DEAL WATCH: Starlight Suites unit up for sale at $1.55 mil

Starlight Suites is a freehold apartment located on River Valley Close. The 35-storey tower comprises 105 units. Completed in 2014, it was jointly developed by King Wan Corp and TA Corp.

An 850 sq ft, one-bedroom unit at Starlight Suites is currently on the market for $1.55 million ($1,824 psf) on TheEdgeProperty.com. “The high-floor unit offers views of the city and Marina Bay Sands,” says Kenneth Sim, a property agent with PropNex Realty. “The main attraction of the project is that it is within walking distance of the vibrant Robertson Quay area and the upcoming Great World MRT station.”

Although the unit is now vacant, it was previously tenanted at $4,700 a month. Sim says the unit is therefore ideal for both owner-occupiers and investors. Based on the previous rental rate, the gross yield based on the current asking price translates into 3.6%.

The unit for sale is vacant, but previously tenanted at $4,700 a month

In January and February, five units sized at 800 to 900 sq ft were leased at monthly rents of $3,800 to $4,480, according to URA rental data.

Since Starlight Suites was launched in 2010, units in the development have generally changed hands at prices above $2,000 psf. Last year, five units were sold. The latest deal was done in July 2016, when a 1,076 sq ft, two-bedroom unit changed hands for $1.98 million ($1,839 psf). Prices of units recently sold ranged from $1.26 million ($2,259 psf) for a 560 sq ft, one-bedder to $2.33 million ($1,850 psf) for a 1,259 sq ft unit with two bedrooms and a study.

This article appeared in The Edge Property Pullout, Issue 776 (Apr 24, 2017) of The Edge Singapore.

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