Skywaters Residences Condo Shenton Way site is set for every living convenience since the Central Business District is just a hop, skip and jump away.
The three bedroom duplex penthouse located at 8M Residences located on Margate Road in District 15 which will be auctioned off at auction by Knight Frank on Feb 16. A private sale by the owner, this 1,841 square feet unit will be sold with an estimated price at $3.55 million. That is equivalent to $1,928 per sq ft of floor area. The unit is leased through August of this year.
8M Residences is an open-air condominium which was completed in the year 2017. The property is situated in the highly sought-after East Coast area, which has amenities, transport connections schools, and premier residential areas -near to stores and shopping centers in Marine Parade Road and the retail and commercial options within Paya Lebar.
The development is comprised of a 20-storey residential building that houses 68 units. The condo is comprised of one-to three-bedroom units as well as four penthouses that range from 517 sq feet to 1,841 square feet.
The unit up for auction will be a duplex corner that is situated on the upper floor. The bedrooms and living areas are located on the lower floor and the top floor is comprised of an outdoor roof terrace, which has the pool.
The master bedroom with a private bathroom as well as the living area come with a balcony. an elevator on the balcony in the living room connects to the second floor. The other bedrooms share a bathroom. The apartment has an unobstructed view of the ocean.
In the past the 1,421 square foot 2 bedroom unit on the fourth floor bought at $1.88 million ($1,323 per square foot) during May. According to the floorplan the unit is also equipped with a private terrace and pool. There were three additional two-bedders with sizes ranging from 646 sq feet to 775 sq ft that sold at prices ranging from $1.34 million ($2,067 per square foot) as well as $1.65 million ($2,129 per square foot) in the year before.
The transaction data of EdgeProp Singapore shows that the average price for 8M Residences is $1,947 per square foot. There are only two projects in the vicinity that are located nearby, such as The View @ Meyer and The Seafront on Meyer have the highest average price of $1,994 per sq ft and $2,012 per sq ft each. The other projects show less expensive averages than the 8M Residences. For instance, the nearby Rivage has an average of $1,613 per square foot. Santa Fe Mansions is averaging $1,560 per sq ft.
A summary of recent rent deals at 8M Residences in Singapore by EdgeProp Singapore also shows an estimated rent variation between $2.80 to $6.40 per sq ft per month (pm). In the 2H2022 three leases were executed for three-bedroom units at 8M Residences. In September of last year three-bedroom units were let for a monthly rental of $4,100 ($4.82 per square foot). In August, a third three-bedroom was let for $700 ($3.78 per square foot) and a third three-bedroom home was rented for $4,000 ($4.71 per square foot) during July.
In accordance with URA rental caveats during the past 12 months, the property has an average rental of $4.60 per square foot, and an average yield of 2.9%. This is slightly higher than some of the adjacent developments, like Rivage (2.7%), Arthur 118 (2.6%), and The Seafront on Meyer (2.3%). The only exception is that Mountbatten Lodge sees the highest average rental yield of 3.9%.
The condo is serviced by major roads and expressways, including Mountbatten Road and the East Coast Parkway. Nearby MRT stations include Mountbatten as well as Dakota located on the Circle Line and later, Katong Park and Tanjong Katong on the Thomson East Coast Line (TEL). The two stations along the TEL are scheduled to open by the end of next year.
Because of the many amenities and conveniences, many top residential neighborhoods are located in the vicinity. 8M Residences is in the Meyer Road enclave, where new condominiums like Liv@MB, One Meyer, Meyer Mansion and MeyerHouse are. The other prime residential areas are located along Amber Road and the bungalow estates on Mountbatten Road and Tanjong Katong Road.
This property being sold could appeal to families with children in school because it is located near Geylang Methodist School at Geylang East Central, Kong Hwa School located at Guillemard Road and Tanjong Katong Primary School on Seraya Road. Other schools nearby are Dunman High School at Tanjong Rhu Road, Chung Cheng High School located at Goodman Road and Tanjong Katong Girls’ School located at Dunman Lane.