SINGAPORE (EDGEPROP) - A three-bedroom unit at Vue 8 Residence, along Pasir Ris Heights in District 18, will be put up for auction for $1.13 million ($1,094 psf) on June 23, according to Edmund Tie, which is handling the bank auction. (See also: Desmond Sim takes on the mantle at Edmund Tie)
Spanning 1,033 sq ft, the unit is on the fourth floor of the 99-year leasehold development. It is a corner unit and is bright and windy, says Joy Tan, head of auction and sales at Edmund Tie. As it is “well-kept, investors will not need to spend much money on renovations”, she says.
The two common bedrooms overlook the condo pool, while the living area has views of the courtyard, says Tan.
The unit was last transacted in August 2015 for $965,000 ($934 psf), based on caveats lodged with URA.
Similar-sized units at the development have been able to fetch rents ranging from $2,600 to $3,250 per month, according to URA caveats.
So far, Edmund Tie has received “healthy levels of enquiries” for the unit, says Tan. “Investors will be keen on this unit as they are able to target the pool of tenants working in Changi Airport or Changi Business Park, hence the potential rental yields and gains [will] be higher.”
She notes that potential tenants will also be families with children as it is within close proximity to a number of schools. It is situated next to Overseas Family School, and within 1km to Park View Primary School, Meridian Primary School and Elias Park Primary School.
The unit also has potential for capital appreciation as the future Elias MRT Station, which is slated for opening in 2032 on the Cross Island Line, is at the doorstep of the development, says Tan.
Vue 8 Residence has full condo facilities, such as a clubhouse with function room, 50m lap pool, gym, jacuzzi, tennis court, barbecue corner, yoga deck and an aqua gym.
The development is four minutes by car to Pasir Ris MRT Station on the East-West Line, as well as White Sands shopping mall. It is a 10-minute walk to Pasir Ris Beach Park.
The most recent transaction at Vue 8 Residence was on May 28, when a 1,346 sq ft unit on the fifth floor changed hands for $1.49 million ($1,107 psf). On March 30, a 1,033 sq ft unit on the ninth floor was transacted at $1.17 million ($1,132 psf).