A friend and customer asked for a property analysis and report for his property at The
Botanic on LLyod. This unit was last sold for $1.7mil in 2003. Its median price based on recent transaction would be about $3.34mil based on $1,835psf, and median price based on current listings would be $4.24mil (of $2,330psf).
Look at the historical PSF, one can see how much it has risen in value since it was first launched in 2003 and TOPed in 2006. Being a freehold property and spacious at 1820sft, and just 400 metres away from Somerset MRT station, I'm sure it will be able to appreciate, if not maintain a good price especially in this period of financial optimism.
For the URA property price index (and not from the brand new one), there is a 6.3% increase in prices in 2009Q4. Condominiums in District 9 went up by 19.2% in Mar 10. It is calculated by comparing the average PSF for the latest month (Mar 10) against the average PSF in the last 15 months. Interestingly, there were 115 sales in Feb 2010 and 21 sales in March 2010, with average psf falling from $2,024 in Feb to $1,891 in March. For The Botanic on Llyod, the single sale in Jan 2010 at $1,751 is the best determinant for the next unit priced to sell.
However, my friend is not keen to sell at this moment, and is looking to rent it out instead. Based on the reported rental for The Botanic on Llyod and nearby condos, this is what we have: