DEAL WATCH: Tanglin Park unit going for $2.1 mil
By Delicia Lim / The Edge Property | July 15, 2017
Located at the corner of Tanglin Road and Ridley Park is the 274-unit freehold Tanglin Park. The main attraction of the condominium is that it is in prime District 10, in the exclusive Good Class Bungalow neighbourhood of Tanglin Hill, Ridley Park and Chatsworth Road.
As the condo was built almost 30 years ago, units are large: Two-bedroom units are 1,023 to 1,119 sq ft; three-bedroom units, 1,335 to 1,851 sq ft; and four-bedroom units, 1,981 to 2,067 sq ft. The five-storey condo was developed by City Developments and completed in 1989.
The main attraction of Tanglin Park is its proximity to the Tanglin Mall, Redhill MRT station on the East-West Line and Napier MRT station on the Thomson-East Coast Line, which is expected to be completed in 2021. In addition, it is just a few minutes’ drive to Orchard Road and schools such as Queenstown Primary School, Crescent Girls’ School and Bukit Merah Secondary School.
A 1,119 sq ft, two-bedroom unit on the ground floor has been put up for sale on TheEdgeProperty.com at an asking price of $2.1 million ($1,877 psf). The unit is currently tenanted, but will be sold with vacant possession, according to Shandy Tong, a property agent with OrangeTee.com.
There has been only one transaction at Tanglin Park this year — that of a 1,335 sq ft, three-bedroom unit on the second level that fetched $2.48 million ($1,858 psf).
Prices at Tanglin Park have been increasing steadily from an average of $1,044 psf in 1996 to $2,390 psf in July 2017. The most expensive unit sold was a 1,335 sq ft, three-bedroom unit that fetched $3.95 million ($2,285 sq ft) in January 2008.
Based on URA data for the past five months, five units of 1,100 to 1,200 sq ft at Tanglin Park were leased at monthly rents of $2,600 to $3,800. This translates into a potential gross rental yield of 2.2%, based on the asking price of $2.1 million for the two-bedroom unit at Tanglin Park.
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