En bloc sale of The Asteria for $27.1 mil

Angela Teo / EdgeProp | October 6, 2017

Following the recent spate of collective sales, a Singaporean who owns the entire block of 23 apartments at The Asteria on Martia Road decided to sell it en bloc for $27.1 million, according to a caveat lodged with URA Realis on Sept 21. Based on a total strata area of 24,445 sq ft, the price translated into $1,109 psf.

The buyer is also believed to be a Singaporean. The freehold development is said to have been completed sometime in 2008/2009, and the owner has been holding the units for rental income. The units are a mix of one- to three-bedroom units. According to URA data, the two-bedroom units are sized around 900 to 1,000 sq ft and were leased at monthly rental rates of $2,500 to $2,650 in July and August. Meanwhile, a three-bedroom unit of 1,600 to 1,700 sq ft was recently leased for $3,100 in August.

Asking rents for the two-bedroom units are from $2,800 to $3,700 for pool view units, while the three-bedroom units have asking rents of about $4,300.

The buyer could be a long-term investor or someone who is interested in repositioning the asset. According to Jacqueline Wong, head of corporate residential leasing and Savills private office, there has been an increase in bulk purchases of entire blocks recently. “Several Singaporean groups have been trying to purchase entire residential blocks with the aim of using them for aged care or healthcare facilities,” she notes.

The Asteria is located opposite CHIJ Katong Primary School and within a short walk of one of the top primary schools in the east, Tao Nan School. Flanking The Asteria are the 60-unit boutique condominium Villa Martia developed by Soilbuild Group and completed in 2000; and Roxy-Pacific’s freehold, boutique apartment block, the 20-unit Martia Residence, which was completed in 2006. Martia Residence has a mix of two- to four-bedroom units with sizes from 926 to 1,862 sq ft, as well as penthouses from 1,690 to 2,207 sq ft.

The latest transaction at Villa Martia was for a 1,281 sq ft, three-bedroom unit that was sold for $1.5 million ($1,171 psf), according to a caveat lodged in April. Meanwhile, the most recent transaction at Martia Residence was for a 1,001 sq ft two-bedroom unit that changed hands for $1.28 million ($1,279 psf), according to a caveat lodged in March.

This article appeared in EdgeProp Pullout, Issue 800 (Oct 9, 2017)