DEAL WATCH: Chancery Court unit selling below $1,000 psf

DEAL WATCH: Chancery Court unit selling below $1,000 psf
By Tan Chee Yuen / The Edge Property | November 7, 2015 9:00 AM MYT

A 2,034 sq ft five-bedroom unit at Chancery Court in prime district 11 is listed on for $1,980,000 or $974 psf. The Edge Fair Value puts the value of the property at $1,165 psf.

Chancery Court is a 99-year leasehold condominium on Dunearn Road comprising 136 units. Completed in 1981, the development is located within 500m from Newton MRT station and 1km from popular schools such as Anglo-Chinese School (Primary and Junior) and St. Joseph’s Institution Junior.

All the transactions concluded after 2010 at Chancery Court breached the $1,000 psf mark

The asking price of $974 psf was unseen since 2010 when three similar-sized units were transacted at an average of $962 psf.

All the transactions concluded after 2010 breached the $1,000 psf mark. The latest transaction in Chancery Court was in November 2014 involving a 926 sq ft unit on sixth floor which changed hands for $1,350 psf. In February 2014, a 2,271 sq ft unit on ground floor fetched $1,110 psf.

A location scan of properties within 500m of Chancery Court shows that average prices range from $1,260 psf to $1,490 psf for projects completed before 2000. However, properties in the vicinity generally have freehold tenure. According to the Urban Redevelopment Authority, the median rent for private non-landed homes in District 11 was $3.96 psf per month in 3Q2015.

Recent transactions at Chancery Court