Two-bedroom unit at Eon Shenton for sale at $1.98 mil

November 3, 2023

A two-bedroom unit on the 30th storey of Eon Shenton will be put up for sale via SRI’s upcoming auction on Nov 22, with a guide price of $1.98 million ($2,242 psf). The new listing is an owner’s sale, says auctioneer SRI.

The two-bedroom unit covers 883 sq ft and is leased until April. Situated on Shenton Way in the bustling Downtown Core area (District 2), this 99-year leasehold condo boasts a high floor, providing residents excellent ventilation.

According to the floorplan, the two-bedroom unit includes an en suite master bedroom, a dining and living room, a kitchen, and an additional bedroom. It also features separate balconies connected to the dining and living room area and both bedrooms.

Eon Shenton’s prime location is made even better by its closeness to MRT lines. The condo is a short walk from the Tanjong Pagar MRT Station and sits right across from the upcoming Prince Edward MRT Station on the Circle Line, set to finish in 2025. Future residents can easily access nearby shopping and amenities, including the Icon Village, 100AM Mall, and the Tanjong Pagar Plaza Market and Food Centre.

The owner is the first buyer of the unit and purchased the property in July 2016 for about $1.60 million ($1,818 psf). The owner declined to disclose the current rental rate, but based on URA sales data in the last 12 months, units at Eon Shenton typically rent between $3.60 psf per month (pm) and $12.60 psf pm, or an average of $7.90 psf pm. This translates to a rental yield of 4.3%.

The rental yield is higher than surrounding 99-year leasehold condos, which were completed in 2017, such as Wallich Residence on Wallich Street and V On Shenton on Shenton Way, with a rental yield of 3.7% and 4.1%, respectively.

Based on caveats lodged in the past 12 months, units at Eon Shenton were resold for between $1,705 psf and $2,477 psf, or an average of $2,219 psf. The condo has seen eight transactions this year, with the latest in September when a 689 sq ft two-bedder changed hands for about $1.36 million ($1,973 psf).

Eon Shenton comprises residential units, strata offices and shops. It was developed by Roxy-Pacific Holdings’ 70 Shenton and houses 132 units. EdgeProp Singapore’s LandLens tool also shows that the buyer profile of Eon Shenton units is mostly Singaporeans, who make up 78.9% of the buyers, while 13.4% are PRs and 7.7% are foreigners.

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