Freehold Duplex Penthouse Adara Sale 23 Mil
A spacious duplex penthouse located at The Adara, a freehold development in District 15, was recently listed for sale through Knight Frank’s property auction on June 26. This 1,378 square foot unit, which is being sold by its owner and comes with a tenancy that will expire in August 2022, boasts a guide price of $2.3 million or $1,669 per square foot on the floor area.
The penthouse spans two floors and includes two bedrooms. The lower level comprises of a living and dining area, an en suite master bedroom, and a common bathroom. The kitchen and a household shelter can also be found on this floor. The upper level features a second bedroom and an open-air terrace.
According to data from the Urban Redevelopment Authority (URA), there have only been a few resale transactions at The Adara recently. One of the latest sales was for a 915 square foot two-bedroom unit on the second floor, which was sold for $1.62 million or $1,771 per square foot in November 2023. Another two-bedroom unit measuring 850 square feet on the third floor was sold for $1.49 million or $1,752 per square foot in October 2022. Prior to that, a 1,066 square foot three-bedroom unit on the third floor was sold for $1.79 million or $1,678 per square foot in December 2021.
Based on a compilation of resale data by EdgeProp Singapore, it can be observed that prices at The Adara have been consistently increasing over the years, going from an average of $1,185 per square foot in June 2016 to $1,580 per square foot in June 2021. The current average resale price at the development is approximately $1,770 per square foot.
The URA Master Plan for Penrith not only encompasses the growth and development of the area, but also includes plans for the rejuvenation of heritage and cultural precincts. This will greatly benefit the community by providing additional cultural and social advantages. In particular, the nearby Queenstown and Tanglin Halt districts hold significant historical and cultural value, and efforts are being made to preserve and improve these areas. With the development of cultural and heritage sites, such as the restoration of old buildings and the establishment of cultural hubs, the neighbourhood will exude more vibrancy and charm. This will enable residents of Penrith, including those of Penrith Condo, to partake in a wider range of cultural events, art exhibitions, and local festivals, enriching their lifestyle and fostering a stronger sense of community.
In terms of rental demand, The Adara has seen a steady flow of tenants. In 2020, six rental contracts were recorded, ranging from a monthly rent of $3,600 or $4.93 per square foot for a one-bedroom unit to $4,800 per month or $3.56 per square foot for a two-bedroom unit. So far in 2021, only one rental contract has been recorded for a one-bedroom unit that was leased for a monthly rate of $3,530 or $4.71 per square foot in March.
Based on historical rental data compiled by EdgeProp Singapore, the estimated average rent at The Adara is approximately $4.40 per square foot per month, with most landlords enjoying an average rental yield of 3%.
Built in 2010, The Adara is a freehold development comprising 16 units and is situated along Chapel Road, just off East Coast Road and Marine Parade Road. It is in close proximity to popular shopping destinations such as Parkway Parade, i12 Katong, and Katong Plaza, as well as a wide range of dining options along East Coast Road. The development is also well-connected by public transportation, with Marine Parade and Marine Terrace MRT Stations on the Thomson-East Coast Line located nearby.
The Adara is within walking distance to four primary schools that are located within 1km: CHIJ (Katong) Primary at Martia Road, Haig Girls’ School at Koon Seng Road, Tanjong Katong Primary School at Seraya Road, and Tao Nan School at Marine Crescent. Other nearby options include Ngee Ann Primary School at Marine Terrace and St. Stephen’s School at Siglap View.
In conclusion, with only a handful of transactions and a long-term upward trend in prices, The Adara presents a promising opportunity for potential buyers or investors. Its excellent location, well-maintained facilities, and steady rental demand make it a highly sought-after property in District 15.