Seller puts up 16 units at The Waterside for sale
Aseller has offered to sell 16 units at The Waterside, a freehold development along Tanjong Rhu Road off Fort Road in District 15. The properties — a mix of three– and four- bedroom units of 2,142 to 2,411 sq ft — will be marketed by the auction team at PropNex Realty and listed on their private treaty list. The units, which can be bought individually, are priced between $3.4 million for a 2,142 sq ft low– floor unit and $ 4.33 million for a 2,411 sq ft high–floor unit. The seller is also open to a bulk purchase, according to PropNex.
Completed in 1993, The Waterside comprises three– and four– bedroom units of 2,142 to 2,433 sq ft. It sits on a relatively large land size of 516,667 sq ft and features six 23–storey residential blocks. “The units that we have available for sale come with a great layout and feature spacious usable areas. In addition, the development is situated on a generous land area. The six blocks take up just 16% of the land area, resulting in unparalleled open spaces and greenery,” says PropNex’s head of corporate sales and auction Clarence Goh. All of the 16 units for sale are located in one block and spread between high and low floors.
Goh says it is uncommon to see such large sized units on the resale market these days. It is also rare to see multiples of these units put up for sale. “The seller has decided to put up the units for sale due to the lack of supply for residential units (on the resale market) that are more than 2,000 sq ft. They have also decided to keep their sale options open under the exclusive private treaty sale,” he adds.
According to Goh, the Tanjong Rhu area continues to be a highly desirable location for home owners and investors because of its strategic location, just a five-minute drive to Marina Bay, Raffles Place and Suntec City.
All of the units for sale are currently tenanted with varying lease terms. According to information on the private treaty list, the lease for seven of the units will conclude by the end of this year. The average rental rate for the 16 units comes up to about $6,100 per month, depending on the floor, unit size, number of bedrooms and the fitting and fixtures, says Goh. But he also says that the rental market for the Tanjong Rhu area is “on the low side” at the moment, especially for units with such large built–up areas. “For the size and price quantum, prospective buyers will likely be homeowners rather than investors,” he continues.
Looking ahead, Goh hopes that auction events can be conducted at the next phase of the reopening of the economy. He adds: “Based on our statistics, I believe the auction market is still strong and this mode of property sale will still be a popular choice for some sellers and buyers.”
The Waterside is located beside the Singapore Swimming Club and is close to East Coast Park, the Singapore Sports Hub and the Kallang area. The Tanjong Rhu Suspension Bridge, which brings residents directly to the Kallang Wave Mall and Kallang Leisure Park, is a 10–minute drive away. Finally, the condominium is also near the upcoming Katong Park MRT Station on the Thomson–East Coast Line, scheduled to open in 2023. E