Avra, One Bernam top weekend project launches, while three OCR projects notch high sales
The retail podium of Sky Eden@Bedok, a mixed-use development in Bedok by Frasers Property Singapore, is currently up for sale through an expression of interest (EOI) exercise. With a guide price of $45.2 million, the podium consists of 12 strata retail units on the ground floor, spanning a total strata area of approximately 11,193 sq ft. This translates to a guide price of $4,038 psf.
According to CBRE, the marketing agent for the sale, the retail units can be purchased as a portfolio, individually or in clusters. The units range in size from 398 sq ft to 1,313 sq ft and are priced from $1.91 million to $5.55 million. All the units have been approved for F&B use.
Sky Eden@Bedok, located in Bedok Central, is currently under construction and has a 99-year leasehold. The development consists of two 16-storey towers housing 158 residential units, with a retail podium below. It is conveniently situated a short walk away from the Bedok Integrated Transport Hub, which includes Bedok MRT Station and a bus interchange linked to Bedok Mall.
The development was launched in September 2022 and all residential units were fully sold soon after. The temporary occupation permit is expected to be obtained in 4Q2025.
Michael Tay, CBRE’s head of capital markets for Singapore, highlights that the strata retail units at Sky Eden@Bedok are the first private commercial properties available for sale in Bedok Town Centre. He believes that the manageable price point will attract a diverse group of investors, including boutique real estate funds, family offices, high net worth individuals, and F&B owner-occupiers looking to enter the commercial scene in a sought-after residential area.
The EOI for the retail podium will close on April 3 at 3pm. Interested parties can view the latest listings for Sky Eden@Bedok properties and enquire about 2-bedroom floor plans, site plans, and transaction data for the district. CBRE also provides information on other projects that have recently obtained TOP and the total number of units in Sky Eden@Bedok.
In related news, private home prices saw a 3.8% increase in 3Q2022, largely driven by properties in the OCR region. With no new project launches, developers managed to sell 437 units in August. Sky Eden@Bedok, on the other hand, achieved a 75% sales rate on launch day, with an average price of $2,100 psf. Over the weekend, Avra and One Bernam topped the list of new project launches, while three OCR projects recorded high sales.
When contemplating a condo investment, it is crucial to also evaluate its potential rental yield. Rental yield refers to the annual rental income divided by the property’s purchase price, expressed as a percentage. In Singapore, rental yields for condos can vary greatly depending on factors such as location, property condition, and market demand. Areas with high rental demand, particularly those near business districts or educational institutions, usually offer a more attractive rental yield. It is beneficial to conduct thorough market research and seek advice from real estate agents to gain insights into the potential rental income of a specific condo.