Unit at Bayshore Park hits $908 psf

Bayshore Park may be 24 years old and on a 99-year lease tenure, but it remains popular. The 1,093-unit development comprises four 32-storey towers and three low-rise 10-floor blocks. The condominium was developed by Far East Organization (FEO) and completed in 1986. As one of the older developments in the area, the condo sits on a sprawling site of over one million sq ft. Designed with a seaside resort theme, Bayshore Park is highly sought after as the high-floor units offer spectacular views of the sea and is a short walk to the recreational areas along East Coast Beach. The condo is also a short drive to Temasek Junior College, Victoria School and the eateries in Siglap.

Prices at Bayshore Park hit a high of $1,007 psf on July 5 when a 3,326 sq ft unit on the 31st floor was sold for $3.35 million. Larry Woo, a property agent with Knight Frank, says prices have been on an upward trend owing to the general positive sentiment in the property market this year. Buyers of units at Bayshore Park however, are typically owner-occupiers rather than investors, given the relatively short lease remaining, he notes. Hence, the property is popular with locals and expatriates, especially those with children as the condo is also well-kept and offers a range of facilities including tennis courts and ample parking lots.

Woo is currently marketing two four-bedroom units in the development, both with price tags of $1,000 psf. One is a 2,411 sq ft unit, while the other is 2,239 sq ft. According to Woo, the owners are in no hurry to sell given the relatively buoyant market and are holding out for their asking prices.

For instance, from Nov 23 to 30, there were three transactions at Bayshore Park, with prices ranging from $833 to $908 psf. A 936 sq ft two-bedroom unit on the 14th floor was sold for $850,000 ($908 psf). That’s close to a 100% gain for the owner who purchased the unit at $427,000 ($456 psf) in 1999.

On another block, a two-bedroom unit on the 10th floor was sold for $780,000 ($833 psf). This represents a 24% gain for the owner who bought the unit at $630,000 ($673 psf) in 1995. On the same block, a 1,173 sq ft three bedroom unit on the 27th floor was sold for $1.065 million ($908 psf).

Adjacent to Bayshore Park are two newer 99-year leasehold developments — Cheung Kong Holdings’ 906-unit Costa Del Sol, which was completed in 2003, and the 1,038- unit The Bayshore, another condo project by FEO completed in 1997. For the period of Nov 23 to 30, there were three transactions at The Bayshore, at $780 to $857 psf. This is still below the record price registered in February 1997 when a 1,012 sq ft unit on the 24th floor was sold for $1,097 psf, or $1.1 million in absolute terms.

Prices at The Bayshore may be dampened owing to the completion of Costa Del Sol with seven 30-storey blocks completely blocking off the sea views of units in the former, according to property agents.

Meanwhile, units at Costa Del Sol have seen prices cross $1,200 psf. The most recent transaction was for a 1,345 sq ft unit on the 22nd floor for $1.65 million ($1,226 psf) on Nov 16. That’s a 21% gain for the seller who bought the unit at $1.365 million ($1,014 psf) in September 2009.

Source : The Edge – 20 Dec 2010

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