For $3.55 million, a three-bedroom duplex penthouse is available at 8M Residences

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Three-bedroom penthouse duplex in 8M Residences situated on Margate Road in District 15 which will be auctioned off through 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 amounts to $1,928 per square foot on the floor area. This property is currently rented through August of this year.

8M Residences is an open-air condominium which was built in 2017. The project is located in the highly sought-after East Coast area, which has amenities, transport connections schools, and a prestigious residential arealocated close to stores and shopping centres in Marine Parade Road and the retail and commercial options located in Paya Lebar.

The development is comprised of a residential tower that is 20 stories high that houses 68 units. The condo is comprised of oneto three bedroom apartments and four penthouses, ranging from 517 sq feet to 1,841 square feet.

The unit being offered for auction is an acorn duplex which is located on the upper floor. The living space and bedrooms are located on the lower level while the upper level comprises an open-air roof terrace that has the pool.

The master bedroom, which is en-suite, as well as the living area come with a balcony. the balcony of the living room connects to the second floor. The other bedrooms share a bathroom. The property has an unobstructed view of the ocean.

The previous year one square foot 2 bedroom unit on the fourth floor bought at $1.88 million ($1,323 per square foot) during May. Based on the floor plan the unit is also equipped with a private terrace and pool. Three additional two-bedders that ranged from 646 sq feet to 775 sq feet sold at prices ranging from $1.34 million ($2,067 per square foot) as well as $1.65 million ($2,129 per square foot) last year.

The transaction data of EdgeProp Singapore shows that the average cost at 8M Residences is $1,947 per square foot. Two nearby projects 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. Other projects have less expensive averages than the 8M Residences. For instance, the nearby Rivage has an average of $1,613 per square foot, while Santa Fe Mansions is averaging $1,560 per square foot.

A look-up of the most recent rent agreements at 8M Residences in Singapore by EdgeProp Singapore also shows an estimated price variation that ranges from $2.80 to $6.40 per month. (pm). In the 2H2022 three leases were signed for three-bedroom units in 8M Residences. In September of last year three-bedroom units were offered at a rent per month of $4,100 ($4.82 per square foot). In August, a third three-bedroom was let at $7,000 ($3.78 per square foot) and a third three-bedroom apartment was let for $4,000 ($4.71 per square foot) at the end of July.

According to URA rental caveats during the past twelve months, the project has an average rental of $4.60 per sq ft, which is an average yield of 2.9%. This is slightly higher in comparison to nearby developments, including Rivage (2.7%), Arthur 118 (2.6%), and The Seafront on Meyer (2.3%). The only exception is that Mountbatten Lodge sees an average rent yield of 3.9%.

The condo is connected to main roads and expressways such as Mountbatten Road and the East Coast Parkway. Nearby MRT stations include Mountbatten as well as Dakota located on the Circle Line as well as in the future, 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.

Due to the abundance of amenities and conveniences, many popular residential areas are within the area. 8M Residences is in the Meyer Road enclave, where new condominiums like Liv@MB, One Meyer, Meyer Mansion and MeyerHouse are. There are other residential neighborhoods that are renowned on Amber Road and the bungalow estates that are located off Mountbatten Road and Tanjong Katong Road.

This property being sold could appeal to families with children in school since it is close to Geylang Methodist School at Geylang East Central, Kong Hwa School located at Guillemard Road and Tanjong Katong Primary School on Seraya Road. Other schools in the vicinity are Dunman High School at Tanjong Rhu Road, Chung Cheng High School located at Goodman Road and Tanjong Katong Girls’ School in Dunman Lane.