| BY JO-ANN HUANG | The Edge APRIL 9, 2012
With its prized location next door to Parkway Parade mall, sea views in some of the mid- to high-floor units, proximity to amenities and the recreational activities of East Coast Park, as well as accessibility to the East Coast Parkway, Cote D’Azur located along Marine Parade Road has seen an uptick in buying activity lately.
Developed by Frasers Centrepoint Homes and completed in 2004, the 612-unit Cote D’Azur was the first in a series of new highrise condominiums that have sprung up in the Marine Parade and Amber Gardens neighbourhood in recent years. Other such condos include the 562-unit One Amber, developed by joint venture partners UIC, Singapore Land and UOL Group and completed in 2010; as well as Wheelock Properties’ 546- unit The Sea View
and MCL Land’s 400-unit The Esta, both of which were completed in 2008.
Far East Organization’s 383-unit Silversea, which is under construction, will be completed early next year. While Cote D’Azur and Silversea are 99-year leasehold condos, the others such as One Amber, The Sea View and The Esta are all of freehold tenure. Two units changed hands at Cote D’Azur recently. One was for a 1,109 sq ft, eighth floor unit. The three-bedroom apartment has changed hands three times on the secondary market over the past decade. The original buyer paid $659,460 ($595 psf) for the unit in July 2002. It was sold in January 2007 for $712,000 ($642 psf), and changed hands again in November 2008 for $930,000 ($839 psf). It most recently changed hands in March this year for $1.35 million ($1,218 psf).
Another unit, this time a sea-facing, 1,539 sq ft four-bedroom unit on the 10th floor in a different block, was sold for $1.86 million ($1,208 psf). Before this, the unit had changed hands three times since its launch. Its first transaction took place in July 2002, selling for $931,504 ($605 psf). In December 2006, it was sold for $1.06 million ($689 psf) and again in June 2007 for $1.5 million ($974 psf). The unit has appreciated by 99.7% since its first transaction.
According to agents who focus on condos in the East Coast, Cote D’Azur is one of the most popular properties in the Marine Parade area. Jason Ang, unit head at Savills Residential, who is part of the group of Savills agents concentrating on homes in the East, says at least seven units at Cote D’Azur were sold in March alone. “All the four-bedroom units at Cote D’Azur are south-facing, meaning they have sea views from the eighth floor onwards,”
says Ang. “The units have generous space and efficient layouts, with column free living rooms.”
He adds that Cote D’Azur is a favourite among expatriates from Japan and South Korea, as well as Singaporean families. According to propertyguru.com.sg, rentals for a three-bedroom penthouse unit on the top floor can hit
$8,000 a month. Among its neighbours such as The Esta, The Sea View and the upcoming Silversea, Cote D’ Azur is also the nearest property to the popular Parkway Parade mall.
However, the condo that’s setting new price benchmarks in the Marine Parade area is Silversea. According to its developer Far East Organization, 361 of the 383 units have been sold at an average price of $1,607 psf, which
is much higher than the market price of other condos in the neighbourhood. The property is expected to receive its temporary occupancy permit in 1Q2013.
Ang says Silversea is positioned as a luxury development compared with more mass market homes in the area, hence its higher average price. He believes Silversea will breach the $1,800 psf threshold once it is completed, and as the newest condo in the area, it will also command a premium. However, for those who find it expensive, they can find more affordable options in the vicinity, he adds.
The Sea View is located directly across the road from Silversea. The most recent transaction in The Sea View was for a 1,647 sq ft, four-bedroom unit that was sold for $2.33 million ($1,415 psf) in January. Its original owner bought it in October 2005 for $1.21 million ($737 psf), which translates to a 92% price appreciation in just seven years.
At The Esta, located across the road from The Sea View, the most recent transaction was for a 1,001 sq ft, two-bedroom unit on the 20th floor that went for $1.48 million ($1,478 psf), according to a caveat lodged on March
9. This translates into a 97.6% increase from its initial purchase price of $749,090 ($748 psf) in February 2006.
Meanwhile at One Amber, a 1,335 sq ft three-bedroom unit transacted for $1.73 million ($1,296 psf), according to a March 5 caveat lodged with URA Realis. The fourth-floor unit has changed hands three times since its initial purchase in December 2006 for $1.03 million ($772 psf).
