SINGAPORE: In the heart of Tanjong Pagar, a one-bedroom Lumiere condo is for sale for S$1.1 million. Lumiere is a 45-storey condo in District 2. The 99-year leasehold condominium, strategically positioned between Anson Road and Shenton Way, is set to be auctioned at Knight Frank’s upcoming auction on Dec 12, with an asking price of S$1.1 million, translating to S$1,705 per square foot (psf), as reported by Yahoo Finance.
The 645 sq ft unit on the 23rd floor comes bundled with an existing tenancy set to conclude in June next year. The layout is sleek and functional, featuring an open-concept kitchen, a shared living and dining area, and a bedroom with an attached balcony.
Lumiere, a 168-unit development completed in 2010, has garnered attention with its prime location near notable landmarks in the Central Business District (CBD), including Guoco Tower on Wallich Street, International Plaza on Anson Road, and 100AM shopping mall on Tras Street.
The condo boasts different units, ranging from compact studios of 506 sq ft to spacious two-bedroom residences measuring up to 1,001 sq ft. Additionally, the development offers larger duplexes spanning 2,325 sq ft and 2,551 sq ft, along with a singular 5,091 sq ft penthouse.
Lumiere has witnessed four resale transactions this year alone, with two involving one-bedroom units. Notably, a 624 sq ft unit on the 32nd floor changed hands for S$1.13 million (S$1,810 psf) on Nov 6, while a 678 sq ft unit on the 13th floor was sold for S$1.06 million (S$1,570 psf) on May 11.
According to data from URA caveats compiled by EdgeProp Singapore, Lumiere holds the title of the most affordable condo in the vicinity based on average price, standing at S$1,729 psf. In contrast, neighbouring developments such as Eon Shenton on Shenton Way command higher average prices, with Eon Shenton leading the pack at S$2,149 psf.
Rental caveats indicate a positive trajectory for Lumiere, with quarterly median rents experiencing an upward trend over the past two years. Monthly rents have increased from S$4.62 psf to S$6.23 psf, showcasing the potential for lucrative returns for landlords. The average rental yield for Lumiere stands at 4.5%, in line with other condos in the area. However, Skysuites@Anson commands a notably higher rental yield of 5.1%.
The strategic location of Lumiere, a mere seven-minute walk from Tanjong Pagar MRT Station, adds to its appeal. The surrounding area will witness further development in the coming years, with projects such as One Bernam on Bernam Street, TMW Maxwell on Tras Street, Newport Residences and Newport Tower on Anson Road, and Skywater Residences Shenton Way. /TISG