within 1km of the condo.
On the market is a 1,044 sq ft unit, listed on TheEdgeProperty.com at $1.4 million ($1,341 psf). The two-bedroom unit is currently vacant and in good condition, according to Lynn Lee from Scotia Real Estate Group. The owner is believed to be a foreigner.
Dakota Residences is a 99-year leasehold condominium that was completed in 2010
When Dakota Residences was first launched in July 2008, shortly before the onset of the global financial crisis, prices of units sold averaged $982 psf. When the project was relaunched a year later, units sold over the next few months fetched an average of $908 psf, as prices were trimmed slightly.
However, when UOL Group launched the 616-unit Waterbank @ Dakota next door in 2010, which coincided with the opening of the Dakota MRT station, interest in Dakota Residences revived. Units at the project changed hands for as high as $1,425 psf in a sub-sale in October 2010. At the project’s peak, a unit was sold for $1.53 million ($1,496 psf) in October 2012.
Meanwhile, units at Waterbank @ Dakota, which were launched at an average price of $1,200 psf in April 2010, rose to a high of $1,423 psf. At the peak, a 624 sq ft, one-bedroom unit changed hands in a sub-sale for $1,874 psf in September 2013. The 99-year leasehold condo was completed in 2013.
Units sold in Waterbank @ Dakota have traded at $1,350 to $1,417 psf in the first three months of 2017. Meanwhile, units sold at Dakota Residences have ranged from $1,324 to $1,389 psf, based on caveats lodged in September and October.
Two-bedroom units are popular among tenants, and rents of units of around 1,000 sq ft have been hovering in the range of $3,600 to $4,200 a month, according to URA rental contracts in the past three months.
Based on the asking price of $1.4 million for the two-bedroom unit up for sale at Dakota Residences, that translates into a gross yield of 3.6%.
This article appeared in The Edge Property Pullout, Issue 774 (Apr 10, 2017) of The Edge Singapore.
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